Mantra announces restructuring, layoffs amid cost pressures

Mantra (OM) is undergoing a restructuring that includes layoffs due to cost-related issues, The Block reported. On X, Mantra CEO John Patrick Mullin stated that the company could no longer sustain its current cost structure following the market crash in April of last year, a prolonged market downturn, and intensified competition. While the exact number of layoffs has not been disclosed, the cuts are reportedly focused on the development, marketing, and human resources departments. The total value locked (TVL) in the Mantra ecosystem is currently around $860,000, an 81% decrease from its peak of $4.51 million in February of last year. According to CoinMarketCap, OM is trading at $0.07949, up 2.46% over the past 24 hours.