Key Takeaways:
- Mantra CEO John Patrick Mullin is burning 150M OM tokens from his allocation to rebuild community trust and reduce supply.
- A second 150M token burn is under discussion with partners, potentially cutting OM’s supply to 1.67B and decreasing staked tokens by over 26%.
- The strategic burn will lower the bonded ratio, increase staking APR, and is part of a broader OM Token support plan including a buyback and new tokenomics dashboard.
Mantra founder and CEO John Patrick Mullin has initiated the burn of 150 million OM tokens from his personal allocation to help restore community trust and reduce the token’s circulating supply.
The tokens are being unstaked and are set to be permanently destroyed by April 29.
This is a first step in rebuilding trust with the community, but far from the last. We will share more in the coming days about our plans to ensure alignment going forward. 🫡🕉️ https://t.co/685jVsJNBA
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 21, 2025
Mullin described this as the first step in a broader realignment strategy, with further updates expected soon.
Mantra is also in discussions with ecosystem partners to potentially burn an additional 150 million tokens, bringing the total reduction to 300 million.
If completed, the OM supply would drop to 1.67 billion, and staked tokens would fall by over 26%.
This strategic move would also lower the bonded ratio, leading to an increase in staking APR.
The initiative follows a 90% price crash in OM on April 13.
In response, Mullin committed to burning all team-allocated tokens he received at the blockchain’s genesis, originally scheduled to unlock in 2027.
A community poll on X offered alternatives like extended vesting or milestone-based unlocking, though some users saw it as backtracking.
As part of its broader OM Token support plan, Mantra also launched a token buyback program and released a new tokenomics dashboard to enhance transparency and rebuild community confidence.
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