$ OM崩溃教会了我们关于令牌学的知识

加密货币市场于2025年4月14日动摇，当时的咒语连锁店的本地代币$ OM经历了灾难性的价格崩溃。

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

加密货币市场于2025年4月14日动摇，当时的咒语连锁店的本地代币$ OM经历了灾难性的价格崩溃。

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.

在不到几个小时的时间里，$ OM从6美元以上跌至0.60美元，这标志着残酷的90％下降，消除了超过60亿美元的市值，并寄给了RWA（现实世界资产）投资者。

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.

这种突然不了解2024年末和2025年初最受欢迎的令牌之一，现在引起了人们对代币，流动性和构成加密货币市场的阴影杠杆交易的严重怀疑。许多人与2022年$ LUNA臭名昭著的崩溃感到不舒服。$ OM的跌倒也可以清醒地提醒人们，即使是最诱人的表面叙事也可能存在于最诱人的脆弱性。

From RWA Darling to Devastation

从RWA亲爱的到破坏

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月之间，$ OM的增长壮大。代币的价格上涨了五倍以上，这是对现实世界中资产的热情增强的，并且相信令牌化的金融正处于主流的边缘。而且，如果您想找到更多看涨的理由，您可以指出政治发展：特朗普赢得第二学期的可能性越来越多，是在加密货币圈子中讨论的，这是一种潜在的游戏规则，可能导致美国数字资产更有利的监管环境

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.

领先的RWA基础设施提供商Mantra Chain已在新兴的业务领域作为一个发展社区。他们的技术优势，加上有利的市场叙事，将$ OM推向了焦点，吸引了零售和机构投资者。

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

令牌的快速上升事实证明是不稳定的。

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.

下降迅速而凶猛。 Lookonchain数据显示，至少有17个钱包汇集了超过4000万美元的OM（当时超过2亿美元），即可进行集中交易所。这约占$ OM循环供应的4.5％。卖出订单的涌入已经达到了一个已经很薄的市场，使其更薄。然后，它达到了代币的价格，将其降低了。

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

$ 6B损失了什么$ 6B，教了我们有关令牌学的知识？

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的价格从60美元以上的价格下降到几个小时内的0.60美元，损失了超过60亿美元的市值。

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

崩溃给投资者带来了重大打击，尤其是考虑到……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.

抛售不仅是市场波动的情况。提款的规模和协调强烈指向内部工作，或者至少是一个相当协调的大型获利者。更重要的是，它裸露了一层系统性的风险，而参与生态系统的太多人未能看到。

$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已成为许多Defi协议上广泛接受的抵押品形式。它在贷款方案中的使用意味着代币获得了许多其他资产和职位。当$ OM的价格崩溃时，肯定没有帮助许多资产也开始下跌，引发了一系列清算和保证金电话，而Defi中的$ OM清算增加了被迫推销的加密货币资产的数量。

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。当然，还有更多的细节要涵盖，而且工厂也有一些加密twitter。

Lessons in Token Design and Market Fragility

令牌设计和市场脆弱性的课程

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向建筑商，投资者和监管机构讲了一个警示课。这不是传统的流动性危机，$ OM的加密资产具有可观的市值。但是，它的迅速崛起和随后的崩溃为当今许多加密代币所面临的实用性对事件的动态提供了见解。

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?

投资者和代币持有人必须问自己：$ OM应该在5年内做什么？如果在撰写本文时，它有一个8到9位的市值，这会做到吗？平均$ OM持有人会更好地持有$ OM，或者从咒语据称分散的法律生态系统中获得现金或现金等效股息？

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.

该事件还强调了隐藏杠杆在加密货币市场中如何悄悄地积累。与传统的金融相比，监管报告提供了对风险暴露的一些可见性，加密的分散结构使抵押品可以在多个平台中使用和重复使用，而没有可见的总风险概述。

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

$ OM倒塌之后的一系列清算事件显示了生态系统的交织方式