咒语（OM）令牌崩溃：投资者错过了什么以及如何避免未来的损失

2024年，团队在社区投票后改变了OM的象征学。令牌从ERC20代币迁移到本地L1藏硬币

The collapse of the MANTRA (OM) token has left investors reeling, with many facing significant losses. As analysts comb through the causes of the collapse, many questions remain.

咒语（OM）代币的崩溃使投资者陷入困境，许多人面临着巨大的损失。作为分析师通过崩溃的原因梳理，仍然存在许多问题。

BeInCrypto consulted industry experts to identify five critical red flags behind MANTRA’s downfall and reveal strategies investors can adopt to steer clear of similar pitfalls in the future.

Beincrypto咨询了行业专家，以确定Mantra倒台背后的五个关键危险信号，并揭示投资者可以采用的策略来避开未来的类似陷阱。

MANTRA (OM) Crash: What Investors Missed and How to Avoid Future Losses

咒语（OM）崩溃：投资者错过了什么以及如何避免未来的损失

On April 13, BeInCrypto broke the news of OM’s 90% crash. The collapse raised several concerns, with investors accusing the team of orchestrating a pump-and-dump scheme.

4月13日，Beincrypto打破了OM 90％崩溃的消息。崩溃引起了一些担忧，投资者指责该团队策划了一项泵送计划。

Experts believe that there were many early signs of trouble.

专家认为，有许多麻烦的迹象。

Yet, many overlooked the risks associated with the project.

然而，许多人忽略了与项目相关的风险。

1. MANTRA Red Flag: OM Tokenomics

1。咒语危险信号：om tokenomics

In 2024, the team changed OM’s tokenomics after a community vote in October. The token migrated from an ERC20 token to the native L1 staking coin for the MANTRA Chain.

2024年，团队在10月的社区投票后改变了OM的令牌。令牌从ERC20代币迁移到本机L1藏品硬币的咒语链。

In addition, the project adopted an inflationary tokenomic model with an uncapped supply, replacing the previous hard cap. As part of this transition, the total token supply was also increased to 1.7 billion.

此外，该项目还采用了一个通货膨胀的代币模型，并取代了先前的硬上限。作为此过渡的一部分，代币的总供应也增加到17亿。

However, the move wasn’t without drawbacks. According to Jean Rausis, co-founder of SMARDEX, tokenomics was a point of concern in the OM collapse.

但是，此举并非没有缺点。根据Smardex联合创始人Jean Rausis的说法，Tokenomics是OM崩溃的关注点。

“The project doubled its token supply to 1.77 billion in 2024 and shifted to an inflationary model, which diluted its original holders. Complex vesting favored insiders, while low circulating supply and massive FDV fueled hype and price manipulation,” Jean Rausis told BeInCrypto.

Jean Rausis告诉Beincrypto：“该项目在2024年将其代币供应增加到17.7亿，并转移到了通货膨胀模型，该模型稀释了其原始持有人。复杂的归属有利的内部人士，而低循环的供应和大规模的FDV助长了炒作和价格操纵。”

Moreover, the team’s control over the OM supply also raised centralization concerns. Experts believe this was also a factor that could have led to the alleged price manipulation.

此外，团队对OM供应的控制也引起了集中化的关注。专家认为，这也是一个可能导致涉嫌价格操纵的因素。

“About 90% of OM tokens were held by the team, indicating a high level of centralization that could potentially lead to manipulation. The team also maintained control over governance, which undermined the project’s decentralized nature,” said Phil Fogel, co-founder of Cork.

科克联合创始人菲尔·福格尔（Phil Fogel）表示：“大约90％的OM令牌是由团队持有的，这表明高水平的集中化可能会导致操纵。该团队还维持了对治理的控制权，这破坏了该项目的分散性质。”

Strategies to Protect Yourself

保护自己的策略

Phil Fogel acknowledged that a concentrated token supply isn’t always a red flag. However, it’s crucial for investors to know who holds large amounts, their lock-up terms, and whether their involvement aligns with the project’s decentralization goals.

菲格尔（Phil Fogel）承认，集中的令牌供应并不总是危险信号。但是，对于投资者来说，知道谁持有大量的锁定条款以及他们的参与是否与项目的权力下放目标保持一致，这一点至关重要。

Moreover, Ming Wu, the founder of RabbitX, also argued that analyzing this data is essential to uncover any potential risks that could undermine the project in the long term.

