Mantra’s OM jumps 45% despite looming Hyperliquid delisting vote

OM, Mantra’s native token, is in the middle of an unlikely rally, rising more than 45% in the last seven days. 

The market-defying rally comes amid potential delisting from the Hyperliquid exchange market, a consequence of the recent rebranding of the protocol, as it moves from an ERC-20-based token to an independent Layer 1 blockchain.

The token suffered a massive drop in April 2025 in a matter of minutes, eventually causing top exchanges like KuCoin to delist token pairs. However, the sudden increase suggests that investors are not moved by the turbulence and back the protocol’s position and regulatory compliance.

When will Hyperliquid vote to delist Mantra’s OM token?

Hyperliquid validators are scheduled to vote on the delisting of the OM token on February 23, 2026. The voting will make use of the platform’s new on-chain voting system, added earlier this year, allowing permissionless stake-based delisting decisions that kick in immediately when a quorum is reached. 

With the new voting system, once enough validators decide to remove an asset, the asset’s trading contracts are closed using the last average market price before it is removed. 

Once the token is removed, all active trades are automatically settled, and all open orders on the token are canceled. After the decision is finalized, traders will be given an hour to close their positions themselves or leave them to be closed automatically. 

The vote takes place just as Mantra is undergoing major changes in its ecosystem, which has caused other major exchanges like KuCoin to delist the OM token effective on February 20. 

Additionally, Digitalexchange.id also made similar moves in December 2025, informing users to close their positions by January 15. 

Why is Mantra rebranding? 

Mantra’s rebrand was inspired by its switch from a multi-chain DeFi platform to an independent Layer 1 blockchain dedicated to real-world asset tokenization. The project is switching from its Ethereum-based ERC-20 OM tokens to its native MANTRA token, introducing a 1:4 token split to ensure no one loses asset value on the transition. 

The move (initially set for January 19) was pushed back to March 2 for exchanges to complete their system integrations and allow the project to complete security checks on its smart contracts. 

This allows users who hold OM as an ERC-20 token to convert it using the Mantra bridge portal. On the other hand, users who already hold the OM token on the Mantra don’t need to bother, as the token will be automatically converted. 

OM rising despite delisting risks 

The price movement may be regarded as investors’ belief in Mantra’s future plans and regulatory compliance since securing its VASP license from Dubai’s VARA. Investors on that side of the aisle believe that Mantra’s key value outweighs the short-term risks from being removed from a couple of exchanges. 

For Hyperliquid, the validator vote is a test of how well decentralized governance actually works. The vote allows users who have a stake in the outcome to choose what works best for the system. 

Whatever is decided shows how well community-led platforms deal with controversial assets.

Whichever way the result goes, Mantra’s strong surge while facing possible delisting suggests that certain investors have more faith in its long-term strategy than in the short-term exchange benefits.

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