After the drama that saw the Mantra OM token crash over 90%, losing $6 billion in market cap valuation, the team has begun its burn initiative that will see up to 300 million OM crypto tokens taken out of the supply forever.
In an effort to save the seemingly dead RWA project, Mantra founder and CEO John Mullin has begun unstaking his 150 million OM allocation in anticipation of burning the whole lot.
@jp_mullin888 CEO and Founder is burning his allocation of team tokens. For more and why, read on.https://t.co/Ttll5gPj3S pic.twitter.com/QpmqkNB6Jy
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 21, 2025
Mantra Team Has Reached Out To Ecosystem Partners In Attempt To Burn An Additional 150 Million OM Crypto Tokens
In a token update blog post from today (April 21), the Mantra confirmed that Mullin will be burning his OM allocation while announcing it is in talks with key stakeholders and ecosystem partners to implement an additional 150 million OM token burn.
If the other parties agree to the additional 150 million token burn, the total burn would be 300 million OM. At current prices, this would amount to $174 million worth of tokens being permanently removed from circulation.
The blog post stated that after Mullin committed to the burn last week, the process of unstaking 150 million tokens from the Team and Core Contributor bucket officially began.
The Team and Core Contributor tokens were staked during the genesis of the Mantra mainnet in October 2024, in a bid to bootstrap network security. Within the post, the team included the three separate transaction hashes that verify the unstaking of the OM crypto tokens.
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Mullin committed to burning team tokens for the community last week. The idea was to rebuild trust in the team, but he also stated that it was a demonstration of “unwavering focus upon building a trusted, accessible and inclusive financial ecosystem, delivered through tokenization.”
The community reacted negatively to the CEO’s announcement of the token burn plans. Host of @leviathan_news Samuel McCulloch (@traders_insight) echoed a sentiment shared by others in response to Mullin’s X post.
McCulloch said, “This is dumb. Why should you burn all of your skin in the game? If you have zero reason to get upside, what’s the point?”
Not shying away, the Mantra founder responded, “I have a plan for this. You will see, ser.” No more information has been given yet on how Mullin believes the burning of his team tokens will benefit the long-term vision for OM.
With the OM token burn now in process, the team stated in today’s post that once the unbonding is complete on April 29, 2025, the total supply of OM will be reduced from 1.82 billion OM to 1.67 billion OM.
It will also have an effect on staked tokens, decreasing from 571.8 million OM to 421.8 million OM. If the team is able to convince its ecosystem partners and key stakeholders to burn an additional 150 million OM, it would take the total supply down to around 1.52 billion.
This is dumb. Why should you burn all of your skin in the game. If you have zero reason to get upside what’s the point.
— Samuel McCulloch (@traders_insight) April 18, 2025
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OM Up 10% From The Lows Following The Flash Crash 8 Days Ago
It has been a devastating eight days for Mantra and OM investors. The flash crash happened on April 13, 2025, with OM sinking over 90% from $6.32 to $0.5, per CoinGecko. In doing so, nearly $6 billion in market cap was wiped out for Mantra.
The team was accused of ‘rug pulling’ immediately after suspicious transactions were spotted days before the collapse. However, Mullin and the Mantra team outright refuted these accusations, stating that the crash was due to aggressive liquidation and hinting that major centralized exchanges were responsible.
In a bid to renew retail investors’ and VCs’ faith in the project, the Mantra team set up a real-time dashboard to provide transparency on the OM token.
The X post was made on April 19 and said;
“Following Wednesday’s Statement of Events, you can now find our first iteration of a real-time dashboard. It’s here to provide a clear view and live look at $OM token supply, operational wallets, and other significant onchain holdings.”
V1 of the dashboard shows a detailed breakdown of EVM and mainnet OM and links to respective wallets. The post stated that additional features will be coming via a V2 of the dashboard.
OM is currently trading at roughly $0.58, nearly 10% up from the lows following the fallout of the flash crash eight days ago. From being a multi-billion dollar project, its market cap is currently $558 million. Before the crash, it was a top-25 project by market cap, while it now sits at 130, per CoinGecko.
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Mantra founder has begun 15o million OM token burn following 90% crash
- John Mullin is hoping to convince ecosystem partners and key stakeholders to match his burn, to reduce the supply by 300 million OM tokens
- Mullin believes that burning the tokens will help to re-establish trust in the Mantra project after OM crypto crashed more than 90% last week
- The Mantra team refuted all allegations of a rug pull, pointing fingers at centralized exchanges orchestrating the OM crash
The post Mantra Team Initiates 300 Million OM Crypto Token Burn: Too Little Too Late? appeared first on 99Bitcoins.
