Mantra CEO John Mullin recently announced his intention to burn all the tokens held by the team to rebuild trust with the community after the Mantra (OM) token collapsed, similar to the Terra Luna accident 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.
Mantra had reserved 300 million OM tokens, or around 16.88% of its total supply for its team and its main contributors. The tokens were locked and were to be published gradually between April 2027 and October 2029, in accordance with a blog article on April 8.
The team’s tokens are now worth around $ 236 million with OM merchant at $ 0.78. However, before the accident of April 13, the tokens were worth around $ 1.89 billion. OM’s price experienced a sharp drop of $ 6.30 to as low as $ 0.52, destroying more than $ 5.5 billion in value.
Critics on the burn plane of the tokens
While some members of the community supported Mullin’s plan to burn the team’s tokens, others feared that this would harm the motivation of the long -term team. The Crypto Crypto Crypto Ran Neuner’s founder noted only if “incentive” may seem a good gesture, this could weaken the team’s desire to build the project. However, Mullin suggested that the decision could be made by a community vote.
A post-mortem report to be published
Mullin has promised to publish a post -dead report of what did not work in order to ensure transparency with the community. Mullin also shared plans to use the Mantra $ 109 million ecosystem fund for buyouts and possible tokens to help stabilize the price of OM after crushing.
The Mantra has always refused any rumor that it controls 90% of the OM tokens or that it was involved in the initiate offense or market manipulation. Instead, he noted that the accident was due to “reckless liquidations”. The exchanges of Crypto Binance and OKX witnessed a massive OM activity before the accident, but denied any reprehensible act. They underlined the past token and extreme volatility which led to massive liquidations.
Mullin also thanked the community for its support after the accident. He shared with the community that Mantra has resisted several market cycles and will continue to build even through it. He also discussed the losses encountered by traders and also praised long -term investors like Shorooq Partners and Digital Laser for their continuous support and openness with the community.
