MANTRA DAO’s first buyback precursor to our OM validator earning program
Our OM token buyback event from the proceeds from our recent Breaking the 100 million OM staked NFT sale has been completed! The total number of OM bought during the buyback event was 741,398.88 OM which is equivalent to approximately $50,000 at the time of purchase.
The purchased OM tokens have been transferred to our publicly verifiable address here:
https://etherscan.io/address/0x5b8e6dce497632dcbdbc195c3416f44fea6683e6
This initiative is the precursor to our OM validator earnings program where MANTRA DAO spends 50% of its accrued staking/delegator rewards to buy back OM on the open market. Instead of a buyback and burn model, MANTRA DAO uses a buyback and make model which explained by placeholder vs is believed to have better benefits especially for governance tokens which include improved token liquidity!
About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance. MANTRA DAO leverages the crowd’s wisdom to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.
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