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 CEO, John Patrick Mullin, is burning his 150 million allocation of team tokens, as announced today. This move follows a commitment Mullin made to the community last week, aiming to rebuild trust and demonstrate the team's dedication.

The unstaking process for these tokens, originally allocated and staked during the mainnet launch in October 2024 to support network security, has already begun and can be verified through multiple transaction hashes on the blockchain. The unstaking period will finalize on April 29, 2025, at which point the tokens will be sent to the burn address, permanently removing them from circulation and reducing the total supply by 150 million OM.

Impact on Staking and Supply

This will have implications for Mantra Chain's economics. After the unbonding period, the 150 million OM burn will decrease 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, and the bonded ratio will decrease from 31.47% to 25.30%, leading 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.

At present, the OM price isn't reacting to this token burn announcement as it’s down 1.5% on the day, trading at $0.54.

Mantra Chain is a Layer 1 blockchain designed specifically for real-world assets, with compliance mechanisms integrated into its structure. The project also holds a Virtual Asset Service Provider license from Dubai's Virtual Assets Regulatory Authority, enabling it to operate as a Virtual Asset Exchange and provide broker-dealer services.