Mantra (OM) CEO Proposes to Burn 300 Million Tokens Designated for the Team

Mantra CEO, John Mullin, recently announced a proposal to burn 300 million OM tokens designated for the team. Mantra crypto price followed this with a 30% surge.

Mantra (OM) crypto price has risen by 30% after CEO John Mullin announced a proposal to burn 300 million tokens.

The tokens, which are part of the team’s allocation, are valued at $0.78, and they are set to be locked between 2027 and 2029. However, Mullin proposed burning them entirely as part of his strategy to regain investors’ trust following a recent flash crash.

The crash on April 13 wiped out $5.4 billion of Mantra’s market capitalization as its token crashed from $6.30 to $0.52 in a matter of hours. It also forced the company to cancel its plans for a token buyback program.

Announcing his decision on X, formerly Twitter, Mullin said: “I am going to burn all the tokens belonging to my team and as soon as we turn it around, the community/ investors themselves can now decide if I haven’t earned it back.”

His gesture has sparked mixed reactions from the public, with some calling it a noble move while others say it will demoralize the team.

The Mantra team will also be holding a decentralized vote on the matter, and they will vote to demand the returned tokens once the project gains power again.

After the community vote, the Mantra team will also carry out a decentralized vote on the matter, and they will vote to demand the returned tokens once the project gains power again.

After the community vote, the Mantra team will also carry out a decentralized vote on the matter. They will also vote to demand the returned tokens once the project gains power again.

Many community members have voiced support for Mullin’s decision to burn the Mantra team’s crypto tokens. However, trader Ran Neuner expressed his opinion that burning the team’s incentive could demoralize the project’s developers.

“We want teams that are highly incentivized,” Neuner argued, adding, “Burning the incentive may seem like a good gesture, but it will hurt the team motivation long term.”

Another community member, Bonnke4life, suggested that the project should consider adjusting the token vesting schedules and introduce structured buybacks to increase transparency.

According to this opinion, these actions could achieve the desired outcomes without fully eliminating the development team’s motivation.

Despite the differing opinions, it is clear that Mullin is committed to saving Mantra. In addition to the token burn plan, he has also announced the creation of a $109 million ecosystem fund.

This fund will be used to manage controlled token burns and buybacks, alongside a post-mortem of the crash on April 13.