Mantra says CEO has begun the process of burning his 150M OM tokens
John Patrick Mullin, CEO of Mantra, has initiated the unstaking of 150 million Mantra (OM) tokens to send to a burn address, aiming to reduce supply and restore token value. The unstaking process began on April 21 and will conclude by April 29, after which the tokens will be permanently removed from circulation. This action is part of a broader strategy to rebuild community trust and is expected to lower the total supply of OM to 1.67 billion and reduce staked tokens by over 26%. Mantra is also in discussions to burn an additional 150 million OM, potentially increasing the total burn to 300 million. This initiative follows a significant price drop of 90% on April 13, prompting Mullin to propose a burn of his vested team tokens. A token buyback program is also underway, alongside the release of a tokenomics dashboard for transparency. The current OM price is approximately $0.55, down from $6.30 earlier in April.
