Mantra CEO John Mullin recently engaged with the community in an Ask Me Anything (AMA) session organized by Cointelegraph to address concerns surrounding the sharp decline in the OM token. Mullin reassured users that both Mantra and its partners are actively working to support the recovery of the Mantra (OM) token. He mentioned that plans for potential token buybacks and burns are still in the development stage.

Mullin emphasized that the recovery of the OM token is currently the primary focus for Mantra. The OM token, at the time of the AMA session, was trading at $0.73, slightly up from its recent low of $0.52 on April 13. Mullin also dismissed accusations claiming that key investors dumped the OM token before the crash and refuted allegations that the Mantra team controls 90% of the token's supply. He pointed to a community transparency report that displays all the different wallets holding the token.

The CEO further clarified the tokenomics of OM, highlighting its presence on both the Ethereum and mainnet sides, with the largest OM holdings on exchanges like Binance and OKX. Mullin addressed the Mantra Ecosystem Fund (MEF), a $109-million fund launched in collaboration with strategic investors, stating that it includes dollar commitments and contributions beyond the OM token.

Regarding the end of the staking program on Binance, Mullin explained a recent transaction of 38 million OM tokens to Binance's cold wallet, stating that it was related to the conclusion of a staking program on the exchange. He mentioned that some transactions post-crash involved collaterals on an unnamed exchange, leading to a cascade of sell pressure and liquidations.

Mullin emphasized Mantra's commitment to transparency and addressing the situation effectively. He assured the community that they are actively working towards the recovery of the OM token and are not shying away from the challenges that arose from the recent market events.

In conclusion, Mullin's responses during the AMA session shed light on Mantra's efforts to support the recovery of the OM token and address community concerns. The CEO's transparency and commitment to the token's revival reflect the company's dedication to navigating through the challenges and uncertainties in the market.

Source: https://cointelegraph.com/news/mantra-om-buybacks-preeminent-early-stages?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound