Mantra CEO John Patrick Mullin has proposed his allocation to burn to -Tokens in a movement aimed at restoring the trust of investors after the native token of the protocol had had a sharp collapse.
Mullin said his tokens, part of a wider 300 million OM -allocation reserved for the team, are subject to a cliff until April 2027.
Token burned
In one public declaration Posted on X on April 15, Mullin promised to destroy his share in that future allocation and stated that the community could decide whether he earns it back as soon as the project recovers.
He unveiled that he currently owns around 772,000 to -Tokens, less than 1% of the more than 80 million om -Tokens -circulating delivery from 15 April per tokenomist facts. Mullin has assigned his tokens to the liquid deployment protocolfluxtra.
Despite his promise and the revelation of his current interests, Mullin revealed his token -not and said He would wait Until the Burn program was ready to share its part of the token stock.
The OM -that the mantra -blockchain drives, lost more than 90% of its value on 13 April and fell from around $ 6.30 to less than $ 0.50 in a single day.
The crash knew about $ 5.5 billion from its market capitalization, reducing it from around $ 6 billion to $ 530 million. Although since then has returned to $ 0.81 with a market capitalization of almost $ 800 million, it remains far below the earlier levels.
Mantra is a layer of 1 blockchain built using the Cosmos SDK, which focuses on topping Real-World assets and integrating regulatory compliance in its protocol.
The platform recently obtained a license for virtual assets service provider from Dubai’s Virtual Assets Regulatory Authority (VARA), which positions it for growth in regulated digital assets.
Reckless liquidations
Mullin attributed the collapse to Abrupt liquidations by centralized exchanges During a trading window with a low liquidity, which quickly caused sales pressure. He denied that team members or investors sold tokens, and emphasized that all allocations remain under a public location schedule.
Blockchain observers increased the possibility of insider activity or wallet compromises, in which suspect fund movements were quoted.
It is said that more than $ 70 million was moved to exchanges via a single intermediary wallet before the collapse, as a result of which comparisons were requested with the implosion of the Terra -Ecosystem of 2022.
Mullin said that the team is investigating and is planning to publish details about centralized exchange involvement. He repeated that the Mantra tokenomics remain intact and verifiable by data on chains.
