OM令牌崩溃：通过忽略比特币的简单价值主张，Altcoins将继续受苦

加密社区很快就与露娜（Luna）在2022年5月臭名昭著的崩溃进行了比较，猜测这是否可以标志着另一个看跌周期的开始。

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.

加密社区很快就与露娜（Luna）在2022年5月臭名昭著的崩溃进行了比较，猜测这是否可以标志着另一个看跌周期的开始。但是，与以前的行业崩溃不同，OM Crash几乎没有将针头的价格转移到比特币的价格上，这表明市场如何成熟。

What happened to OM?

OM发生了什么事？

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是一个层1区块链，重点是分散融资（DEFI）应用，例如Staking，Lending和Real-World Asset（RWA）令牌化。在与迪拜开发商达马克集团（Damac Group）达成10亿美元的合同后，今年早些时候成为了头条新闻，以将中东的房地产归为房地产。

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月的山峰之间，OM挥舞着RWA炒作的浪潮飙升了583％以上 - 上周日完全消除了收益。根据Mantra基于“独立观察”的新闻稿，崩溃始于在小批量交易时间内强迫OM位置关闭。这些初始清算降低了价格，使用OM作为抵押品触发了杠杆位置的自动保证金调用。这产生了级联的抛售，这会因OKX和Binance等主要交易所之间的价格差异而加剧。 Mantra强调，该团队在崩溃期间没有出售任何令牌。

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.

尽管如此，许多分析师仍然怀疑犯规比赛，指出了协调地毯的迹象。 4月13日，在短短12小时内清算了价值6697万美元的OM职位，使OM价格崩溃。但是，潜在的脆弱性已经增长了几个月。据报道，创始团队持有多达90％的OM令牌（约7.92亿），留下了很小的循环供应，并使市场对卖出压力极为敏感。

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.

在坠机事故发生之前，链上的数据显示，17个钱包将4,360万om（价值约2.27亿美元）转移到交易所，约占循环供应的4.5％。同时，以50％的折扣销售的谣言只会加深市场持怀疑态度。

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.

结果？教科书流动性死亡螺旋。在一个低度的周末，很少有令牌流传，甚至更少的买家，大型持有人会退出，使订单书压倒了，价格崩溃了。

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.

咒语首席执行官约翰·穆林（John Mullin）最终公开谈到了这一事件，包括在接受YouTuber Coffeezilla的采访中。当对所谓的OTC交易和价格操纵施加压力时，穆林承认，该团队在非处方销售了300-45万美元，并于2024年中期重新注入了OM，这一举动否认了构成的价格泵送。毫无疑问，咖啡齐丽（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.

坠机事故发生三天后，Mantra的官方新闻稿到达，穆林（Mullin）保证烧毁他的OM令牌以恢复社区信任的推文。但是反应几乎没有使神经平静下来，因为对露娜的崩溃的记忆仍然太新鲜了。

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，尽管表面水平相似，但OM的崩溃与Luna的崩溃根本不同。 OM没有与算法稳定的链球菌或BTC储备相关。本身没有方案故障。这是一个纯粹的基于执行的崩溃，这是由集中的令牌控制和不透明的外部销售驱动的。规模也很重要：尽管OM损失了54亿美元的价值，但Luna的倒塌却删除了400亿美元。

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的失败引发了连锁反应，引发了FTX的崩溃，并使空间陷入了为期一年的加密冬季。相比之下，OM的内爆几乎没有使自己的生态系统超越其生态系统。

Bitcoin: unshaken, unbothered

比特币：没有动摇，不受欢迎

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崩溃中最有说服力的部分也许是比特币的冷漠。旗舰加密货币并没有退缩，强调了其远离山寨币的独立性。对比很明显：尽管AltCoins依赖于特定于协议的用例，营销和纯粹的猜测，但比特币的简单价值主张随着分散的资金继续保持强劲。因此，尽管AltCoins继续遭受治理问题和操纵的困扰，但比特币独自一人成为可靠的分散资产。

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).

这种差异变得越来越明显。分析师本杰明·考恩（Benjamin Cowen）指出，比特币现在占总加密货币市场份额的64％（排除stablecoins时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.

总而言之，尽管OM的崩溃可能使RWA的某些炒作暂时黯然失色，但该行业仍然是加密货币最有前途的边界之一。该事件可能不是作为系统性的风险来降低的，而是一个警告性的故事，说明当炒作运行时会发生什么，并且内部人士持有所有卡。