Mantra Begins Burning 150 Million OM Tokens
22 Apr, 2025 ● Coin news
Mantra founder and CEO John Patrick Mullin has begun the process of unstaking 150 million OM tokens, with the intention of sending them to a burn address in an effort to reduce supply and help restore the token’s value.
The team announced on April 21 that the unstaking process is underway and will be finalized by April 29, at which point Mullin’s OM tokens will be permanently removed from circulation.
Mullin described the move as a “first step in rebuilding trust with the community, but far from the last.”
In addition, Mantra is currently in discussions with key ecosystem partners to potentially burn another 150 million OM, which would bring the total to 300 million tokens removed from supply.
Following the burn of Mullin’s allocation, Mantra’s total supply will drop to 1.67 billion OM, and the number of staked tokens will fall by over 26%, from 571.8 million to 421.8 million OM.
Mantra also noted that this would improve staking returns: “This strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR,” the team stated.
The decision comes in the aftermath of OM’s sharp 90% price drop on April 13.
Two days after the crash, Mullin shared on X that he intended to burn all of the team tokens he received at the blockchain’s mainnet launch in October.
These tokens were originally scheduled to unlock beginning in 2027.
He also conducted a poll on X asking the community to weigh in on the burn plan, offering alternatives such as extended vesting or milestone-based unlocks as part of a “temperature check of people’s thoughts.”
The poll had drawn nearly 9,000 votes at the time of writing, though some users criticized it as a potential walk-back from the initial burn commitment.
The token burn is part of a broader "OM Token support plan" announced by Mantra following the collapse.
The plan also includes a token buyback, which Mullin stated is already “well underway.”
In an effort to increase transparency, Mantra has also released a tokenomics dashboard as it continues to work toward regaining community trust.
As of now, OM remains down approximately 90% from its early April price of $6.30, currently trading below $0.55.
Sources:
https://cointelegraph.com/news/mantra-ceo-begin-process-burning-150-million-om-tokens
https://www.mantrachain.io/resources/announcements/token-update-300m-om-burn
