Mantra CEO to burn 150 million OM tokens

Mantra (CRYPTO:OM) founder and CEO John Patrick Mullin has initiated the process of unstaking 150 million OM tokens ahead of a planned token burn aimed at reducing the circulating supply.

The company announced on April 21 that the unstaking would be completed by April 29, after which Mullin’s tokens will be sent to a burn address, permanently removing them from circulation.

This move is part of a broader effort to tighten the token supply and address recent price declines.

Mullin described the burn as a “first step in rebuilding trust with the community, but far from the last.”

Mantra is also negotiating with “key ecosystem partners” to burn an additional 150 million OM tokens, potentially doubling the total burn to 300 million tokens.

The reduction will lower Mantra’s total supply to approximately 1.67 billion OM tokens.

Staked tokens will decrease by over 26%, dropping from 571.8 million to 421.8 million OM.

Mantra stated that this burn will reduce the bonded ratio from 31.47% to 25.30%, which is expected to increase the staking annual percentage rate (APR).

The token burn follows a significant price collapse of roughly 90% on April 13, when OM’s value dropped from $6.30 to below $0.55.

Shortly after the crash, Mullin announced on X (formerly Twitter) his intention to burn all staked tokens allocated to him at the blockchain’s mainnet genesis in October.

These “team tokens” were originally scheduled to unlock starting in 2027.

Mullin also conducted a poll on X to gauge community opinion on the burn, with some participants expressing scepticism about the commitment.

Mantra’s response to the price drop includes the burn and a token buyback program, which Mullin said is “well underway.”

Additionally, the company launched a tokenomics dashboard to improve transparency and regain community confidence.

According to Mantra’s statements, these measures are part of the “OM Token support plan” designed to stabilise the token’s value and foster long-term growth.

At the time of reporting, the MANTRA (OM) price was $0.5094.