{"id":22266,"date":"2025-04-16T01:02:34","date_gmt":"2025-04-16T01:02:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22266"},"modified":"2025-04-16T01:02:34","modified_gmt":"2025-04-16T01:02:34","slug":"mantra-ceo-plans-to-burn-teams-tokens-in-bid-to-win-community-trust","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22266","title":{"rendered":"Mantra CEO plans to burn team’s tokens in bid to win community trust"},"content":{"rendered":"
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\"Mantra<\/p>\n

Mantra CEO John Mullin said he is planning to burn all of his team’s tokens in order to win back the trust of the network\u2019s community following the sudden collapse of the Mantra (OM) token on April 13.<\/p>\n

\u201cI\u2019m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,\u201d Mullin posted<\/a> to X on April 16.<\/p>\n

Mantra set aside 300 million OM, 16.88% of the token\u2019s nearly 1.78 billion total supply, for its team and core contributors that are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according<\/a> to an April 8 blog post.<\/p>\n

The team\u2019s tokens are worth around $236 million with OM currently trading around 78 cents, but were worth around $1.89 billion before the token sank on April 13, going from around $6.30 to a low of 52 cents and wiping over $5.5 billion in value, according<\/a> to CoinGecko.<\/p>\n

\"Mantra
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Source: <\/em>JP Mullin<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Many community members welcomed Mullin\u2019s pledge, but others saw the token burn as a potential blow to the team\u2019s long-term commitment to building the real-world asset tokenization<\/a> platform.<\/p>\n

\u201cThis would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term,\u201d said<\/a> Crypto Banter founder Ran Neuner.<\/p>\n

Mullin suggested a decentralized vote<\/a> could determine whether to burn the 300 million team tokens.<\/p>\n

Mantra recovery process already underway<\/h2>\n

Mullin promised<\/a> a post-mortem statement explaining what went wrong to be transparent with the community.\u00a0<\/p>\n

Speaking to Cointelegraph on April 14, Mullin outlined plans to leverage the $109 million Mantra Ecosystem Fund<\/a> for potential token buybacks and burns<\/a> to stabilize OM\u2019s price, which had fallen from $6.30 to as low as $0.52.<\/p>\n

Related: <\/strong><\/em>Red flag? Mantra’s TVL jumped 500% as OM price collapsed<\/strong><\/em><\/a><\/p>\n

Mullin\u2019s firm has strongly refuted rumors that it controls 90% of OM\u2019s token supply and engaged in insider trading and market manipulation.<\/p>\n

Mantra claims the OM price implosion was triggered by \u201creckless liquidations,” adding that it wasn\u2019t related to any actions undertaken by the team.<\/p>\n

OKX<\/a> and Binance<\/a> were among the crypto exchanges<\/a> that saw significant OM activity right before the token collapse.<\/p>\n

Both exchanges denied any wrongdoing, attributing the collapse to changes made to OM\u2019s tokenomics in October 2024 and unusual volatility that ultimately triggered high-volume cross-exchange liquidations on April 13.<\/p>\n

Magazine: <\/strong><\/em>Memecoin degeneracy is funding groundbreaking anti-aging research<\/strong><\/em><\/a><\/p>\n