OM令牌崩潰：通過忽略比特幣的簡單價值主張，Altcoins將繼續受苦

加密社區很快就與露娜（Luna）在2022年5月臭名昭著的崩潰進行了比較，猜測這是否可以標誌著另一個看跌週期的開始。

The crypto community was quick to draw comparisons to LUNA’s infamous collapse in May 2022, speculating whether this could mark the beginning of another bearish cycle. But unlike previous industry meltdowns, the OM crash barely moved the needle on Bitcoin’s price — a telling sign of how the broader market has matured.

加密社區很快就與露娜（Luna）在2022年5月臭名昭著的崩潰進行了比較，猜測這是否可以標誌著另一個看跌週期的開始。但是，與以前的行業崩潰不同，OM Crash幾乎沒有將針頭的價格轉移到比特幣的價格上，這表明市場如何成熟。

What happened to OM?

OM發生了什麼事？

Mantra is a layer-1 blockchain focused on decentralized finance (DeFi) applications like staking, lending, and real-world asset (RWA) tokenization. It made headlines earlier this year after securing a $1 billion deal with Dubai-based developer DAMAC Group to tokenize real estate in the Middle East.

Mantra是一個層1區塊鏈，重點是分散融資（DEFI）應用，例如Staking，Lending和Real-World Asset（RWA）令牌化。在與迪拜開發商達馬克集團（Damac Group）達成10億美元的合同後，今年早些時候成為了頭條新聞，以將中東的房地產歸為房地產。

Riding the wave of RWA hype, OM surged over 583% between November 2024 and its February peak — gains that were completely erased last Sunday. According to Mantra’s press release based on “independent observations”, the meltdown began with forced OM position closures during low-volume trading hours. These initial liquidations drove down the price, triggering automated margin calls on leveraged positions using OM as collateral. This created a cascading sell-off, exacerbated by price disparities between major exchanges like OKX and Binance. Mantra emphasized that the team did not sell any tokens during the collapse.

在2024年11月至2月的山峰之間，OM揮舞著RWA炒作的浪潮飆升了583％以上 - 上週日完全消除了收益。根據Mantra基於“獨立觀察”的新聞稿，崩潰始於在小批量交易時間內強迫OM位置關閉。這些初始清算降低了價格，使用OM作為抵押品觸發了槓杆位置的自動保證金調用。這產生了級聯的拋售，這會因OKX和Binance等主要交易所之間的價格差異而加劇。 Mantra強調，該團隊在崩潰期間沒有出售任何令牌。

Still, many analysts suspect foul play, pointing to signs of a coordinated rug pull. On April 13, $66.97 million worth of OM positions were liquidated in just 12 hours, crashing the OM price. However, the underlying fragility had been growing for months. Reportedly, up to 90% of OM tokens — roughly 792 million — were held by the founding team, leaving a tiny circulating supply and making the market extremely sensitive to sell pressure.

儘管如此，許多分析師仍然懷疑犯規比賽，指出了協調地毯的跡象。 4月13日，在短短12小時內清算了價值6697萬美元的OM職位，使OM價格崩潰。但是，潛在的脆弱性已經增長了幾個月。據報導，創始團隊持有多達90％的OM令牌（約7.92億），留下了很小的循環供應，並使市場對賣出壓力極為敏感。

Leading up to the crash, on-chain data showed 17 wallets transferring 43.6 million OM (worth ~$227 million) to exchanges — about 4.5% of the circulating supply. Meanwhile, rumors of off-exchange sales at 50% discounts only deepened market skepticism.

在墜機事故發生之前，鏈上的數據顯示，17個錢包將4,360萬om（價值約2.27億美元）轉移到交易所，約佔循環供應的4.5％。同時，以50％的折扣銷售的謠言只會加深市場持懷疑態度。

The result? A textbook liquidity death spiral. With few tokens circulating and even fewer buyers during a low-liquidity weekend, large holders exited en masse, overwhelming the order books and collapsing the price.

結果？教科書流動性死亡螺旋。在一個低度的周末，很少有令牌流傳，甚至更少的買家，大型持有人會退出，使訂單書壓倒了，價格崩潰了。

OM isn’t LUNA

OM不是Luna

Mantra CEO John Mullin eventually addressed the incident publicly, including in an interview with YouTuber Coffeezilla. When pressed about alleged OTC deals and price manipulation, Mullin admitted that $30–45 million was sold over-the-counter by the team, with $10 million reinjected into OM in mid-2024 — a move he denied constituted price pumping. Coffeezilla, unsurprisingly, disagreed.

