Double Burn of MANTRA: 300 million OM tokens will be burned after the collapse.

According to the team, CEO and founder of MANTRA John Patrick Mullin is burning his entire allocation of 150 million OM tokens—worth approximately 87 million dollars at current prices—in an effort to restore confidence following the historic 90% fall of this token last week. This move comes as OM trades at $0.5832, down 90.4% over the past two weeks. The OM token crisis drives MANTRA to cut supply by burning massively. The group’s blog post stated that the burn will be fully verified through the transaction hash on the chain, permanently removing 150 million OM from circulation, reducing the total supply from 1.82 billion to 1.67 billion. Mullin and the project team emphasized that this action aligns with the commitment to “rebuild trust” and promotes MANTRA’s vision of a “reliable and accessible financial ecosystem.” The tokens, initially staked when the mainnet launched in October 2024, will be fully unstaked on April 29 and sent to a burn address. MANTRA further explains that the team is also negotiating with partners to burn an additional 150 million OM, potentially reducing the total supply by 300 million tokens. The reduction of tokens aims to stabilize the project’s economy, with the bond rate falling from 31.47% to 25.30%, promoting staking rewards. Additionally, on April 19, MANTRA launched a real-time dashboard to enhance transparency, displaying the EVM and mainnet supply, the number of holding wallets, and the on-chain data of OM. The team has committed to soon implement “additional features” to address investors’ demand for clarity following the collapse. The initial drop of the token has raised allegations of insider or group dumping, which MANTRA and the involved partners have vehemently denied. Mullin and the team blame the “reckless liquidation” by trading platforms. With the market capitalization of OM evaporating by $5 billion since then, the drastic supply cuts and the push for transparency of MANTRA mark a significant experiment for the project focused on real-world assets (RWA). The cryptocurrency community is currently watching whether these measures can restore trust—or if the issues are still too deep for this project. In the last 24 hours, OM has managed to grow by 2% against the US dollar.