Mantra (OM) Founder and CEO Mullin Announces Plan to Burn His Personal Allocation of 150 Million OM Tokens

After the dramatic 90% Mantra price crash on April 13, 2025, as a result of reckless liquidations, Mantra's founder and CEO, John Patrick Mullin, has announced a bold plan

After the dramatic 90% Mantra (MANTRA) price crash on April 13, 2025, as a result of reckless liquidations, Mantra’s founder and CEO, John Patrick Mullin, has announced a bold plan to burn his personal allocation of 150 million OM tokens.

This move aims to rebuild trust in the Layer 1 blockchain, which is being used to create the future of real-world asset tokenization.

As April 13 saw over $5 billion wiped out in mere hours with the Mantra token crashing to a low of $0.36, Mullin’s commitment to burn tokens valued at approximately $82 million at current prices has stunned the crypto community.

Community overwhelmingly supports Mullin’s proposal

An X poll conducted by John Patrick Mullin has seen over 8,900 votes, with more than 81% of respondents voting in favor of the immediate burning of his tokens.

This support underscores the community’s desire for decisive action to try and help the OM token recover from its recent downturn.

According to the burn proposal, the tokens, currently being unstaked, will be sent to the network’s burn address by April 29, 2025.

This process ensures transparency and adherence to protocol rules.

Mantra is also exploring a larger burn with ecosystem partners, with discussions underway to incinerate an additional 150 million OM tokens.

This would total to 300 million tokens being burned, or 16.5% of the 1.817 billion total supply.

Such a reduction could significantly alter the token’s supply dynamics.

If successful, the total OM token supply would be decreased to approximately 1.517 billion OM tokens.

Potential impact of the proposed Mantra token burn

The burn is expected to have a positive impact on Mantra’s tokenomics.

It will reduce the bonded ratio from 31.47% to 25.30%.

It will also see staked tokens decrease from 571.8 million to 421.8 million.

This adjustment will boost the staking APR for the remaining tokens.

Higher staking rewards could incentivize holders to lock up their OM.

It is also hoped that this will lessen selling pressure, which in turn could support price stability.

However, despite the announcement, OM’s price has remained stagnant, currently trading at approximately $0.5396, up by only 0.1% in the past 24 hours.

Following the burn announcement, the token saw a slight uptick to an intraday high of $0.5585 before quickly falling back to the $0.50 range.

Presumably, the ongoing unstaking process may be delaying significant price movement, while market skepticism persists after the crash’s shock.

Approximately 4 million OM tokens unlock every few weeks, and with 45% of the supply still locked, selling pressure could counteract the burn’s benefits.

The April 13 crash raised suspicions of foul play, with community members accusing the Mantra team of orchestrating a sell-off, claims that Mullin and investor Laser Digital have roundly denied.

Can Mantra’s price recover in case of a burn?

Currently, OM’s price struggles to break above $0.55, especially with the ongoing unlocks and potential liquidations looming large.

Going by this, the market sentiment remains cautious, and the burn’s psychological impact may not fully materialize until it’s complete.

However, in the long term, the burn could lay a foundation for growth.

A 16.5% supply reduction is substantial, and coupled with staking incentives, it could tighten the circulating supply, leading to a normal supply-demand curve that could result in a hike in the price of the token.