MANTRA CEO BURNS TEAM TOKENS TO RESTORE TRUST!

Mantra CEO John Patrick Mullin plans to burn 300 million OM tokens allocated to the team's incentives, worth around $236 million, to restore trust after the token's value plummeted from $6.30 to $0.52 on April 13. This move aims to demonstrate the team's commitment to the project's success and align their interests with those of the community and investors.

Key Details:

Token Burn: Mullin intends to burn all team tokens, which comprise 16.88% of the total OM token supply.

Community Reaction: The proposal has received mixed reactions, with some welcoming the gesture as a sign of good faith, while others, like Crypto Banter founder Ran Neuner, express concerns that burning tokens could undermine team motivation.

Decentralized Vote: Mullin suggested a community vote to determine the fate of the team tokens, promoting decentralized governance.

Transparency: Mullin promised a post-mortem statement explaining what went wrong and outlined plans to leverage the $109 million Mantra Ecosystem Fund for token buybacks and burns to stabilize OM's price .

Potential Impact:

Restoring trust and confidence in the Mantra platform

Demonstrating the team's commitment to the project's success

Potentially stabilizing OM's price through token buybacks and burns

Setting a precedent for decentralized governance and community involvement$OM #om