Mantra（OM）令牌崩潰留下了90％的市場價值

Mantra的OM令牌目前持有約0.60美元，在過去24小時內下降了24％以上，因為該項目的領導才能解決問題

Mantra’s OM token is showing signs of recovery after plummeting over 90% from its all-time high of $7 to hit lows of $0.37 last week, in one of crypto’s most dramatic price collapses in recent memory.

Mantra的OM令牌在上週的歷史高點下降了90％以上，在上週的低點達到0.37美元，這顯示出恢復的跡象，這是加密貨幣最戲劇性的價格之一，在最近的記憶中。

The token, which is currently trading at around $0.60, saw approximately $5.4 billion in market value wiped out when it crashed, sparking comparisons to the 2022 Terra LUNA collapse.

該代幣目前的交易價格約為0.60美元，崩潰時的市場價值約為54億美元，與2022年Terra Luna倒塌的比較引發了比較。

The fall seems to have resulted from structural flaws in OM’s token economy. On-chain analysis suggests that the Mantra team allegedly controlled up to 90% of the token supply, leaving only 10-20% circulating freely on the market.

跌倒似乎是由於OM代幣經濟中的結構缺陷而造成的。鏈上分析表明，據稱該咒語團隊控制著多達90％的令牌供應，只有10-20％的人在市場上自由循環。

This concentration created the conditions for a liquidity crisis when significant selling pressure began. In the days leading up to the meltdown, about 17 wallets—which hold around 4.5% of the circulating supply—transferred 43.6 million OM tokens (value roughly $227 billion) to exchanges, according to data from blockchain analytics company Arkham.

當大量銷售壓力開始時，這種集中度創造了流動性危機的條件。根據Blockchain Analytics Company Arkham的數據，在崩潰之前的日子約有17個錢包（約佔循環供應量的4.5％的錢包，佔循環供應量的4.5％）進行了4,360萬個OM令牌（價值約為2270億美元）。

This unexpected token flood overwhelmed the rather thin order books, setting off a chain of forced liquidations that amounted to nearly $67 billion in just 12 hours.

這種意外的令牌氾濫使訂單相當薄的書籍不知所措，在短短12小時內，一系列強迫清算鍊鍊了近670億美元。

“Control the supply, control the narrative—until it breaks,” said Head of Research Alice Liu of CoinMarketCap, explaining how Mantra’s strict control of token distribution created an “artificial illusion” of power that ultimately proved unsustainable.

CoinMarketCap的研究主管說：“控制供應，控制敘述，直到它破裂。”他解釋了咒語對代幣分佈的嚴格控制如何造成了權力的“人工幻覺”，最終證明這是不可持續的。

Mantra CEO John Patrick Mullin answered questions and addressed claims of insider trading in an Ask Me Anything (AMA) session sponsored by Cointelegraph on April 14.

Mantra首席執行官John Patrick Mullin回答了問題，並在4月14日由Cointelegraph贊助的任何東西（AMA）會議上解決了內幕交易的主張。

Rejecting claims that the team or its investors sold tokens ahead of the crash, Mullin said, “The Mantra association, our key investors, our advisors—no one has sold.”

穆林拒絕了該團隊或其投資者在墜機前出售令牌的說法，穆林說：“咒語協會，我們的主要投資者，我們的顧問 - 沒有人賣出。”

He also addressed claims that Mantra controls 90% of the token supply, adding that it was covered in a community transparency report published the week prior.

他還談到了咒語控制著令牌供應的90％的說法，並補充說，它已在本週發布的社區透明度報告中涵蓋。

However, Mullin said the meltdown began from an unidentified exchange that sold positions and used OM tokens as collateral when market conditions changed.

但是，穆林說，崩潰始於一個身份不明的交易所，該交易所出售職位，並在市場條件發生變化時將OM令牌用作抵押品。

“What happened was basically the exchange took the collateral and started selling, which caused a cascade of sell pressure and forced more liquidations,” he said.

