Mantra, a Layer 1 blockchain for real-world assets (RWAs) that had a market cap as high as $8 billion last spring, announced a staff reduction just nine months after its native token OM lost more than 90% of its value in a sudden crash.
In an X announcement today, Mantra founder and CEO John Patrick Mullin called the decision “one of the most difficult” the project has faced, citing a challenging year and a need to restructure. “This includes reducing our team size and parting ways with a number of talented colleagues,” Mullin said.
As Mullin explained, the company has already cut non-essential spending and optimized processes, but these steps “aren’t enough to align our runway and operations with the focused path ahead.”
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