Mantra CEO John Mullin addressed key concerns from the community following the sharp decline in the OM token during an Ask Me Anything (AMA) session hosted by Cointelegraph on April 14.
Mullin reassured users that Mantra and its partners are actively working to support the recovery of the Mantra (OM) token, though he noted that details around token buybacks and potential burns are still being developed.
“We’re still in the early stages of putting together this plan for potential buyback of tokens,” the CEO said, adding that the OM token recovery is Mantra’s “preeminent and primary concern right now.”
At the time of writing, OM traded at $0.73, slightly higher than its post-collapse low of $0.52 recorded on April 13 at around 7:30 pm UTC, according to data from CoinGecko.
In addition to denying reports claiming that key Mantra investors dumped the OM token pre-crash, the Mantra CEO also denied allegations that the Mantra team controls 90% of the token’s supply.
“I think it’s baseless. We posted a community transparency report last week, and it shows all the different wallets,” Mullin said, highlighting the “two sides” of Mantra’s tokenomics.
“You have the Ethereum side and you have the mainnet side,” Mullin noted, adding the Ethereum-based token is hard capped and has been around since August 2020.
“The biggest holder of OM on exchange is Binance,” Mullin continued, referring the public to Etherscan records.
However, the top OM wallet is currently held by crypto exchange OKX, which controls 14% of the circulating supply, or roughly 130 million tokens.