Mantra CEO John Mullin addressed key issues from the neighborhood following the sharp decline within 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 help the restoration of the Mantra (OM) token, although he famous that particulars round token buybacks and potential burns are nonetheless being developed.
“We’re nonetheless within the early phases of placing collectively this plan for potential buyback of tokens,” the CEO stated, including that the OM token restoration is Mantra’s “preeminent and first concern proper now.”
On the time of writing, OM traded at $0.73, barely greater than its post-collapse low of $0.52 recorded on April 13 at round 7:30 pm UTC, in line with information from CoinGecko.
“Baseless allegations”
Along with denying experiences claiming that key Mantra buyers 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 reveals all of the totally different wallets,” Mullin stated, highlighting the “two sides” of Mantra’s tokenomics.
Supply: Cointelegraph
“You’ve 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 most important holder of OM on change is Binance,” Mullin continued, referring the general public to Etherscan data.
The highest eight addresses of OM holdings. Supply: Etherscan
Nonetheless, the highest OM pockets is at present held by crypto change 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 buyers, together with Laser Digital and Shorooq.
Different buyers within 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 worth crash however poses LUNA-like ‘massive scandal’ threat
In response to Mullin, the fund doesn’t solely encompass Mantra’s OM token and has “greenback commitments and greenback contributions.”
Buyers in Mantra’s $109-million fund. Supply: Mantra
“We’ll proceed to speculate and help the ecosystem as a part of this restoration 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 change 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 change.
“Successfully, these tokens had been getting used as collateral on an change. Then, the change determined that it was not the place they wished to keep up anymore, for no matter cause,” Mullin stated, including:
“So, what occurred was mainly the positions had been taken over by the change that took the collateral and began promoting, which brought about a cascade of promote strain and compelled extra liquidations.”
Mullin stated Mantra stays dedicated to addressing the scenario as transparently as attainable.
“We’re not operating from something,” he stated, including that the incident was a “very unlucky scenario.”
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