web3.0Mantra CEO John Patrick Mullin Burns His Allocation of OM Tokens to Restore Investor ConfidenceMantra CEO John Patrick Mullin Burns His Allocation of OM Tokens to Restore Investor Confidence
Mantra CEO John Patrick Mullin has proposed burning his allocation of OM tokens in a move aimed at restoring investor confidence after the protocol's native token suffered a sharp collapse.
Mantra (OM) CEO John Patrick Mullin has proposed burning his allocation of the protocol’s native token in a move aimed at restoring investor confidence after the protocol’s token suffered a sharp collapse.
Part of a broader 300 million OM allocation earmarked for the team is subject to a cliff until April 2027, Mullin said.
Token burn
In a public statement posted to X on April 15, Mullin pledged to destroy his share of that future allocation and stated that the community could decide whether he earns it back once the project recovers.
“I will be personally burning my full allocation of OM tokens, which will be part of the broader 300 million allocation to the team, and the community can decide if I earn it back when the project recovers,” he said.
He revealed that he currently holds around 772,000 OM tokens, less than 1% of the over 80 million OM tokens in circulating supply as of April 15, according to Tokenomist data.
Part of his tokens are allocated on the liquid staking protocol Fluxtra.
Despite his pledge and the unveiling of his current holdings, Mullin did not disclose his OM token stake and said he would wait until the burn program was ready to share his portion of the token supply.
The OM token, which powers the Mantra blockchain, lost over 90% of its value on April 13, plunging from around $6.30 to less than $0.50 in a single day.
The crash wiped out around $5.5 billion from its market capitalization, reducing it from around $6 billion to $530 million. Although OM has since recovered to $0.81 with a market cap approaching $800 million, it remains well below prior levels.
Mantra is a layer 1 blockchain built using the Cosmos SDK, focusing on tokenizing real-world assets and integrating regulatory compliance into its protocol.
The platform recently secured a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA), positioning it for growth in regulated digital asset markets.
Reckless liquidations
Earlier this month, Mullin blamed the collapse on central exchanges carrying out “reckless” liquidations during a low-liquidity trading window, which triggered rapid sell-side pressure.
He denied that any team members or investors sold tokens, stressing that all allocations remain locked in a public vesting schedule.
Blockchain observers raised the possibility of insider activity or wallet compromises, citing suspicious fund movements. More than $70 million in OM was reportedly moved to exchanges through a single intermediary wallet ahead of the crash, spurring comparisons to the 2022 implosion of the Terra ecosystem.
According to Mullin, the team is investigating and plans to publish details on the central exchanges’ involvement. He added that Mantra’s tokenomics remain intact and are verifiable through on-chain data.
News data source: kdj.com
The above is the detailed content of Mantra CEO John Patrick Mullin Burns His Allocation of OM Tokens to Restore Investor Confidence. For more information, please follow other related articles on the PHP Chinese website!
What is a quantum chain? What are the quantum chain transactions?Apr 21, 2025 pm 11:51 PMQuantum Chain (Qtum) is an open source decentralized smart contract platform and value transmission protocol. 1. Technical features: BIP-compatible POS smart contract platform, combining the advantages of Bitcoin and Ethereum, introduces off-chain factors and enhances the flexibility of consensus mechanisms. 2. Design principle: realize on-chain and off-chain data interaction through main control contracts, be compatible with different blockchain technologies, flexible consensus mechanisms, and consider industry compliance. 3. Team and Development: An international team led by Shuai Chu, 80% of the quantum coins are used in the community, and 20% rewards the team and investors. Quantum chains are traded on Binance, Gate.io, OKX, Bithumb and Matcha exchanges.
