The price of OM, the native token of the MANTRA ecosystem, has surged by nearly 6% in 24 hours, trading around $0.066 with daily volume exceeding $30 million. This rally is driven by anticipation of a major chain upgrade and token rebrand scheduled for completion in early March 2026.
The core of the transition is a 1:4 token redenomination, where every one OM token held will be swapped for four new MANTRA tokens. The MANTRA team has confirmed this process is non-dilutive, meaning the overall value of holdings will not change due to the swap; instead, the token supply count adjusts while maintaining proportional ownership. This move also finalizes the retirement of the older ERC-20 version of OM, consolidating the ecosystem around its native MANTRA Chain to simplify liquidity and eliminate confusion from multiple token formats.
Holders on supported exchanges will have their balances converted automatically. However, those holding OM in private wallets on Ethereum or other EVM networks must migrate their tokens before the deadline to remain eligible for the upgrade and avoid holding unsupported tokens. This structured migration has garnered support from major exchanges, which will temporarily pause deposits and withdrawals around the snapshot date to ensure a smooth transition.
Consequently, trading in OM perpetual futures has been temporarily paused on platforms like Coinbase Advanced and Coinbase International Exchange. This is a risk-management decision, not due to a security incident, as derivatives contracts are sensitive to structural token changes like redenominations and ticker transitions.
Despite the recent gains, OM remains down sharply from its all-time high of $8.99 reached in February 2025, though it is well above its October 2023 low near $0.017. The token's market capitalization currently sits just under $80 million, with a circulating supply of over 1.17 billion. The immediate market narrative is focused on the execution of the upgrade, with traders weighing the risks of holding deprecated tokens against the opportunity of a unified chain and brand identity. Volatility is expected to remain elevated as the countdown to the March 2026 conversion continues.