咒語首席執行官約翰·穆林（John Mullin）最終公開談到了這一事件，包括在接受YouTuber Coffeezilla的採訪中。當對所謂的OTC交易和價格操縱施加壓力時，穆林承認，該團隊在非處方銷售了300-45萬美元，並於2024年中期重新註入了OM，這一舉動否認了構成的價格泵送。毫無疑問，咖啡齊麗（Coffeezilla）不同意。

Mantra's official press release arrived three days after the crash, alongside a tweet from Mullin pledging to burn his OM tokens to restore community trust. But the response did little to calm nerves, as memories of LUNA’s collapse were still too fresh for many.

墜機事故發生三天后，Mantra的官方新聞稿到達，穆林（Mullin）保證燒毀他的OM令牌以恢復社區信任的推文。但是反應幾乎沒有使神經平靜下來，因為對露娜的崩潰的記憶仍然太新鮮了。

Yet despite surface-level similarities, OM’s crash is fundamentally different from LUNA’s. OM wasn’t tied to an algorithmic stablecoin or backed by BTC reserves. There was no protocol malfunction per se. This was a pure execution-based collapse, driven by centralized token control and opaque off-market sales. Scale matters too: while OM lost $5.4 billion in value, LUNA’s collapse erased over $40 billion.

然而，儘管表面水平相似，但OM的崩潰與Luna的崩潰根本不同。 OM沒有與算法穩定的鏈球菌或BTC儲備相關。本身沒有方案故障。這是一個純粹的基於執行的崩潰，這是由集中的令牌控制和不透明的外部銷售驅動的。規模也很重要：儘管OM損失了54億美元的價值，但Luna的倒塌卻刪除了400億美元。

Most importantly, LUNA’s failure sparked a chain reaction, triggering the collapse of FTX and plunging the space into a year-long crypto winter. OM’s implosion, in contrast, barely made ripples beyond its own ecosystem.

最重要的是，Luna的失敗引發了連鎖反應，引發了FTX的崩潰，並使空間陷入了為期一年的加密冬季。相比之下，OM的內爆幾乎沒有使自己的生態系統超越其生態系統。

Bitcoin: unshaken, unbothered

比特幣：沒有動搖，不受歡迎

Perhaps the most telling part of the OM crash is bitcoin’s indifference. The flagship cryptocurrency didn’t flinch, underscoring its growing independence from altcoins. The contrast is clear: while altcoins rely on protocol-specific use cases, marketing, and oftentimes pure speculation, Bitcoin’s simple value proposition as decentralized money continues to hold strong. So while altcoins continue to suffer from governance issues and manipulation, Bitcoin stands alone as a reliable decentralized asset.

OM崩潰中最有說服力的部分也許是比特幣的冷漠。旗艦加密貨幣並沒有退縮，強調了其遠離山寨幣的獨立性。對比很明顯：儘管AltCoins依賴於特定於協議的用例，營銷和純粹的猜測，但比特幣的簡單價值主張隨著分散的資金繼續保持強勁。因此，儘管AltCoins繼續遭受治理問題和操縱的困擾，但比特幣獨自一人成為可靠的分散資產。

This divergence is becoming more pronounced. Analyst Benjamin Cowen noted that bitcoin now commands an impressive 64% of the total crypto market share (69% when excluding stablecoins).

這種差異變得越來越明顯。分析師本傑明·考恩（Benjamin Cowen）指出，比特幣現在佔總加密貨幣市場份額的64％（排除stablecoins時69％）。

All in all, while OM’s collapse may have dimmed some of the RWA hype temporarily, the sector remains one of crypto’s most promising frontiers. The incident will likely go down not as a systemic risk — but as a cautionary tale about what happens when hype out runs fundamentals and insiders hold all the cards.

總而言之，儘管OM的崩潰可能使RWA的某些炒作暫時黯然失色，但該行業仍然是加密貨幣最有前途的邊界之一。該事件可能不是作為系統性的風險來降低的，而是一個警告性的故事，說明當炒作運行時會發生什麼，並且內部人士持有所有卡。