MANTRA Founder and CEO John Patrick Mullin Has Initiated the Burn of His Full 150 Million OM Token Allocation

MANTRA founder and CEO John Patrick Mullin has initiated the burn of his full 150 million OM token allocation, following through on a commitment made last week

MANTRA founder and CEO John Patrick Mullin has initiated the burn of his full 150 million OM (OM token price) token allocation.

The move follows Mullin’s commitment last week to bolster transparency and rebuild trust within the community following a dramatic price crash.

The token burn, which permanently removes the equivalent amount of tokens from circulation, is part of a broader strategy to reaffirm MANTRA’s mission of creating a decentralized, inclusive financial ecosystem driven by tokenization.

As announced, the unstaking process has begun and is set to be completed on April 29, 2025. The tokens were originally staked during MANTRA Chain’s mainnet launch in October 2024 to help secure the network.

Upon completion, the tokens will be sent to the burn address “mantra1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqcg2my8,” effectively decreasing the total supply by 150 million OM.

Transaction hashes associated with the unstaking process have been publicly shared, enabling onchain verification of the burn process.

In tandem, MANTRA is coordinating with ecosystem partners to facilitate a second burn of 150 million OM tokens.

This collective effort would double the total burn amount to 300 million OM, further reducing the overall token supply.

With the combined burn, the total OM supply would decrease from 1.82 billion to 1.52 billion, marking a substantial shift in tokenomics.

The 150 million OM burn from the team and core contributor allocation will decrease staked tokens on the network from 571.8 million to 421.8 million OM.

This change will lower MANTRA Chain’s bonded ratio from 31.47% to 25.30%, triggering a rise in onchain staking annual percentage rates (APRs).

Once the final burn transaction is confirmed onchain, a complete verification report will be released.

The move follows growing industry trends among tokenized projects to build credibility and incentivize long-term participation through transparent and deflationary supply mechanics.

The decision to burn the tokens also comes after a dramatic flash crash on April 13, during which OM’s price crashed over 90% within an hour, erasing billions in value.

The crash was triggered by a $40 million token deposit into OKX by a wallet allegedly linked to the team, sparking fears of insider selling.

Panic spread quickly as rumors of undisclosed over-the-counter deals, delayed airdrops, and excessive token supply concentration fueled mass liquidations across exchanges.

In response, Mullin announced the token burn as a commitment to transparency and community trust. However, OM’s price has continued to face volatility and is still down more than 90%.