Quantum Chain Exchange Ranking Top 10 Recommended (Updated in 2025)Apr 21, 2025 pm 11:48 PMQuantum chains can be traded on the following exchanges: 1. Binance: One of the world's largest exchanges, with large trading volume, rich currency and high security. 2. Sesame Open Door (Gate.io): a large exchange, providing a variety of digital currency transactions, with good trading depth. 3. Ouyi (OKX): operated by OK Group, with strong comprehensive strength, large transaction volume, and complete safety measures. 4. Bitget: Fast development, provides quantum chain transactions, and improves security. 5. Bithumb: operated in Japan, supports transactions of multiple mainstream virtual currencies, and is safe and reliable. 6. Matcha Exchange: a well-known exchange with a friendly interface and supports quantum chain trading. 7. Huobi: a large exchange that provides quantum chain trading,
What are the quantum chain trading platforms?Apr 21, 2025 pm 11:45 PMPlatforms that support Qtum trading are: 1. Binance, 2. OKX Ouyi, 3. Huobi, 4. Gate.io Sesame Open Door, 5. Siren, 6. Coinku, 7. Bit stamp, 8. Coinku, 9. Bybit, 10. Gemini, these platforms have their own characteristics and advantages.
How to trade quantum chainsApr 21, 2025 pm 11:42 PMThe quantum chain (Qtum) transaction process includes three stages: preliminary preparation, purchase and sale. 1. Preparation: Select a compliant exchange, register an account, perform identity verification, and set up a wallet. 2. Purchase quantum chains: recharge funds, find trading pairs, place orders (market orders or limit orders), and confirm transactions. 3. Sell quantum chains: Enter the trading page, select the trading pair and order type (market order or limit order), confirm the transaction and withdraw cash.
What does cross-chain transaction mean? What are the cross-chain transactions?Apr 21, 2025 pm 11:39 PMExchanges that support cross-chain transactions: 1. Binance, 2. Uniswap, 3. SushiSwap, 4. Curve Finance, 5. Thorchain, 6. 1inch Exchange, 7. DLN Trade, these platforms support multi-chain asset transactions through various technologies.
What are the hybrid blockchain trading platforms?Apr 21, 2025 pm 11:36 PMSuggestions for choosing a cryptocurrency exchange: 1. For liquidity requirements, priority is Binance, Gate.io or OKX, because of its order depth and strong volatility resistance. 2. Compliance and security, Coinbase, Kraken and Gemini have strict regulatory endorsement. 3. Innovative functions, KuCoin's soft staking and Bybit's derivative design are suitable for advanced users.
Popular science in the currency circle: What is a hybrid blockchain trading platform?Apr 21, 2025 pm 11:33 PMThe hybrid blockchain trading platform combines the characteristics of CEX and DEX to provide centralized and decentralized trading functions. 1. Transaction method: Users can choose centralized or decentralized transactions. 2. User experience: Provides a friendly interface, suitable for beginners and users with decentralized needs. 3. Trading products: Provide a wide range of digital asset transactions. 4. Value-added services: Provide leverage and contract trading, but the risks are high. Hybrid exchanges aim to integrate the advantages of both, but developments are still relatively new.
Popular science in the currency circle: What is the difference between decentralized exchanges and hybrid exchanges?Apr 21, 2025 pm 11:30 PMThe difference between decentralized exchanges and hybrid exchanges is mainly reflected in: 1. Trading mechanism: Decentralized exchanges use smart contracts to match transactions, while hybrid exchanges combine centralized and decentralized mechanisms. 2. Asset control: Decentralized exchange users control assets, and mixed exchange ownership centralization and decentralization. 3. Privacy protection: Decentralized exchanges provide high anonymity, and hybrid exchanges require KYC in centralized mode. 4. Trading speed and liquidity: Decentralized exchanges are slower, liquidity depends on user pool, and hybrid exchanges are more fast and liquid in centralized mode. 5. Platform governance: Decentralized exchanges are governed by community governance, and hybrid exchanges are jointly governed by communities and centralized teams.
Hot AI Tools
Undresser.AI Undress
AI-powered app for creating realistic nude photos
AI Clothes Remover
Online AI tool for removing clothes from photos.
Undress AI Tool
Undress images for free
Clothoff.io
AI clothes remover
Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!
Hot Article
Hot Tools
EditPlus Chinese cracked version
Small size, syntax highlighting, does not support code prompt function
MantisBT
Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.
Zend Studio 13.0.1
Powerful PHP integrated development environment
Safe Exam Browser
Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.
mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),
