Source: Cointelegraph Original: "{title}"
Recently, the sharp decline of the Mantra (OM) token has drawn comparisons to the collapse of the Terra ecosystem in May 2022, with some commentators labeling Mantra as the "next Terra." However, many community members believe that the two projects have nothing in common aside from the visual similarities in their price charts.
"While it is easy to compare the recent crash of OM to the collapse of Terra Luna, the two events are fundamentally different," said Ben Yorke, Vice President of Ecosystem at the decentralized finance (DeFi) project Woo, in an interview with Cointelegraph.
Alexis Sirkia, Chairman of the DeFi infrastructure project Yellow Network, agreed. "Aside from the visual effect of the price drop, there are no real similarities between the two," he said.
The OM token of Mantra plummeted 92% on April 13, falling from over $6 to about $0.52 within hours. According to CoinGecko, OM's market capitalization evaporated by $5.4 billion in less than 4 hours.
In contrast, TerraClassicUSD (formerly UST) took 5 days to lose a similar percentage, with a market cap reduction of $17.2 billion.
The collapse of Mantra's OM in April 2025 compared to the collapse of USTC (formerly UST) in May 2022 (seven-day chart). Source: CoinGecko
The collapse of LUNA was more gradual than that of the OM token and USTC. It began to decline before the UST token decoupled on May 9, 2022.
Nevertheless, the visual similarities in the price charts prompted observers to make comparisons, despite significant structural differences between the projects.
Yorke from Woo and Sirkia from Yellow Network both agree that the collapse of Terra was systemic and resulted from the failure of its algorithmic stablecoin, while there has been no evidence of any systemic flaws in Mantra.
"OM seems to be the result of mismanagement or negligence," Yorke said, adding that the Mantra collapse involved "a large amount of internally held tokens" being transferred to exchanges, triggering a chain liquidation.
Source: ZachXBT
"The issue is not a structural flaw in the protocol, but rather a collapse in token handling and trust," he pointed out.
"Mantra did not collapse. There was no anchor failure. This is a market structure issue, not a protocol failure," Sirkia stated, emphasizing that only events like a failure of smart contracts could indicate serious problems within the protocol. He added:
"The collapse of Terra was due to how it was built. Mantra is experiencing a market-driven adjustment. The team has always remained transparent. After the crash, OM rebounded over 200%, showing real demand and community confidence. Luna never experienced such a recovery."
Yorke and Sirkia's comments on Mantra came the day after the OM crash. As of the time of publication, the token had slightly rebounded to $0.80 after plummeting to $0.50 from over $6 on April 13.
According to the latest update from Mantra CEO John Mullin, Mantra is expected to release a post-mortem report within the next 24 hours detailing the reasons behind the OM token's collapse.
Related: Mantra CEO says the recovery of the OM token is the "top priority," but it is still in the early stages.
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