Decentralized finance (DeFi) platform Mantra has referred to as for industry-wide cooperation to scale back investor dangers within the aftermath of its OM token crash.
On April 30, Mantra printed its newest replace for the reason that sudden collapse of its OM token, claiming that the incident was “larger than Mantra.”
“Liquidation cascades may occur to any mission within the crypto {industry},” Mantra CEO John Mullin warned within the publish, pointing to the position of “aggressive leverage positions” on exchanges as a broader risk to investor security.
“We’re cooperating with main exchanges to enhance market stability, and we’re calling on the remainder of our {industry} to offer enter on how change insurance policies can decrease — or proceed to allow — insurance policies that create threat to traders,” the replace states.
Progress contains governance enhancements
Apart from calling world centralized exchanges to evaluate their leverage insurance policies, Mantra listed a couple of key options following the OM crash.
The primary level involved governance enhancements to the Mantra chain with a concentrate on decentralization. Mantra has pledged to speed up its validator diversification efforts by winding down inside validators and including extra help companions.
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“By the top of Q2 2025, we’ll have diminished inside validators by half and onboarded 50 whole exterior companion validators,” the replace states.
Moreover, the replace talked about that Mantra has burned 150 million staked OM tokens, completely eradicating them from the entire provide.
To reinforce transparency, Mantra has launched a real-time dashboard that includes tokenomics information. It has additionally begun alpha testing a brand new Ethereum Digital Machine-compatible testnet referred to as Omstead, aimed toward enhancing technical resilience.
The publish highlighted that the Mantra chain continued working with out interruption in the course of the worth drop, even with transaction volumes at all-time highs.
Cointelegraph contacted Mantra and exchanges, together with Binance and OKX, for remark relating to Mantra’s industry-wide name to motion, however didn’t obtain a response by publication.
This can be a creating story, and additional data shall be added because it turns into obtainable.
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