RWA public chain Mantra reports major layoffs, possibly due to OM token plummeting 90% in a single day

A recent event in the crypto circle has attracted the attention of Western media. Yahoo Finance cited The Street reports indicating that the Layer 1 blockchain project MANTRA, which focuses on tokenizing real-world assets (RWA), announced a company-level restructuring, which will also include a reduction in staff.

OM Token Plummets, Financial Pressure Fully Revealed

The background of this layoffs is closely related to the sharp crash of MANTRA’s native token OM in April 2025. At that time, OM’s price plummeted over 90% in a single day, dropping to about $0.46, a stark contrast to its previous high above $6 and a market capitalization that once exceeded $6 billion. After the crash, OM’s market cap shrank significantly to around $680 million, severely damaging market confidence and the project’s financial structure.

(Recap of RWA Project Mantra’s Short-term Drop Over 90%, Triggering a Chain Reaction and $5.5 Billion Market Cap Evaporation)

Mullin later stated that the main cause of the crash was due to centralized exchanges recklessly liquidating OM holders in a low-liquidity environment, triggering a chain of sell-offs. He also implied that a certain centralized exchange should bear primary responsibility for the incident but did not publicly name it.

Layoffs Focus on BD, Marketing, HR, and Other Non-Product Departments

MANTRA co-founder and CEO John Patrick Mullin explained that over the past period, MANTRA had heavily invested in Layer 1 blockchain, RWA infrastructure, and ecosystem expansion. However, due to long-term market downturns, increased competition, and industry dynamics shifting, the current cost structure no longer aligns with short-term realities.

The layoffs will affect multiple departments within the company, with the largest reductions in business development, marketing, HR, and support units. Mullin emphasized that the layoffs are not performance-based but reflect the company’s decision to consolidate operations and focus on its core products and strategies.

Still Optimistic About MANTRA Chain’s Long-term Development

Despite the token crash and organizational adjustments, Mullin remains confident in the long-term prospects of MANTRA Chain. He stated that the team will continue to focus on building the RWA ecosystem and play a key role in the next wave of crypto industry adoption.

This article about the RWA public chain Mantra’s major layoffs, possibly triggered by a 90% single-day drop in OM token, was first reported by Chain News ABMedia.