Why OM Trading is Paused: The MANTRA Drama, Coin Overhaul, and Exchange Meltdown

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So, here we are. Trading in MANTRA’s $OM perpetual futures? Yeah, it’s temporarily paused on some platforms. Coinbase Advanced and Coinbase International Exchange are the latest ones to join the “we’re too scared to trade” club, leaving everyone scratching their heads. People are talking, asking, “What’s going on? Did someone spill coffee on the servers?” Nope, not quite.

The timing? Sure, it coincides with some wild price swings. But, plot twist: it’s not a protocol disaster or a security breach. Relax, people. We’re just dealing with a planned upgrade and token rebrand, and apparently, derivatives exchanges aren’t too keen on taking unnecessary risks. Who knew, right?

It’s Not an Emergency, It’s Just a Really, Really Big Upgrade

MANTRA is right in the middle of a governance-approved makeover, where it’s basically doing some house cleaning to change the way its token operates across chains. What does this include? Oh, just some little things like:

  • Moving OM to MANTRA Chain as the “official” chain (goodbye, old version)
  • Retiring the tired old ERC-20 and all those sad wrapped OM tokens
  • Changing the ticker from $OM to $MANTRA because, why not?
  • A 1:4 redenomination (translation: every OM gets turned into four MANTRA tokens…math!)
  • And, the final curtain call? Early March 2026.

Here’s the thing: derivative exchanges love things to be nice and clear-cut. So, when there’s a ticker change and some new token math going on, they hit pause on the futures. Why? Well, you don’t want to wake up in the middle of a contract dispute with a token mismatch. It’s like trying to buy a burger with Monopoly money. Just doesn’t work.

Derivatives: Why They’re the Drama Queens of the Market

So why is the derivative market throwing a tantrum before the spot markets? Oh, let me tell you:

  • The reference asset? Yeah, that’s changing.
  • The denomination? Changing. Again, fun times!
  • And liquidity? It’s doing the cha-cha across venues.

Suspending perpetuals isn’t some grand “we’re delisting the token” move, alright? It’s a simple risk management strategy. Spot trading? They’ll treat that differently, so don’t worry, it’s not going anywhere-yet.

OM’s Price Action: The Tale of the Drop and Slight Recovery

Let’s talk about the OM price chart, shall we? I mean, it’s showing us everything we need to know about why everyone is being extra cautious right now. And trust me, it’s a rollercoaster:

  • Massive sell-off in late 2025, followed by a dramatic downhill slide
  • Big spikes in volume during key drops, hinting at forced unwinds and traders panicking
  • A tiny bounce in February, but still far from the glory days

This kind of action is pretty typical when an asset is in the middle of a makeover. Traders love to pull out the leverage when they know a big upgrade is coming. At the time of writing, OM was hanging around $0.067, with a sweet little 5% uptick. Oh, the drama.

Now, that little bounce? It’s just short-term positioning. Don’t let it fool you into thinking the upgrade is already priced in. That’s just wishful thinking.

The Cliff Notes

  • OM perpetual trading pauses? It’s all about managing operational risk before MANTRA’s big upgrade.
  • Liquidity? It’s a mess during migrations, so exchanges are just sitting it out until the dust settles.

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2026-02-25 21:59