Mantra CEO John Mullin recently announced plans to burn all the tokens brought by the team to rebuild confidence with the community after the Mantra (OM) crashed on 13 April, similar to the Terra Luna -Crash.
“I intend to burn all my teamtokens and when we turn the community around and investors can decide if I have earned it back,” Mullin posted to X on April 16.
Mantra had reserved 300 million OM -Tokens, which is approximately 16.88% of his total offer for his team and core contributions. The tokens were locked up and were planned to be gradually released in phases between April 2027 and October 2029, according to a blog post from 8 April.
The team’s tokens are now worth around $ 236 million with $ 0.78. Before the crash on April 13, however, the tokens were worth around $ 1.89 billion. The price of OM saw a sharp fall from $ 6.30 to as low as $ 0.52, with more than $ 5.5 billion in value.
Criticism of the Burn -Plan of Token
While some in the members of the Community supported Mullin’s plan to burn the teamtokens, others were afraid that it could harm the motivation of the team in the long term. The founder of Crypto Banter Ran Raner noted that although the ‘stimulans’ may seem like a good gesture, it could weaken the drive of the team to build the project. However, Mullin suggested that the decision could be made by a community mood.
A post-mortem report that is released
Mullin promised one Post-Mortem report From what went wrong to guarantee transparency with the community. Mullin also shared plans to use Mantra’s $ 109 million ecosystem fund for the possible return and burns to stabilize the price of stabilizing after it was crashed.
Mantra has denied rumors all the time that it manages 90% of the OM -Tokens or that it was involved in trade with prior knowledge or market manipulation. Instead, it noted that the crash was due to ‘reckless liquidations’. Crypto changes Binance and OKX witness to massive activity before the crash, but denied some misconduct. They pointed to Tokenomics from the past and extreme volatility that led to massive liquidations.
Mullin also thanked the community for his support after the crash. He shared with the community that Mantra has endured several market cycles and will continue to build, even by this one. He also appealed to the losses that traders are confronted and also praised long -term investors such as Shorooq Partners and Laser Digital for their continuous support and openness at the community.