Mantra（OM）令牌崩溃留下了90％的市场价值

Mantra的OM令牌目前持有约0.60美元，在过去24小时内下降了24％以上，因为该项目的领导才能解决问题

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令牌在上周的历史高点下降了90％以上，在上周的低点达到0.37美元，这显示出恢复的迹象，这是加密货币最戏剧性的价格之一，在最近的记忆中。

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.

该代币目前的交易价格约为0.60美元，崩溃时的市场价值约为54亿美元，与2022年Terra Luna倒塌的比较引发了比较。

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.

跌倒似乎是由于OM代币经济中的结构缺陷而造成的。链上分析表明，据称该咒语团队控制着多达90％的令牌供应，只有10-20％的人在市场上自由循环。

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.

当大量销售压力开始时，这种集中度创造了流动性危机的条件。根据Blockchain Analytics Company Arkham的数据，在崩溃之前的日子约有17个钱包（约占循环供应量的4.5％的钱包，占循环供应量的4.5％）进行了4,360万个OM令牌（价值约为2270亿美元）。

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.

这种意外的令牌泛滥使订单相当薄的书籍不知所措，在短短12小时内，一系列强迫清算链链了近670亿美元。

“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的研究主管说：“控制供应，控制叙述，直到它破裂。”他解释了咒语对代币分布的严格控制如何造成了权力的“人工幻觉”，最终证明这是不可持续的。

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首席执行官John Patrick Mullin回答了问题，并在4月14日由Cointelegraph赞助的任何东西（AMA）会议上解决了内幕交易的主张。

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.”

穆林拒绝了该团队或其投资者在坠机前出售令牌的说法，穆林说：“咒语协会，我们的主要投资者，我们的顾问 - 没有人卖出。”

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.

他还谈到了咒语控制着令牌供应的90％的说法，并补充说，它已在本周发布的社区透明度报告中涵盖。

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，穆林说，崩溃始于一个身份不明的交易所，该交易所出售职位，并在市场条件发生变化时将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.

他说：“发生的事情基本上是交易所取得了抵押品并开始出售，这导致了一系列卖出压力并迫使更多的清算。”

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

咒语的战略投资者已经迅速与经济低迷保持距离。

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是一家位于瑞士的贸易公司，也是Nomura集团的一部分，发表声明，否认任何参与坠机事件。

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”

该公司在X（以前是Twitter）上表示，披露了没有存款或出售活动的钱包地址，“在社交媒体上发出的断言将激光与'投资者出售''链接到“实际上是不正确且具有误导性”的声明”

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.

关于另一个主要投资者Shorooq Partners也提出了类似的问题。与Shorooq的Shane Shin相关的钱包在坠机事故发生前收到了OM令牌转让，Shin否认出售令牌并解释说这是一笔钱包到钱​​包交易，而不是出售给交易所。

Recovery efforts are in ‘early stages’

恢复工作处于“早期阶段”

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

尽管穆林强调，恢复OM令牌是公司的“最重要和主要关注”，但仍在制定策略。

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

代币的回购和烧伤可能是可能的行动之一，但具体细节尚待披露。

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

穆林说：“我们仍处于制定该策略的早期阶段，以在AMA会议期间可能的代币回购。”

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

为了协助恢复计划，该公司还计划利用其新宣布的1009亿美元的咒语生态系统基金（MEF）。

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

该基金于4月7日与包括Laser Digital和Shorooq合作伙伴在内的战略投资者合作，包括OM令牌和货币承诺。

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.

从技术上讲，OM在初始下降后显示出一些韧性，从低于0.37美元到瞬时触摸1.10美元（200％的弹跳），在定居于目前的水平约为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.

崩溃后，相对强度指数（RSI）达到了非常超越的水平，这是有时可以逆转之前的技术指标。

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

市场观察家引用了一些可以帮助OM恢复的因素：

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

但是，仍然存在重大障碍，包括恢复对该项目的令牌学和透明度的信任。

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

导致崩溃的极高供应集中度提出了有关咒语的代币分配策略和治理结构的疑问。

“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.

一位市场参与者说：“希望像凤凰的灰烬一样上升，”但是，OM能否真正体现这种像凤凰般的恢复，这待观察到投资者敏锐地观察该项目对这场灾难的反应。