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 assist 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, 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 workforce controls 90% of the token’s provide.
“I believe it’s baseless. We posted a neighborhood transparency report final week, and it exhibits all of the totally different wallets,” Mullin stated, highlighting the “two sides” of Mantra’s tokenomics.
Supply: Cointelegraph
“You’ve got the Ethereum aspect and you’ve got the mainnet aspect,” 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 records.
The highest eight addresses of OM holdings. Supply: Etherscan
Nonetheless, the highest OM pockets is presently 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 price crash but poses LUNA-like ‘big scandal’ risk
In keeping with Mullin, the fund doesn’t solely include Mantra’s OM token and has “greenback commitments and greenback contributions.”
Traders in Mantra’s $109-million fund. Supply: Mantra
“We’ll proceed to take a position and assist the ecosystem as a part of this restoration plan,” the CEO acknowledged.
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 said to a staking program on Binance.
“It was really 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 exchange.
“Successfully, these tokens have been getting used as collateral on an change. Then, the change determined that it was not the place they needed to keep up anymore, for no matter cause,” Mullin stated, including:
“So, what occurred was principally the positions have been taken over by the change that took the collateral and began promoting, which induced a cascade of promote stress and compelled extra liquidations.”
Mullin stated Mantra stays dedicated to addressing the state of affairs as transparently as attainable.
“We’re not working from something,” he stated, including that the incident was a “very unlucky state of affairs.”
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