The founder of MANTRA will burn $82 million worth of OM tokens to "rebuild trust," after the token's big dump caused a $5 billion market capitalization to evaporate.
According to Mars Finance, the founder of MANTRA will burn OM tokens worth $82 million to "rebuild trust," after the token's big dump caused $5 billion in market capitalization to evaporate.
On April 13, the founder of the first layer blockchain MANTRA announced a big dump of over 90% in a single day, stating that he would destroy 150 million Tokens worth $82 million at the current price to "rebuild trust."
The founder and CEO of MANTRA, a Layer 1 blockchain focused on real-world assets, John Patrick Mullin, stated that he plans to destroy 150 million OM Tokens to "rebuild trust" and demonstrate his "unwavering commitment to building the network."
MANTRA also revealed that it is "continuously communicating with key ecosystem partners" and intends to increase the total amount to be burned to 300 million coins (approximately 16.5% of the total supply of 1.8 billion). "This strategic burn will reduce the binding ratio from 31.47% to 25.30%, thereby enhancing the annualized yield of staking."
The announcement was made just over a week after the April 13 OM Token flash crash, during which the price fell by more than 90% within a few hours, causing a market capitalization loss of over $5 billion. The MANTRA team attributed it to "reckless liquidations," while the investor Laser Digital denied any connection to the big dump.
"During the market turmoil, the MANTRA team did not sell any OM tokens," Mulin stated in a post on platform X, "We are confident that more information provided by our centralized exchange partners will clarify the truth of the events."
The voting on the token burn proposal initiated by Mulin shows that over 81% of more than 8,000 votes support immediate destruction.
MANTRA indicates that the Token unbinding process will continue until April 29, at which point it will be transferred to the network's burn address. After the announcement, the OM price briefly rose before falling back. According to The Block's market page, it has still fallen by 2.7% in the past 24 hours.
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TradeWithTony
· 04-21 21:22
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The founder of MANTRA will burn $82 million worth of OM tokens to "rebuild trust," after the token's big dump caused a $5 billion market capitalization to evaporate.
According to Mars Finance, the founder of MANTRA will burn OM tokens worth $82 million to "rebuild trust," after the token's big dump caused $5 billion in market capitalization to evaporate.
On April 13, the founder of the first layer blockchain MANTRA announced a big dump of over 90% in a single day, stating that he would destroy 150 million Tokens worth $82 million at the current price to "rebuild trust."
The founder and CEO of MANTRA, a Layer 1 blockchain focused on real-world assets, John Patrick Mullin, stated that he plans to destroy 150 million OM Tokens to "rebuild trust" and demonstrate his "unwavering commitment to building the network."
MANTRA also revealed that it is "continuously communicating with key ecosystem partners" and intends to increase the total amount to be burned to 300 million coins (approximately 16.5% of the total supply of 1.8 billion). "This strategic burn will reduce the binding ratio from 31.47% to 25.30%, thereby enhancing the annualized yield of staking."
The announcement was made just over a week after the April 13 OM Token flash crash, during which the price fell by more than 90% within a few hours, causing a market capitalization loss of over $5 billion. The MANTRA team attributed it to "reckless liquidations," while the investor Laser Digital denied any connection to the big dump.
"During the market turmoil, the MANTRA team did not sell any OM tokens," Mulin stated in a post on platform X, "We are confident that more information provided by our centralized exchange partners will clarify the truth of the events."
The voting on the token burn proposal initiated by Mulin shows that over 81% of more than 8,000 votes support immediate destruction.
MANTRA indicates that the Token unbinding process will continue until April 29, at which point it will be transferred to the network's burn address. After the announcement, the OM price briefly rose before falling back. According to The Block's market page, it has still fallen by 2.7% in the past 24 hours.
Hold your long positions well, family, set your take profit orders properly, and wait patiently.
Click the link below to join the Mai Zong team, the number one on the internet! We'll help you make big profits and share 5 million dollars together.
https://www.gate.io/competition/wctc/s7/team_detail/41?ref=U1JMXF9W.