Mantra CEO John Mullin addressed key issues from the neighborhood following the sharp decline in the OM token throughout an Ask Me Something (AMA) session hosted by Cointelegraph on April 14.
Mullin reassured customers that Mantra and its companions are actively working to assist the recovery of the Mantra (OM) token, although he famous that particulars round token buybacks and potential burns are nonetheless being developed.
“We’re nonetheless in the early stages of placing collectively this plan for potential buyback of tokens,” the CEO stated, including that the OM token recovery is Mantra’s “preeminent and first concern proper now.”
On the time of writing, OM traded at $0.73, barely larger than its post-collapse low of $0.52 recorded on April 13 at round 7:30 pm UTC, according to knowledge from CoinGecko.
“Baseless allegations”
Along with denying reports claiming that key Mantra investors dumped the OM token pre-crash, the Mantra CEO additionally denied allegations that the Mantra staff controls 90% of the token’s provide.
“I feel it’s baseless. We posted a neighborhood transparency report final week, and it exhibits all of the completely different wallets,” Mullin stated, highlighting the “two sides” of Mantra’s tokenomics.
Supply: Cointelegraph
“You have got the Ethereum facet and you’ve got the mainnet facet,” Mullin famous, including the Ethereum-based token is tough capped and has been round since August 2020.
“The largest holder of OM on alternate is Binance,” Mullin continued, referring the general public to Etherscan records.
The highest eight addresses of OM holdings. Supply: Etherscan
Nonetheless, the highest OM pockets is at the moment held by crypto alternate OKX, which controls 14% of the circulating provide, or roughly 130 million tokens.
What’s subsequent for Mantra’s $109-million MEF fund?
Mullin additionally addressed the Mantra Ecosystem Fund (MEF), a $109-million fund launched on April 7 in collaboration with its main strategic traders, together with Laser Digital and Shorooq.
Different traders in the fund additionally included Brevan Howard Digital, Valor Capital, Three Level Capital, Amber Group, Manifold, UoB Enterprise, Damac, Fuse, LVNA Capital, Forte and others.
Associated: Mantra bounces 200% after OM price crash but poses LUNA-like ‘big scandal’ risk
In keeping with Mullin, the fund doesn’t solely encompass Mantra’s OM token and has “greenback commitments and greenback contributions.”
Traders in Mantra’s $109-million fund. Supply: Mantra
“We’ll proceed to speculate and assist the ecosystem as a part of this recovery plan,” the CEO said.
Finish of the staking program on Binance
Within the AMA, the Mantra CEO additionally stated {that a} 38-million-OM transaction to the Binance chilly pockets on April 14 is expounded to a staking program on Binance.
“It was truly Binance,” Mullin stated, including that Binance had OM tokens on its alternate that it was utilizing as a staking program.
Supply: Onchain Lens
“So, they simply returned them as a result of the staking program ended,” he stated.
Mullin additionally emphasised that lots of the transactions that caught the neighborhood’s reactions post-crash concerned collaterals by an unnamed exchange.
“Successfully, these tokens have been getting used as collateral on an alternate. Then, the alternate determined that it was not the place they wished to keep up anymore, for no matter purpose,” Mullin stated, including:
“So, what occurred was principally the positions have been taken over by the alternate that took the collateral and began promoting, which prompted a cascade of promote stress and compelled extra liquidations.”
Mullin stated Mantra stays dedicated to addressing the state of affairs as transparently as doable.
“We’re not working from something,” he stated, including that the incident was a “very unlucky state of affairs.”
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Cointelegraph by Helen Partz Mantra CEO says OM token recovery ‘main concern’ but in early stages cointelegraph.com 2025-04-14 15:25:43
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