Mantra Team Launches 300 Million OM Coin Burn: Is It Insufficient and Delayed?
Following the turmoil that caused the Mantra OM crypto token to plummet over 90%, erasing $6 billion in trading market cap value, the team has launched its coin burn initiative to permanently remove up to 300 million OM crypto tokens from circulation.
In a bid to revive the seemingly defunct RWA project, Mantra’s founder and CEO John Mullin has started the process of unstaking his 150 million OM allocation with plans to incinerate the entire amount.
@jp_mullin888 CEO and Founder is making arrangements to burn his team crypto token allocation. For further insights, read here.https://t.co/Ttll5gPj3S pic.twitter.com/QpmqkNB6Jy
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 21, 2025
Mantra Team Engages Ecosystem Partners to Initiate An Additional 150 Million OM Coin Burn
In a recent blog post dated April 21, the Mantra team confirmed that Mullin’s plan to burn his OM allocation is underway while also stating it is negotiating with significant stakeholders and ecosystem partners to execute an extra burn of 150 million OM tokens.
If the negotiations lead to consensus on the extra 150 million coin burn, the collective total would reach 300 million OM. Based on current valuations, this equates to a removal of $174 million worth of tokens from circulation.
The blog post noted that following Mullin’s commitment to the burn last week, the process of unstaking 150 million tokens from the Team and Core Contributor pool officially commenced.
The Team and Core Contributor tokens were staked at the inception of the Mantra mainnet in October 2024 to enhance network security. In the communication, the team included three separate transaction hashes to validate the unstaking of the OM crypto tokens.
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Mullin pledged last week to burn team tokens for the community’s benefit. The intention was to restore faith in the team while he also described it as a testament to “unwavering focus on establishing a reliable, inclusive, and accessible financial ecosystem through tokenization.”
The reaction from the community towards the CEO’s token burn news was largely negative. Samuel McCulloch, the host of @leviathan_news and @traders_insight, voiced a shared discontent in response to Mullin’s post on X.
McCulloch remarked, “This is foolish. Why would you burn all of your skin in the game? If there’s no incentive for gain, what’s the point?”
The Mantra founder didn’t hold back, responding, “I have a strategy for this. You’ll see, ser.” However, no further details have been provided on how Mullin believes the burn of his team tokens will contribute positively to OM’s long-term vision.
With the OM token burn now underway, the team announced in today’s news that once the unstaking concludes on April 29, 2025, the total OM token supply will drop from 1.82 billion OM to 1.67 billion OM.
There will also be an impact on staked tokens, which will decrease from 571.8 million OM to 421.8 million OM. Should the team manage to persuade their ecosystem partners and key stakeholders to burn an additional 150 million OM, total token supply could fell to approximately 1.52 billion.
This is foolish. Why burn all of your skin in the game? If there’s no incentive for gain, what’s the point.
— Samuel McCulloch (@traders_insight) April 18, 2025
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OM Rises 10% From Lows After Last Week’s Flash Crash
The past eight days have been very challenging for both Mantra and OM investors. The flash crash that took place on April 13, 2025, saw OM plummet over 90% from $6.32 to $0.5, according to CoinGecko. As a consequence, nearly $6 billion in crypto market cap was lost for Mantra.
The team faced accusations of ‘rug pulling’ shortly after unusual transactions were detected days before the downturn. Nonetheless, Mullin and the Mantra team categorically denied these claims, asserting that the crash resulted from aggressive liquidations and insinuating that major centralized exchanges were involved.
To restore confidence among retail investors and venture capitalists, the Mantra team developed a real-time dashboard to enhance transparency regarding the OM crypto token.
A post made on X on April 19 mentioned;
“Following Wednesday’s Statement of Events, our first real-time dashboard iteration is now live. It aims to provide clear insights into the $OM crypto supply, operational wallets, and other significant on-chain assets.”
Version 1 of the dashboard features an extensive breakdown of EVM and mainnet OM along with links to their respective wallets. The post indicated that additional enhancements are planned for a Version 2 of the dashboard.
Currently, OM is trading at approximately $0.58, recovering nearly 10% from the low points experienced after the flash crash eight days ago. Transitioning from a multi-billion dollar project, its crypto market cap now stands at $558 million. Previously ranked among the top 25 projects by trading market cap, it has since fallen to 130, according to CoinGecko.
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Mantra founder initiates the burning of 150 million OM tokens following a 90% decline
- John Mullin aims to persuade ecosystem partners and significant stakeholders to proceed with a matching burn, aiming to diminish the circulating supply by 300 million OM tokens
- Mullin believes that the coin burning will aid in restoring trust in the Mantra project in light of OM crypto’s more than 90% crash last week
- The Mantra team dismissed all claims of a rug pull, placing blame on centralized exchanges for instigating the OM crash
The post Mantra Team Initiates 300 Million OM Crypto token Burn: Too Little Too Late? appeared first on 99Bitcoins.
