$ OM崩潰教會了我們關於令牌學的知識

加密貨幣市場於2025年4月14日動搖，當時的咒語連鎖店的本地代幣$ OM經歷了災難性的價格崩潰。

The cryptocurrency market was shaken on April 14, 2025, when $OM, the native token of Mantra Chain, experienced a calamitous price collapse.

加密貨幣市場於2025年4月14日動搖，當時的咒語連鎖店的本地代幣$ OM經歷了災難性的價格崩潰。

In a matter of hours, $OM plummeted from well over $6 to just $0.60, marking a cruel 90% drop that wiped out more than $6 billion in market cap and sent RWA (Real World Asset) investors reeling.

在不到幾個小時的時間裡，$ OM從6美元以上跌至0.60美元，這標誌著殘酷的90％下降，消除了超過60億美元的市值，並寄給了RWA（現實世界資產）投資者。

This sudden unweaving of what had been one of the most sought-after tokens of late 2024 and early 2025 is now provoking serious doubts about tokenomics, liquidity, and the shadowy leverage trades that make up the crypto markets. Many are making uncomfortable comparisons to the infamous collapse of $LUNA in 2022. The fall of $OM serves as a sober reminder of the fragility that can lie beneath even the most enticing surface narratives.

這種突然不了解2024年末和2025年初最受歡迎的令牌之一，現在引起了人們對代幣，流動性和構成加密貨幣市場的陰影槓桿交易的嚴重懷疑。許多人與2022年$ LUNA臭名昭著的崩潰感到不舒服。 $ OM的跌倒也可以清醒地提醒人們，即使是最誘人的表面敘事也可能存在於最誘人的脆弱性。

From RWA Darling to Devastation

從RWA親愛的到破壞

Between November 2024 and April 2025, $OM had a spectacular rise. The token’s price increased by more than five times, boosted by enthusiasm for real-world assets and the belief that tokenized finance was on the verge of going mainstream. And if you wanted to find reasons to be even more bullish, you could point to political developments: the increasing likelihood of Trump winning a second term was being discussed in crypto circles as a potential game-changer that could lead to a much more favorable regulatory environment for digital assets in the U.S.

在2024年11月至2025年4月之間，$ OM的增長壯大。代幣的價格上漲了五倍以上，這是對現實世界中資產的熱情增強的，並且相信令牌化的金融正處於主流的邊緣。而且，如果您想找到更多看漲的理由，您可以指出政治發展：特朗普贏得第二學期的可能性越來越多，是在加密貨幣圈子中討論的，這是一種潛在的遊戲規則，可能導緻美國數字資產更有利的監管環境

The leading RWA infrastructure provider, Mantra Chain, had situated itself in front as a developmental community in an emerging line of business. Their technical strengths, combined with a favorable market narrative, had pushed $OM into the spotlight, attracting both retail and institutional investors.

領先的RWA基礎設施提供商Mantra Chain已在新興的業務領域作為一個發展社區。他們的技術優勢，加上有利的市場敘事，將$ OM推向了焦點，吸引了零售和機構投資者。

The token’s quick rise turned out to be unsteady.

令牌的快速上升事實證明是不穩定的。

The decline came on fast and fierce. LookOnChain data show at least 17 wallets funneling more than 40 million $OM—over $200 million at the time—onto centralized exchanges. That amounted to about 4.5% of $OM’s circulating supply. The influx of sell orders hit an already thin market and made it even thinner; then it hit the token’s price and took it down hard.

下降迅速而兇猛。 Lookonchain數據顯示，至少有17個錢包匯集了超過4000萬美元的OM（當時超過2億美元），即可進行集中交易所。這約佔$ OM循環供應的4.5％。賣出訂單的湧入已經達到了一個已經很薄的市場，使其更薄。然後，它達到了代幣的價格，將其降低了。

What $6B Lost on $OM Taught Us About Tokenomics?

$ 6B損失了什麼$ 6B，教了我們有關令牌學的知識？

Early on April 14th 2025, the price of $OM plummeted from over $6 to just $0.60 within hours—wiping out more than $6 billion in market capitalization.