此外，Rabbitx的创始人明也认为，分析这些数据对于发现可能会破坏该项目的任何潜在风险至关重要。

“Tools like bubble maps can help identify potential risks related to token distribution,” Wu advised.

Wu建议：“诸如气泡图之类的工具可以帮助识别与令牌分布相关的潜在风险。”

2. OM Price Action

2。OM价格行动

2025 has been marked as the year of significant market volatility. The broader macroeconomic pressures have weighed heavily on the market, with the majority of the coins experiencing steep losses. Yet, OM’s price action was relatively stable until the latest crash.

2025年已被标记为市场波动的重大波动。更广泛的宏观经济压力在市场上的压力很大，大多数硬币遭受了巨大的损失。但是，直到最新崩溃，OM的价格行动都相对稳定。

“The biggest red flag was simply the price action. The whole market was going down, and nobody cared about MANTRA, and yet its token price somehow kept pumping in unnatural patterns – pump, flat, pump, flat again,” Jean Rausis disclosed.

Jean Rausis透露：“最大的危险信号仅仅是价格动作。整个市场都在下降，没有人关心咒语，但是它的代币价格以不自然的方式不断地抽水 - 泵，平坦，扁平，泵，平坦。”

He added that this was a clear sign of an issue or problem with the project. Nevertheless, he noted that identifying the differentiating price action would require some technical analysis know-how. Thus, investors lacking the knowledge would have easily missed it.

他补充说，这是该项目问题或问题的明显迹象。尽管如此，他指出，确定差异化的价格行动将需要一些技术分析的知识。因此，缺乏知识的投资者很容易错过它。

Despite this, Rausis highlighted that even the untrained eye could find other signs that something was off, ultimately leading to the crash.

尽管如此，劳西斯强调说，即使是未经训练的眼睛也可以找到其他迹象表明有些事情发生了，最终导致了坠机事故。

Strategies to Protect Yourself

保护自己的策略

While investors remained optimistic about OM’s resilience amid a market downturn, this ended up costing them millions. Eric He, LBank’s Community Angel Officer, and Risk Control Adviser emphasized the importance of proactive risk management to avoid OM-style collapses.

尽管投资者对OM在市场低迷时的韧性仍然乐观，但最终使他们损失了数百万美元。 Lbank的社区天使官员埃里克·海（Eric He）和风险控制顾问强调了主动风险管理以避免OM式崩溃的重要性。

“First, diversification is key—spreading capital across projects limits single-token exposure. Stop-loss triggers (e.g., 10-20% below buy price) can automate damage control in volatile conditions,” Eric shared with BeInCrypto.

“首先，多元化是关键 - 跨项目范围内的资本限制了单次曝光。停止损害触发器（例如，低于买入价格的10-20％）可以在波动条件下自动化损害控制，”埃里克与Beincrypto分享。

Ming Wu had a similar perspective, emphasizing the importance of avoiding over-allocation to a single token. The executive explained that a diversified investment strategy helps mitigate risk and enhances overall portfolio stability.

明吴也有类似的观点，强调了避免过度分配到单个令牌的重要性。高管解释说，多元化的投资策略有助于降低风险并增强整体投资组合稳定性。

“Investors can use perpetual futures as a risk management tool to hedge against potential price declines in their holdings,” Wu remarked.

吴说：“投资者可以将永久期货用作一种风险管理工具，以对冲潜在的价格下跌。”

Meanwhile, Phil Fogel advised focusing on a token’s liquidity. Key factors include the float size, price sensitivity to sell orders, and who can significantly impact the market.

同时，菲尔·福格尔（Phil Fogel）建议专注于代币的流动性。关键因素包括浮点大小，卖出订单的价格敏感性以及谁能对市场产生重大影响。

3. Project Fundamentals

3。项目基础

Experts also highlighted major discrepancies in MANTRA’s TVL. Eric He pointed out a significant gap between the token’s fully diluted valuation (FDV) and the TVL. OM’s FDV reached $9.5 billion, while its TVL was only $13 million, indicating a potential overvaluation

专家还强调了Mantra TVL的主要差异。埃里克（Eric）指出，令牌完全稀释的估值（FDV）和TVL之间存在很大的差距。 OM的FDV达到95亿美元，而其TVL仅为1300万美元，表明潜在的高估