In response to the native OM token dispute, Mantro CEO John Patrick Mullin will burn all personal OM tokens.
Mantra proposes a DAO vote to burn 300M team-allocated tokens and a repurchase.
The team blamed forced liquidations and market manipulation for the 90% OM token fall on April 13.
Mantra accelerates recovery after a 90% price drop this week. CEO John Patrick Mullin dedicates personal wealth to the burn.
After collapse, Mantra CEO Mullin confirms buyback details
Mantra CEO John Patrick Mullin said Friday that the business is completing a token burn scheme to stabilize the OM token following a 90% drop that destroyed over $5 billion in market value.
The burn program and buyback program are nearing completion and will be announced soon. We labor 24/7 for the Sherpas/OMies, Mullin wrote on X.
Coingecko statistics shows that OM's price plummet from $6 has dropped it out of the top 100 cryptocurrencies, standing at 110 at the time of writing.
The Mantra CEO claims forced liquidations during low-liquidity times caused the price dip, not insider selling.
“There were no team sales during this event,” Mullin said. It was due to CEXs' imprudent leverage and weak liquidity management.
On Wednesday, a formal statement verified internal conclusions that OM-collateralized position liquidation during low-volume trading hours caused the interruption. The token momentarily reached $1 before settling at $0.65, down 88% from its pre-crash high.
Governance vote, tokenomics dashboard restore trust
New transparency tools, leadership financial commitment, and community-driven governance votes are Mantra's investor trust-building initiatives.
First, the team will develop a real-time tokenomics dashboard to track OM's circulating and locked supply. Mullin burned his own OM allocation as part of the recovery attempt to demonstrate leadership responsibility.
One of the most controversial ideas is a DAO vote on destroying 300 million OM tokens awarded to key contributors and team members. About 17% of OM's supply—these tokens—are frozen and scheduled for progressive release between April 2027 and October 2029.
Mullin added “some have voiced concerns about burning too many tokens allocated for team incentives”. “We'll let the community decide via decentralized governance.”
As of Friday, this team allotment is worth $200 million, down from roughly $1.8 billion pre-crash.
