The mantra of the real world association project plans to create an integral burns program for his token om, said the CEO John Mullin in an X Post on Wednesday.
Mullin was responding to a position that said he was planning to burn his team’s chips to recover community confidence after OM abruptly lost more than 0% of its value on Tuesday.
“To be 100% clear, I am affirming that I am burning my team’s tokens, and we will create a comprehensive burns program for other parts of the OM supply,” he wrote.
Tokens burns refer to the process of permanently eliminating a proportion of the supply of a cryptocurrency of the circulation to increase the value of the remaining tokens.
OM fell from more than $ 6 to less than $ 0.45 in a matter of hours without sudden catalyst.
Mullin blamed the fall of the exchanges that closed the OM positions, but not everyone was buying this explanation. The founder of OKX, Start Xu referred to the incident as “a great scandal.”
OM quote in around $ 0.81 at the time of writing, 87% lower than its price before Tiday events.
