Listen, think about what's going on with Mantra right now. This is a project with a fairly ambitious ecosystem, and recently they had a real disaster — the OM token went into a tailspin: in a couple of hours it fell by more than 90%, from $6 to $0.37. Can you imagine what a shock it was for everyone who held OM?
So, John Patrick Mullin, the CEO and one of the founders of Mantra, got in touch and said that the team had almost completed the token burning program, and the buyback was already underway. Like, they want to stabilize the situation and regain the trust of the community. Burning is when tokens are permanently removed from circulation in order to reduce supply, and therefore maintain the price.
He even wrote that the team is working around the clock on this (Sherpas and OMies are, apparently, nicknames for community members). Interestingly, Mallin himself stated that he would burn his personal tokens, and this is a pretty serious step, if you think about it. He wrote publicly that if the community decides that he deserves it, he can get it back later. This, of course, sounds beautiful and very web-based.
And by the way, Mantra confirmed that this entire collapse was caused by forced liquidations on centralized exchanges. Well, that is, the market was thin (low activity), and when they started closing positions, the price dropped. The team claims that they did not sell anything themselves, and the activity was mainly based on outdated ERC-20 tokens (not new ones).
OM is slowly growing now — it even jumped by 14% after the last update, but it's still in a deep hole: $0.68 versus $6 before. And to restore confidence, they plan to launch a dashboard for tracking tokenomics, improve transparency on exchanges, and possibly conduct a decentralized vote on burning 300 million tokens of the team (this is almost 17% of the total volume, think about it).
It looks as if they are really trying to act openly and radically in order not only to keep the project afloat, but also to show: "we are with you, we are ready for sacrifices."
But here's the question, friend.:
Do you think these are sincere attempts to restore trust, or just a clever PR move to pull OM out of a dive?
