$OM
MANTRA Dubai is making a big move! 150 million tokens are being burned on the spot, can JP Mullin's "decentralized scalpel" save the plummeting OM?
"The Middle East tycoon scene has turned into a meat-cutting scene!" Last night at the TOKEN2049 conference in Dubai, an epic reversal took place — RWA track top player MANTRA co-founder JP Mullin pulled out four “scalpels” under the spotlight, attempting to perform a decentralized emergency rescue on the OM token, which has plummeted by 90%. This press conference could be called the “Complete Guide to Massaging Retail Investors' Psyche,” with moves targeting community pain points from token burning to testnet promises!
1. “Power Reduction Movement” Launched: Halving Internal Validators and Introducing 50 External Investors
◦ Big Power Shuffle: The validation nodes of the MANTRA chain will shift from being led by the internal team to an “external partner alliance,” planning to cut 50% of internal nodes before Q2 2025, introducing 50 institutional validators (Middle Eastern tycoon funds + compliant exchanges).
◦ Governance Undercover War: Previously, the community questioned the team controlling 90% of the token supply to manipulate prices, and this reform was mockingly termed “diluting internal centralization with external capital,” but netizens complained: “The new validators are likely just VC disguises, changing the soup but not the medicine!”
2. Theater of Transparency: Token Economics Dashboard Launched
◦ On-chain Exposure: Real-time public disclosure of token circulation, staking rates, and destruction data, especially the entire process of the burn transaction of 150 million OM is traceable.
◦ Data Facedown: The dashboard shows the current circulation of 985 million OM, but the community discovered the team’s wallet still holds 792 million tokens that have not been unlocked, ridiculing: “It’s just transparent loneliness; the big whales are still the same few.”
3. 150 million OM Burned on the Spot, Stakers Crying in the Bathroom
◦ Destructive Operation: Permanently removing 150 million OM from the staking pool, total supply drops from 1.82 billion to 1.67 billion, but after the crash, the market value of this batch of tokens is only 78 million dollars (at peak worth 945 million).
◦ Staking Economy Collapse: Staking rate plummeted from 31% to 25%, annualized returns rose to over 20%, but netizens angrily criticized: “The principal has gone to zero, what’s the use of high interest?”
4. OMSTEAD Testnet Launched: RWA Compliance Promises Enter Alpha
◦ EVM Compatibility: The testnet supports developers to deploy compliant DeFi protocols, focusing on “RWA tokenization tools that comply with Middle Eastern regulatory frameworks.”
◦ Harsh Reality: The current TVL of the MANTRA chain is only 4 million dollars, yet it has a valuation of 10 billion FDV, being mocked as “using the testnet to prolong the bubble's life.”