đ±đ„Mantra Reboots Tokenomics Amid Crisis: Sincere Recovery or Strategic PRââ
Mantra is navigating a major crisis following a sharp collapse in its OM token, which plummeted over 90% within hoursâfrom $6 to $0.37. In response, CEO and co-founder John Patrick Mullin addressed the community, announcing the near-completion of a token burn program and an active buyback initiative aimed at stabilizing the token and restoring investor confidence.
Mullin took a bold personal step, publicly committing to burn his own tokens, with the option to reclaim them only if the community deems it appropriate. The incident was attributed to forced liquidations on centralized exchanges during a period of thin liquidity, involving legacy ERC-20 tokens rather than newer ones.
In a bid to rebuild trust, Mantra is rolling out increased transparency measures, including a dashboard to monitor tokenomics, improved exchange reporting, and a potential community vote on burning 300 million team tokensâabout 17% of total supply. OM has shown modest recovery, up 14% since the last update, but remains far below its peak.
The teamâs rapid, community-centric actions suggest a serious attempt to regain credibility. However, questions remain as to whether these moves are genuine or strategically crafted PR efforts to reverse OMâs downward spiral.