Mantra CEO John Mullin said that he was planning to burn all the tokens in his team in order to win back the confidence of the network of the network after the sudden collapse of the Mantra token (OM) on April 13.
“I plan to burn all my team tokens and when we turn it around the community and investors can decide if I won it,” Mullin told X on April 16.
The Mantra has reserved 300 million OM, 16.88% of the total offer of almost 1.78 billion token, for its team contributors and principal. They are currently locked and were to be published in stages between April 2027 and October 2029, according to a blog article on April 8.
The team’s tokens are worth around $ 236 million, OM currently a merchant, but was worth around $ 1.89 billion before the token flowed on April 13, ranging from about $ 6.30 to a lower 52 cents and wiping more than $ 5.5 billion in value, according to Coigecko.
Source: JP Mullin
Many members of the community welcomed Mullin’s commitment, but others have seen the chip burn as a potential long-term commitment to the team to build the tokenization platform for real assets.
“It would be a mistake. We want teams that are very incentive. Bringing incentive may seem a good gesture, but that will harm the motivation of the long -term team,” said the founder of crypto Ran Neuner jokes.
Mullin suggested that a decentralized vote could determine whether the 300 million team tokens had to be burned.
Mantra recovery process already underway
Mullin promised a post -dead declaration explaining what was wrong to be transparent with the community.
Addressing Cointelegraph on April 14, Mullin described the plans to take advantage of the Mantra ecosystem fund of $ 109 million for redemptions and potential tokens burns to stabilize the OM price, which had gone from $ 6.30 to as low as $ 0.52.
In relation: Red flag? Mantra TVL jumped 500% while the OM price collapsed
The Mullin firm strongly refuted rumors that it controls 90% of the OM tokens supply and is committed to the initiate offense and market manipulation.
Mantra says that the implosion of OM prices has been launched by “reckless liquidations”, adding that it was not linked to any actions undertaken by the team.
OKX and Binance were among the exchanges of crypto which saw an om significant activity just before the collapse of the token.
The two exchanges denied any reprehensible act, attributing the collapse to the modifications made to the token of OM in October and to the unusual volatility which finally triggered high volume reduction liquidations on April 13.
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