Main to remember
- Mantra finalizes a program of token burns for the OM token.
- OM Token was faced with a significant drop in prices due to great liquidations.
John Patrick Mullin, co-founder and CEO of Mantra, said that the team finalized its token burns program and actively works on a buyout plan. The two efforts came following the recent collapse of the OM token.
“The details of the Burn program are in the latest stages and will be shared in the near future. Affairs program also in progress. We are working 24 hours a day for the Sherpas / Ome,” Moullin wrote on X Friday.
OM, the native token of the mantra ecosystem, experienced a sharp drop in price on April 13, falling from more than 90% to $ 0.37 in a few hours.
After the large -scale liquidation which wiped around $ 5 billion of OM market value, OM has recovered more than $ 1, but again retraced. The token jumped up to 14% on Friday after the last update in Mullin.
Since the incident, the project team has repeatedly said that they had not made any OM sales during the sudden collapse of the token.
In some of its first statements after the event, Mullin said that reckless forced liquidations on centralized exchanges triggered the 90% drop in the value of the OM token.
In an official declaration published on April 16, Mantra’s internal survey confirmed the forced liquidation of the OM guarantee during low -volume negotiation hours as main cause.
According to the team, all the OM team’s allowances remain locked, and most market activities involve ERC-20 tokens inherited in public traffic, according to the team.
In the aim of Rawin Community Trust, Mantra plans to launch a buyout and burn program, publish a live token dashboard and work with exchanges to offer more transparency.
Mullin also publicly undertook to burn his allowance of personal tokens as part of the recovery effort.
Mullin also suggested a decentralized vote to decide the fire of 300 million team tokens in response to certain concerns about the impact of the team’s long -term motivation program.
Mantra allocated 300 million tokens OMAlmost 17% of its supply, to the contributors of the team and the main ones. Located up to staging outings between April 2027 and October 2029, the reserve is now estimated at more than $ 200 million, against around 1.8 billion dollars before the recent price crash.
At the time of writing the editorial staff, OM exchanged $ 0.68, down approximately 88% compared to its prior point of $ 6, according to Coingecko data.
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