In an update posted on Mantra Chain website, based on JP Mullin, CEO of Mantra Chain discussion with Henri Arslanian during Token 2049 on stage, offered an update on the OM Token debacle.
The blog post authored by Mullin notes that the focus is on decentralization. The team is accelerating their validator diversification efforts by winding down internal validators while adding more support partners. Mullin states, “By the end of Q2 2025, we’ll have reduced internal validators by half and onboarded 50 total external partner validators.”
The Tokenomics dashboard created after the price drop will continue to be live. Already Mullin had burned his 150 million staked OM Tokens to show his commitment to the projects and to the recovery while trying to rebuild trust.
MANTRA Chain continued to operate without interruption during the price drop, even with transaction volumes at all-time highs. Additionally, Mantra Chain has launched OMSTEAD, our MANTRA Chain EVM testnet currently in Alpha.
Mullin also carried out a call to action when it comes to crypto exchanges. He states, ”This is bigger than MANTRA. Liquidation cascades could happen to any project in the crypto industry. Policies that allow aggressive leverage positions create substantial systemic risk. We’re cooperating with major exchanges to improve market stability, and we’re calling on the rest of our industry to provide input on how exchange policies can minimize (or continue to permit) policies that create risk to investors.”
He added that the path ahead requires methodical, transparent rebuilding. He states, “We’re designing systems that both significantly reduce the risk of similar incidents and also create a fundamentally more decentralized protocol and token.”
Mantra Chain had signed a $1 billion tokenization deal with DAMAC as well as a $500 million deal with MAG Group. Yet recently MAG Group announced a new tokenization of assets worth $3 billion with MultiBank mentioning the same properties that had been mentioned in their initial agreement with Mantra Chain.
