MantraCrisisResponse
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š±š„Mantra Reboots Tokenomics Amid Crisis: Sincere Recovery or Strategic PRāā
Mantra is navigating a major crisis following a sharp collapse in its OM token, which plummeted over 90% within hoursāfrom $6 to $0.37. In response, CEO and co-founder John Patrick Mullin addressed the community, announcing the near-completion of a token burn program and an active buyback initiative aimed at stabilizing the token and restoring investor confidence.
Mullin took a bold personal step, publicly committing to burn his own tokens, with the option to reclaim them only if the community deems it appropriate. The incident was attributed to forced liquidations on centralized exchanges during a period of thin liquidity, involving legacy ERC-20 tokens rather than newer ones.
In a bid to rebuild trust, Mantra is rolling out increased transparency measures, including a dashboard to monitor tokenomics, improved exchange reporting, and a potential community vote on burning 300 million team tokensāabout 17% of total supply. OM has shown modest recovery, up 14% since the last update, but remains far below its peak.
The teamās rapid, community-centric actions suggest a serious attempt to regain credibility. However, questions remain as to whether these moves are genuine or strategically crafted PR efforts to reverse OMās downward spiral.
#MantraCrisisResponse #CryptoTransparency #TrumpVsPowell
$OM
Mantra is navigating a major crisis following a sharp collapse in its OM token, which plummeted over 90% within hoursāfrom $6 to $0.37. In response, CEO and co-founder John Patrick Mullin addressed the community, announcing the near-completion of a token burn program and an active buyback initiative aimed at stabilizing the token and restoring investor confidence.
Mullin took a bold personal step, publicly committing to burn his own tokens, with the option to reclaim them only if the community deems it appropriate. The incident was attributed to forced liquidations on centralized exchanges during a period of thin liquidity, involving legacy ERC-20 tokens rather than newer ones.
In a bid to rebuild trust, Mantra is rolling out increased transparency measures, including a dashboard to monitor tokenomics, improved exchange reporting, and a potential community vote on burning 300 million team tokensāabout 17% of total supply. OM has shown modest recovery, up 14% since the last update, but remains far below its peak.
The teamās rapid, community-centric actions suggest a serious attempt to regain credibility. However, questions remain as to whether these moves are genuine or strategically crafted PR efforts to reverse OMās downward spiral.
#MantraCrisisResponse #CryptoTransparency #TrumpVsPowell
$OM
Mantra CEO Announces Strategic Recovery Plan After $5 Billion Token Collapse
Overview of the Collapse
Mantra (OM) has faced a severe downturn, with the OM token experiencing a decline of over 90%, leading to approximately $5 billion in liquidations. Following a brief recovery, the token value dropped again, prompting urgent action from the projectās leadership.
Internal Investigation Findings
An internal report released on April 16 identified forced liquidations during periods of low trading volume as the primary driver of the token's steep decline. These systemic issues highlighted vulnerabilities in OMās trading environment and liquidity management.
CEOās Response and Managed Close Program
Co-founder and CEO John Patrick Mullin has outlined a recovery initiative to stabilize the token and rebuild investor trust. Central to this plan is a forthcoming managed close program, details of which will be shared shortly. Mullin confirmed that buyback operations are already underway at an accelerated pace to support the tokenās market value.
Commitment to Transparency
In an effort to foster accountability, the Mantra team will launch a transparent dashboard. This platform will allow real-time tracking of token supply, lockups, and transaction data, giving investors clear insights into the project's internal operations.
Token Burn and Community Allocation
Of the 300 million OM tokensāequivalent to 17% of the total supplyāoriginally allocated for project contributors, a portion will now be offered to the community, while another portion will be permanently burned. These tokens, once valued at $1.8 billion, are now worth approximately $200 million due to the recent price collapse.
Personal Commitment from the CEO
In a show of leadership and accountability, Mullin declared:
āI also undertake to burn my personal token allocation.ā
This act underscores his dedication to the long-term success of the project and alignment with the communityās interests.
Looking Ahead
The outlined measures aim to mitigate recent losses, restore confidence among stakeholders, and pave the way for a more resilient token ecosystem. The Mantra team remains focused on delivering transparency, stability, and renewed investor engagement.
Mantra (OM) has faced a severe downturn, with the OM token experiencing a decline of over 90%, leading to approximately $5 billion in liquidations. Following a brief recovery, the token value dropped again, prompting urgent action from the projectās leadership.
Internal Investigation Findings
An internal report released on April 16 identified forced liquidations during periods of low trading volume as the primary driver of the token's steep decline. These systemic issues highlighted vulnerabilities in OMās trading environment and liquidity management.
CEOās Response and Managed Close Program
Co-founder and CEO John Patrick Mullin has outlined a recovery initiative to stabilize the token and rebuild investor trust. Central to this plan is a forthcoming managed close program, details of which will be shared shortly. Mullin confirmed that buyback operations are already underway at an accelerated pace to support the tokenās market value.
Commitment to Transparency
In an effort to foster accountability, the Mantra team will launch a transparent dashboard. This platform will allow real-time tracking of token supply, lockups, and transaction data, giving investors clear insights into the project's internal operations.
Token Burn and Community Allocation
Of the 300 million OM tokensāequivalent to 17% of the total supplyāoriginally allocated for project contributors, a portion will now be offered to the community, while another portion will be permanently burned. These tokens, once valued at $1.8 billion, are now worth approximately $200 million due to the recent price collapse.
Personal Commitment from the CEO
In a show of leadership and accountability, Mullin declared:
āI also undertake to burn my personal token allocation.ā
This act underscores his dedication to the long-term success of the project and alignment with the communityās interests.
Looking Ahead
The outlined measures aim to mitigate recent losses, restore confidence among stakeholders, and pave the way for a more resilient token ecosystem. The Mantra team remains focused on delivering transparency, stability, and renewed investor engagement.
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