OM Token Plummets 90%, Can Mantra Turn It Around with 'Burn+Buyback'?
OM experienced a waterfall crash due to liquidation, evaporating over 5 billion in market value at one point. The project team insists they did not sell off and quickly announced a token burn + buyback plan to stabilize the market.
CEO Mulin even proposed a decentralized vote to decide whether to burn 300 million of the team’s locked tokens in an attempt to rebuild community trust. But the issue is: confidence cannot be built on words alone; it requires a transparent mechanism backed by real capital.
📌 Core Perspective:
Token burning can indeed alleviate market sentiment in the short term, benefiting price recovery. However, the fundamental issue is that the trading mechanism is too centralized, liquidity is weak, and risk control is inadequate.
A mere burn statement cannot sustain the belief in an ecosystem for the long term. What investors are more concerned about is whether Mantra can genuinely decentralize through actions to avoid another 'flash crash'.
