According to the team, MANTRA CEO and founder John Patrick Mullin is burning his entire 150 million OM token allocation—worth approximately $87 million at current prices—in a bid to restore trust following the token’s historic 90% collapse last week. The move comes as OM trades at $0.5832, down 90.4% over the last two weeks.
OM Token Crisis Spurs MANTRA to Cut Supply with Massive Burn
The burn, the team’s blog post claims, will be fully verifiable via onchain transaction hashes, will permanently remove 150 million OM from circulation, reducing total supply from 1.82 billion to 1.67 billion. Mullin and the project’s team emphasized the action aligns with a commitment to “rebuild trust” and advance MANTRA’s vision of a “trusted, accessible financial ecosystem.”
The tokens, initially staked at mainnet launch in October 2024, will be fully unstaked by April 29 and sent to a burn address. MANTRA further explained that the team is also negotiating with partners to burn an additional 150 million OM, potentially slashing supply by 300 million tokens total.
The token reduction aims to stabilize the project’s economics, with the bonded ratio dropping from 31.47% to 25.30%, boosting staking rewards. Additionally, on April 19, MANTRA launched a real-time dashboard to improve transparency, displaying OM’s EVM and mainnet supply, wallet holdings, and onchain data.
The team pledged to implement “additional features” soon, addressing investor demands for clarity after the crash. The token’s plunge initially sparked allegations of insider or team dumping, which MANTRA and associated partners vehemently denied. Mullin and the team blamed “reckless liquidations” by exchange platforms.
With OM’s market cap evaporating by $5 billion since then, MANTRA’s aggressive supply cuts and transparency push mark a critical test for the real-world asset (RWA)-focused project. The crypto community now watches whether these measures can revive confidence—or if issues remain too deep for this project. Over the past 24 hours, OM has managed to scale by 2% against the U.S. dollar.
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