Real-World Asset Project Mantra plans to create a comprehensive burn program for OM token, CEO John Mullin said in an x post Wednesday.
Mullin responded to a post saying he was planning to burn his team’s tokens to restore community confidence after Suddenly OM lost more than 0% of its value on Tuesday.
“To be 100% clear, I say I’m burning my team tokens, and we’re going to make a comprehensive burn program for other parts of OM Supply,” he wrote.
The token burns refers to the process of permanently removing a proportion of the supply of a cryptocurrency from the circulation to increase the amount of tokens that remains.
OM fell from over $ 6 to under $ 0.45 in a few hours without a sudden catalyst.
Mullin blames the collapse of the OM positions closing positions, but not everyone buys this explanation. OKX founder Start XU defined the incident as “a big scandal.”
If Trading around $ 0.81 At the time of writing, 87% less than its price before Tueday’s events.
