In response to the recent collapse of mantra cryptography (OM), CEO John Patrick Mullin proposed burn the team’s OM tokens to restore investors’ confidence.
This occurs while the OM token continues to show signs of recovery, increasing two -digit during the last day.
Did Om Token Burn restore confidence? The daring proposal for CEO Mullin
Mullin revealed its plans in a recent post on X (formerly Twitter).
“I plan to burn all my team tokens, and when we overthrow it, the community and investors can decide if I have won it,” said the post.
He explained that all team allowances, totaling 300 million OM (16.88% of the total supply of 1.78 billion), remain locked in an acquisition calendar until April 2027. After the cliff period, the tokens will start to gradually acquire. In addition, full acquisition should be completed by October 2029.
However, the founder of the Crypto Ran Ran Neuner joke expressed his concerns about the plan.
“It would be a mistake. We want teams that are very encouraged. Bringing the incentive may seem a good gesture, but that will harm the team’s motivation in the long term,” he warned.
Neuner suggested that the team continues to work to improve the project and its value. This, in turn, would naturally restore the confidence of investors over time.
Nevertheless, Mullin said that his plan would initially apply only to his personal part of tokens. The CEO recently revealed that he has 772,000 OM tokens.
“I only suggested my allowance to start,” said Mullin.
He also proposed an alternative. This could imply to allocate the tokens to a dispersion mechanism controlled by the community.
“Anyway, we continue to build,” he added.
Although the plans are still being finalized, Mullin has revealed that the team will share more details on a proposed crypto tokens buyout program and a Burn Gurn initiative after having published a complete post-mortem report. The report will approach this I went behind the OM crash.
On April 13, Beincrypto was the first to point out that OM’s price rose from $ 6.3 to $ 0.5. Catastrophic decline has erased more than $ 5.5 billion in market capitalization.
The collapse has considerably eroded investors. In fact, the mantra now faces serious allegations of orchestration of a pump and dump program. Despite this, Mullin maintains that the team had nothing to do with it.
In a recent interview, the CEO of Mantra confirmed that the team had not sold a single OM token. He explained that the team had published a transparency report the previous week describing all the portfolios and participations of the team. He said that the team’s tokens were for a long time and had not been moved.
“We don’t have a lever position on exchanges. We don’t do this,” he said.
Above all, Mullin also acknowledged that the Mantra Chain Association had carried out over -the -counter transactions (OTC) totaling 25 to 30 million dollars to finance commercial operations. However, he detailed that these tokens remain locked, with acquisition periods starting later this month.
“None of the over -the -counter sales that we have already been executed. The tokens are therefore still locked,” said Mullin.
Meanwhile, the crypto OM token seems to be recovering following the accident. Beincrypto data has shown that Altcoin has jumped 30% in the last 24 hours. At the time of the press, OM was negotiated at $ 0.78.
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