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就在上週，Mantra的OM代幣看起來很棒：超過800％的一年，新的1.08億美元的生態系統基金和10億美元的迪拜真實交易

In the swirling dust of Sunday’s crypto collapse, one token’s implosion stood out: Mantra’s OM token. Just last week, it looked like a star performer, boasting year‑on‑year gains of over 800%, a fresh $108 million ecosystem fund and a $1 billion Dubai real‑estate deal (Mantra is a blockchain for tokenizing physical assets like buildings and art) in the pipeline.

在周日加密貨幣崩潰的漩渦狀塵埃中，一個令牌的內爆即式：Mantra的OM令牌。就在上週，它看起來像是一名明星表演者，一年四季的增長超過800％，1.08億美元的生態系統基金和10億美元的迪拜真實交易（Mantra是諸如建築物和藝術品（例如建築物和藝術品）的區塊鏈）。

But then, over the course of Sunday, its price cratered more than 90% from around $6.3 to below $0.5, erasing over $5.4 billion in value and sending traders hunting for villains. A snapshot of the token’s price over the past year shows the magnitude of the decline.

但是隨後，在周日的過程中，其價格從6.3美元左右至低於0.5美元的價格超過90％，刪除了超過54億美元的價值，並派出了交易者尋找小人。過去一年中令牌價格的快照顯示了下降的幅度。

The price began plummeting visibly on Sunday after several reports surfaced. One report by blockchain analysts at Chainalysis flagged 17 wallets moving 43.6 million OM (about $227 million) to exchanges Binance and OKX in the days leading up to the crash. Another report by crypto news outlet TokenPost claimed that a high-profile investor, Nomura-backed Laser Digital, was selling its entire OM holdings after an analytics platform apparently mistagged its wallets. However, Laser Digital quickly took to X, formerly known as Twitter, to deny involvement in the sell-off.

幾次報導浮出水面後，價格在周日開始明顯下降。區塊鏈分析師在Chainalysis上的一份報告標記了17個錢包，在墜機前的日子裡，將4,360萬om（約2.27億美元）交換了二手股和OKX。加密新聞媒體TokenPost的另一份報告稱，一位備受矚目的投資者Nomura支持的激光數字是在Analytics Platform顯然誤認為其錢包後出售其整個OM持股。但是，Laser Digital迅速上了X，以前稱為Twitter，以否認參與拋售。

Rumors of over-the-counter (OTC) fire‑sales at half price also circulated, adding fuel to the panic. As the selling commenced, liquidity quickly dried up. Traditionally thin Sunday order books couldn’t handle the sudden influx of sell orders, which in turn triggered leveraged positions to be liquidated.

謠言（OTC）以半價散發出了非處方（OTC）的消防員，這增加了恐慌的燃料。隨著銷售的開始，流動性迅速乾燥。傳統上，週日的訂單訂單無法處理賣出訂單的突然湧入，這反過來觸發了要清算的槓杆位置。

By the time the cascade of events came to a halt, veteran traders were drawing comparisons to the aftermath of Terra’s LUNA collapse. In a statement to Bloomberg, CEO John Patrick Mullin denied any insider sales, placing blame on “reckless forced closures” by centralized exchanges and promising a token buyback.

到級聯事件停止時，資深商人已經與Terra Luna崩潰後的後果進行了比較。首席執行官約翰·帕特里克·穆林（John Patrick Mullin）在給彭博社的一份聲明中否認了任何內部人士的銷售，將集中式交易所的“魯ck閉合”責備歸咎於“魯ck閉合”，並承諾將獲得代幣的回購。

Exchange OKX, which saw the majority of the OM tokens land on its platform, pointed to MANTRA’s suspicious token economic changes and concentrated ownership. A portion of the 17 wallets that moved a large amount of OM tokens belonged to a crypto hedge fund, which was reportedly forced to sell its entire position in OM after another token in its portfolio went bad.

