MANTRA Burns 150M OM Tokens: Recovery Plan After $5B Crash
The cryptocurrency community was rocked on 13 April when MANTRA (OM) fell more than 90% in just a few hours, wiping out almost $5 billion of market capitalization. To address it, founder and CEO John Patrick Mullin made an ambitious recovery strategy announcement to restore confidence, beginning with OM token stabilization and long-term development.
Important Facts of the OM Token Burn
150M OM Tokens ($82M) to Be Destroyed:
- Mullin committed to burning 150 million OM tokens (~$82M worth) out of circulation forever.
- The burn is intended to cut supply, possibly increasing the value of tokens still in circulation.
Unstaking & Burn Schedule:
- The tokens, which are staked, will be unstaked by 29 April and transferred to a burn address.
Possible Expansion to 300M Tokens:
- MANTRA is in talks with partners to expand the burn to 300 million OM (16.5% of total supply).
- This would reduce the bonded ratio from 31.47% to 25.30%, enhancing staking rewards.
Community Support & Market Reaction
- A Mullin Twitter/X poll recorded 81% of 8,000+ voters in favor of token burns as soon as possible.
- After the announcement, OM price temporarily rallied but subsequently fell 4% in 24 hours (CoinMarketCap).
Why This Matters
Mullin highlighted the burn is evidence of his "strong conviction" to revive MANTRA and restore community faith. He clarified that the team also didn't sell OM tokens throughout the crash. While short-term volatility remains, the strategic supply reduction may stabilize OM's worth and motivate staking.
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