Mantra Has Burned 150M OM Tokens Held by Its Founder, John Patrick Mullin

Mantra has confirmed it will burn 150 million OM tokens held by its founder, John Patrick Mullin. These tokens were part of the allocation designated for the project's core team and key collaborators.

Mantra is burning 150 million OM tokens held by its founder, John Patrick Mullin. The tokens are part of the allocation designated for the project’s core team and key collaborators. The goal is to reduce the total supply and adjust how staking rewards function.

The burning will be completed on April 29, once the current unlock period ends. They will be part of a broader initiative that also includes discussions with other Mantra ecosystem participants to eliminate another 150 million tokens. If completed, the second stage will bring the total reduction to 300 million OM.

However, there’s no timeline for this second part, and the company only stated that the company is in discussion to make it happen.

Another part of the initiative will see Mullin’s allocation locked since October 2024, when it was used to help secure the network during mainnet launch. Mantra has publicly shared the unlock transaction identifiers and stated that the tokens will be sent to a burn address once the process is finalized.

The immediate effect will be a drop in OM’s total supply, from 1.82 billion to 1.67 billion tokens. The amount in staking will fall from 571.8 million to 421.8 million, lowering the staked ratio from 31.47% to 25.30%. This change will increase rewards for users who continue staking their tokens.

OM is currently trading around $0.54, after dipping to a low of $0.50. The collapse wiped out over 90% of the token’s value, leading to widespread suspicion that it was part of a scam. But the team said the crash was due to a one-off panic event.

Despite the announcement, OM’s trading volume and open interest remain low. The token has yet to show clear signs of recovery, though some traders still view it as a speculative asset with rebound potential.