Exchange OKX看到了大多數OM令牌在其平台上登陸，他指出了咒語的可疑代幣經濟變化和集中所有權。在17個錢包中，一部分移動了大量的OM代幣屬於一個加密套品基金，據報導，該基金被迫在其投資組合中的另一個代幣變壞後被迫在OM中出售其整個位置。

Despite the rapid depreciation of OM, Mullin expressed optimism for the future of the project. In an interview with Blockworks, he highlighted the potential of a new ecosystem fund to support developers building on Mantra’s blockchain.

儘管OM迅速貶值，但Mullin對項目的未來表示樂觀。在接受BlockWorks的採訪中，他強調了新的生態系統基金的潛力，以支持開發人員在Mantra的區塊鏈上的建立。

“We’re going to come back stronger from this. We’re going to use this opportunity to rebuild and innovate,” Mullin said.

穆林說：“我們將從中更加強大。我們將利用這個機會來重建和創新。”

The crater BlockFi, Celsius & Co. left in crypto credit hasn’t stayed empty. In centralized crypto lending, the throne now belongs to Tether, Galaxy Digital and Ledn—a trio that controls nearly 90 % of what remains of centralized lending. The bigger shift, however, is on-chain: DeFi protocols now originate just over half of all crypto loans ($19.1 billion of the market’s $36.5 billion total), turning smart contracts into the sector’s chief credit officers.

火山口Blockfi，Celius＆Co。留下的加密信譽並沒有空無一人。在集中的加密貸款中，該寶座現在屬於繫帶，Galaxy Digital and Ledn，這三重奏控制了近90％的集中貸款。然而，更大的轉變是鏈上：DEFI協議現在剛剛起源於所有加密貸款的一半以上（市場總計191億美元的總計365億美元），將智能合同變成了該行業的首席信貸官。

After a year-long crackdown by U.S. regulators, the dust is settling on the crypto industry. A snapshot of the scene:

在美國監管機構進行了為期一年的鎮壓之後，塵埃落定在加密貨幣行業上。場景的快照：

* After months of speculation, the administration scrapped the capital rules that would have limited how much crypto firms could hold in a given bank. The move came after a lobbying blitz by industry groups, and it’s a major victory for the industry.

*經過數月的猜測，政府取消了資本規則，這些規則將限制給定銀行中可以持有多少加密貨幣公司。此舉是在行業團體進行遊說的閃電戰之後進行的，這是該行業的重大勝利。

* In April, Congress passed a bill that would largely eliminate the need for crypto exchanges to provide burdensome paperwork to the Internal Revenue Service for users to calculate capital gains taxes. The move is a win for crypto users, who have long complained about the complexity of the tax reporting requirements.

* 4月，國會通過了一項法案，該法案將在很大程度上消除了對加密貨幣交易所的需求，以向內部稅收服務提供繁重的文書工作，以供用戶計算資本利得稅。此舉是對加密用戶的勝利，他們長期以來一直抱怨稅收報告要求的複雜性。

* The Department of Justice has shut down its crypto task force and will instead focus its efforts on pursuing crypto scammers. The move comes as several high-profile crypto executives have faced SEC fraud charges.

*司法部已關閉其加密貨幣工作隊，而是將其努力集中在追求加密騙子上。此舉是因為幾位備受矚目的加密高管面臨SEC欺詐指控。

Beyond holding a variety of crypto tokens in a strategic reserve and putting an unsermonious end to the administration’s prosecution of industry players, the administration is also making bipartisan efforts to craft rules for dollar-pegged stablecoins.

除了將各種加密代幣置於戰略儲備中，並使政府對行業參與者的起訴持續了終結之外，政府還在兩黨制定努力，為美元固定的Stablecoins制定規則。

The administration’s focus on crypto has helped to stabilize the industry and promote innovation. A bet that's paying off : bitcoin is up almost 30% since election night, and broader crypto prices have remained afloat despite some chop on Wall Street.

政府對加密貨幣的關注有助於穩定行業並促進創新。一個賭注正在獲得回報：自選舉之夜以來，比特幣上漲了幾乎30％，儘管華爾街在華爾街上有些砍伐，但更廣泛的加密貨幣價格仍在漂浮。