2025年4月14日上旬，$ OM的價格從60美元以上的價格下降到幾個小時內的0.60美元，損失了超過60億美元的市值。

The collapse dealt a significant blow to investors, especially given that… pic.twitter.com/9vizmm9znv

崩潰給投資者帶來了重大打擊，尤其是考慮到……pic.twitter.com/9vizmm9znv

— Tokenomist (prev. TokenUnlocks) (@Tokenomist_ai) April 21, 2025

- tokenomist（tokenunlocks）（@tokenomist_ai）2025年4月21日

The sell-off was not only a case of market volatility. The size and coordination of the withdrawals pointed strongly to inside jobs or at least a reasonably well-coordinated, large group of profit takers. More significantly, it laid bare a layer of systemic risk that too many people involved in the ecosystem had failed to see.

拋售不僅是市場波動的情況。提款的規模和協調強烈指向內部工作，或者至少是一個相當協調的大型獲利者。更重要的是，它裸露了一層系統性的風險，而參與生態系統的太多人未能看到。

$OM had become a widely accepted form of collateral on many DeFi protocols. Its use in lending protocols meant that the token secured a number of other assets and positions that had been leveraged up. When the price of $OM collapsed, it surely didn’t help that a number of assets also started to fall, triggering a wave of liquidations and margin calls—with the $OM liquidations in DeFi adding to the number of crypto assets that were being forced to market.

$ OM已成為許多Defi協議上廣泛接受的抵押品形式。它在貸款方案中的使用意味著代幣獲得了許多其他資產和職位。當$ OM的價格崩潰時，肯定沒有幫助許多資產也開始下跌，引發了一系列清算和保證金電話，而Defi中的$ OM清算增加了被迫推銷的加密貨幣資產的數量。

That’s the basic story. Of course, there are many more details to cover, and there is some crypto Twitter grist from the mill as well.

那是基本故事。當然，還有更多的細節要涵蓋，而且工廠也有一些加密twitter。

Lessons in Token Design and Market Fragility

令牌設計和市場脆弱性的課程

The $OM collapse teaches a cautionary lesson for builders, investors, and regulators. It wasn’t a traditional liquidity crisis, and $OM had a respectable market cap for a crypto asset. But its meteoric rise and the subsequent crash offer insights into the utility-versus-speculation dynamic that many crypto tokens face today.

$ OM Collapse向建築商，投資者和監管機構講了一個警示課。這不是傳統的流動性危機，$ OM的加密資產具有可觀的市值。但是，它的迅速崛起和隨後的崩潰為當今許多加密代幣所面臨的實用性對事件的動態提供了見解。

Investors and token holders must ask themselves: What is $OM supposed to do in 5 years, 10 years? And will it do that if, at the time of writing, it has an 8- to 9-figure market cap? And will the average $OM holder be better off holding $OM or receiving a stream of cash or cash-equivalent dividends from Mantra’s supposedly decentralized legal ecosystem?

投資者和代幣持有人必須問自己：$ OM應該在5年內做什麼？如果在撰寫本文時，它有一個8到9位的市值，這會做到嗎？平均$ OM持有人會更好地持有$ OM，或者從咒語據稱分散的法律生態系統中獲得現金或現金等效股息？

The incident also highlights how concealed leverage can accumulate quietly in crypto markets. In contrast to traditional finance, where some visibility into risk exposure is provided by regulatory reporting, the decentralized structure of crypto enables collateral to be used and reused throughout multiple platforms—without a discernible overview of total risk.

該事件還強調了隱藏槓桿在加密貨幣市場中如何悄悄地積累。與傳統的金融相比，監管報告提供了對風險暴露的一些可見性，加密的分散結構使抵押品可以在多個平台中使用和重複使用，而沒有可見的總風險概述。

The series of liquidation events that followed the fall of $OM show how interwoven the ecosystem had become

$ OM倒塌之後的一系列清算事件顯示了生態系統的交織方式