Mantra’s CEO Keeps His Word – Massive Tokens Burned: Will $OM Price Go From Collapse to Catalyst?
Some crypto traders think the OM price will never recover from the 90% crash last Sunday. However, some think it will and one thing is now certain – Mantra’s team is doing a lot to make this work.
Today, Mantra announced that CEO and Founder John Patrick Mullin is burning his 150 million allocation of team tokens. This move follows a commitment he made to the community last week, aiming to rebuild trust and demonstrate the team’s dedication to creating a trusted financial ecosystem through tokenization.
The Team and Core Contributor tokens were originally staked during the mainnet launch in October 2024 to support network security. The unstaking process for these 150 million tokens has already begun and can be verified through multiple transaction hashes on the blockchain.
The unstaking period will complete on April 29, 2025. Once finalized, all tokens will be sent to the burn address, permanently removing them from circulation and reducing the total supply by 150 million OM.
Mantra is also in discussions with key partners about implementing an additional 150 million OM token burn, which would bring the total burn amount to 300 million OM.
@jp_mullin888 CEO and Founder is burning his allocation of team tokens. For more and why, read on.https://t.co/Ttll5gPj3S pic.twitter.com/QpmqkNB6Jy
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 21, 2025
Impact on Staking and Supply
This token burn will have effects on Mantra Chain’s economics. After the unbonding period, the 150 million OM burn will reduce the total supply from 1.82 billion to 1.67 billion OM. At the same time, staked tokens will decrease from 571.8 million to 421.8 million OM.
For now, the Mantra price didn’t have any reaction on this token burn as it’s actually down 1.5% today, trading at $0.54.
This strategic move will lower the bonded ratio from 31.47% to 25.30%, which will lead to an increase in staking APR for existing token holders. The team has committed to providing complete verification once the burn transaction is executed and confirmed on the blockchain.
Mantra Chain is a Layer 1 blockchain designed specifically for real-world assets, with compliance mechanisms built into its structure. The project holds a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority, allowing it to operate as a Virtual Asset Exchange and provide broker-dealer services.
Read also: Can Mantra (OM) Bounce Back? How High Can the Price Go After 90% Crash?
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