3 weeks ago
Mantra CEO John Mullin addressed cardinal concerns from the assemblage pursuing the crisp diminution successful the OM token during an Ask Me Anything (AMA) league hosted by Cointelegraph connected April 14.
Mullin reassured users that Mantra and its partners are actively moving to enactment the betterment of the Mantra (OM) token, though helium noted that details astir token buybacks and imaginable burns are inactive being developed.
“We’re inactive successful the aboriginal stages of putting unneurotic this program for imaginable buyback of tokens,” the CEO said, adding that the OM token betterment is Mantra’s “preeminent and superior interest close now.”
At the clip of writing, OM traded astatine $0.73, somewhat higher than its post-collapse debased of $0.52 recorded connected April 13 astatine astir 7:30 p.m. UTC, according to information from CoinGecko.
“Baseless allegations”
In summation to denying reports claiming that cardinal Mantra investors dumped the OM token pre-crash, the Mantra CEO besides denied allegations that the Mantra squad controls 90% of the token’s supply.
“I deliberation it’s baseless. We posted a assemblage transparency study past week, and it shows each the antithetic wallets,” Mullin said, highlighting the “two sides” of Mantra’s tokenomics.
Source: Cointelegraph
“You person the Ethereum broadside and you person the mainnet side,” Mullin noted, adding the Ethereum-based token is hard capped and has been astir since August 2020.
“The biggest holder of OM connected speech is Binance,” Mullin continued, referring the nationalist to Etherscan records.
The apical 8 addresses of OM holdings. Source: Etherscan
However, the apical OM wallet is presently held by crypto speech OKX, which controls 14% of the circulating supply, oregon astir 130 cardinal tokens.
What’s adjacent for Mantra’s $109-million MEF fund?
Mullin besides addressed the Mantra Ecosystem Fund (MEF), a $109-million money launched connected April 7 successful collaboration with its large strategical investors, including Laser Digital and Shorooq.
Other investors successful the money besides included Brevan Howard Digital, Valor Capital, Three Point Capital, Amber Group, Manifold, UoB Venture, Damac, Fuse, LVNA Capital, Forte and others.
Related: Mantra bounces 200% aft OM terms clang but poses LUNA-like ‘big scandal’ risk
According to Mullin, the money does not solely dwell of Mantra’s OM token and has “dollar commitments and dollar contributions.”
Investors successful Mantra’s $109-million fund. Source: Mantra
“We’ll proceed to put and enactment the ecosystem arsenic portion of this betterment plan,” the CEO stated.
End of the staking programme connected Binance
In the AMA, the Mantra CEO besides said that a 38-million-OM transaction to the Binance acold wallet connected April 14 is related to a staking programme connected Binance.
“It was really Binance,” Mullin said, adding that Binance had OM tokens connected its speech that it was utilizing arsenic a staking program.
Source: Onchain Lens
“So, they conscionable returned them due to the fact that the staking programme ended,” helium said.
Mullin besides emphasized that galore of the transactions that caught the community’s reactions post-crash progressive collaterals by an unnamed exchange.
“Effectively, those tokens were being utilized arsenic collateral connected an exchange. Then, the speech decided that it was not the presumption they wanted to support anymore, for immoderate reason,” Mullin said, adding:
“So, what happened was fundamentally the positions were taken implicit by the speech that took the collateral and started selling, which caused a cascade of merchantability unit and forced much liquidations.”Mullin said Mantra remains committed to addressing the concern arsenic transparently arsenic possible.
“We’re not moving from anything,” helium said, adding that the incidental was a “very unfortunate situation.”
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