他說：“發生的事情基本上是交易所取得了抵押品並開始出售，這導致了一系列賣出壓力並迫使更多的清算。”

Strategic investors in Mantra have been quick to distance themselves from the downturn.

咒語的戰略投資者已經迅速與經濟低迷保持距離。

Laser Digital, a trading company based in Switzerland and part of the Nomura Group, issued a statement denying any involvement in the crash.

Laser Digital是一家位於瑞士的貿易公司，也是Nomura集團的一部分，發表聲明，否認任何參與墜機事件。

The company said on X (formerly Twitter), disclosing wallet addresses showing no deposit or selling activity, “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading”

該公司在X（以前是Twitter）上表示，披露了沒有存款或出售活動的錢包地址，“在社交媒體上發出的斷言將激光與'投資者出售''鏈接到“實際上是不正確且具有誤導性”的聲明”

Similar issues had been raised regarding another major investor, Shorooq Partners. A wallet linked to Shorooq’s Shane Shin received an OM token transfer ahead of the crash, with Shin denying selling the tokens and explaining that it was a wallet-to-wallet transaction rather than a sale to an exchange.

關於另一個主要投資者Shorooq Partners也提出了類似的問題。與Shorooq的Shane Shin相關的錢包在墜機事故發生前收到了OM令牌轉讓，Shin否認出售令牌並解釋說這是一筆錢包到錢​​包交易，而不是出售給交易所。

Recovery efforts are in ‘early stages’

恢復工作處於“早期階段”

Although Mullin emphasized that recovering the OM token is the company’s “preeminent and primary concern,” strategies are still under development.

儘管穆林強調，恢復OM令牌是公司的“最重要和主要關注”，但仍在製定策略。

Token buybacks and burns could be among possible actions, but specific details are yet to be disclosed.

代幣的回購和燒傷可能是可能的行動之一，但具體細節尚待披露。

“We are still in the early stages of developing this strategy for possible token buyback during the AMA session,” said Mullin.

穆林說：“我們仍處於製定該策略的早期階段，以在AMA會議期間可能的代幣回購。”

To assist with recovery initiatives, the company also plans to utilize its newly announced $109 billion Mantra Ecosystem Fund (MEF).

為了協助恢復計劃，該公司還計劃利用其新宣布的1009億美元的咒語生態系統基金（MEF）。

Launched on April 7 in partnership with strategic investors including Laser Digital and Shorooq Partners, the fund comprises OM tokens and monetary commitments.

該基金於4月7日與包括Laser Digital和Shorooq合作夥伴在內的戰略投資者合作，包括OM令牌和貨幣承諾。

Technically, OM has shown some resilience following the initial decline, rebounding from its low of $0.37 to momentarily touch $1.10—a 200% bounce—before settling to current levels around $0.59.

從技術上講，OM在初始下降後顯示出一些韌性，從低於0.37美元到瞬時觸摸1.10美元（200％的彈跳），在定居於目前的水平約為0.59美元左右之前。

After the crash, the Relative Strength Index (RSI) reached very oversold levels—a technical indicator that can sometimes precede reversals.

崩潰後，相對強度指數（RSI）達到了非常超越的水平，這是有時可以逆轉之前的技術指標。

Market watchers cite several factors that can aid OM’s recovery:

市場觀察家引用了一些可以幫助OM恢復的因素：

However, major hurdles remain, including restoring trust in the tokenomics and transparency of the project.

但是，仍然存在重大障礙，包括恢復對該項目的令牌學和透明度的信任。

The exceptionally high supply concentration that led to the meltdown raises questions about Mantra’s token distribution strategy and governance structure going forward.

導致崩潰的極高供應集中度提出了有關咒語的代幣分配策略和治理結構的疑問。

“Hope rises like a phoenix from the ashes of shattered dreams,” remarked one market participant, but whether OM can truly embody this phoenix-like recovery remains to be seen as investors keenly observe the project’s response to this disaster.

一位市場參與者說：“希望像鳳凰的灰燼一樣上升，”但是，OM能否真正體現這種像鳳凰般的恢復，這待觀察到投資者敏銳地觀察該項目對這場災難的反應。