CEO of mantra will burn 150 million tokens om after drop in the market

The founder of MANTRA will burn 150 million tokens after 90% collapse in the token price OM. The measure seeks to rescue community confidence in the project Blockchain.

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• The CEO of MANTRA, John Patrick Mullin, will destroy your personal holdings of Tokens OM.
  
• The objective is to rebuild confidence in the project, after a collapse of USD $ 5,000 million in capitalization.
  
• Total burning could reach 300 million tokens, 16.5% of the supply, if certain agreements are completed.

The founder and executive director of the Blockchain MANTRA, John Patrick Mullin has announced that will burn your personal supply of 150 million tokens OM.

This measure seeks to restore user confidence after a dramatic collapse in the value of the Token, which on April 13 lost more than 90% of its price in a matter of hours, eliminating more than USD $ 5,000 million in market value.

The Token OM is part of the network MANTRA, A layer 1 project focused on real world assets (RWA), whose ecosystem has been recently shaken by events that have not yet been completely clarified.

An attempt to recover credibility

Mullin’s action is not only symbolic. The team of MANTRA is negotiating with other ecosystem partners for Expand the total burning to 300 million tokens, which represents 16.5% of the total supply of OM, currently estimated at 1.8 billion unitsindicates a report of The Block.

According to the company’s official statements, this strategic burning will reduce the proportion of staking tokens, known as “Bonded Ratio”from 31.47% to 25.30%. This, in turn, could increase the annual performance rate (APR) for users who delegate their tokens, thus encouraging active participation in the network.

The sudden collapse of Token OM It happened on April 13 and generated alarm in the crypto community. In just a few hours, the price fell more than 90%, making billions disappear in capitalization. The team of MANTRA attributed the event to “Prudent settlements” that would have been executed without considering market stability.

In the midst of rumors, the background Digital laser, One of the institutional investors of the project, denied having had any participation in sales that caused collapse. For his part, Mullin declared on the social network X that “There were no Tokens OM sales by Mantra team during this turbulence period.”

The Executive added that they expect more clarity about the facts as they receive additional information from their partners in centralized exchanges, where it is suspected that sales that triggered the crisis occurred.

Community support

After the announcement of Tokens burning, Mullin conducted a survey on his X account to learn about the opinion of his followers. More than 81% of the more than 8,000 participants voted in favor of executing burning immediately, which gave the CEO green to continue with the measure.

The 150 million tokens are currently in Staking and will be available to be transferred to the Burning Directorate on April 29. Until then, they will remain blocked.

Although the price of OM He experienced a slight initial recovery after the news of the burning plan, he fell shortly after. According to market data, the Token has dropped 26.94% in the last 24 hours, quoting some USD $ 0.51 at the time of editing.

Implications for the future of MANTRA

The case of Mantra and his Token OM It has become a recent example of crypto ecosystem volatility, especially in projects that are still under development. The response of the team – both in terms of transparency as an economic sacrifice by the CEO – could set a precedent regarding how projects face trusted crisis.

In addition, the reduction of tokens in circulation could have important long -term effects, not only on the economy of the Token, but also in the perception of institutional and retail investors. Although the measure does not solve the problems of origin alone, it represents a clear sign that the founding team is willing to assume personal losses for the good of the project.

For now, all eyes are placed in the outcome of the burning process and in the possible publication of new details by the exchanges that can clarify what really happened during the collapse of April 13.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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