Mantra Team Initiates 300 Million OM Crypto Token Burn: Too Little Too Late?

After the drama that noticed the Mantra OM token crash over 90%, dropping $6 billion in market cap valuation, the staff has begun its burn initiative that may see as much as 300 million OM crypto tokens taken out of the availability ceaselessly.

In an effort to avoid wasting the seemingly useless RWA undertaking, Mantra founder and CEO John Mullin has begun unstaking his 150 million OM allocation in anticipation of burning the whole thing.

@jp_mullin888 CEO and Founder is burning his allocation of staff tokens. For extra and why, learn on. pic.twitter.com/QpmqkNB6Jy

— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 21, 2025

Mantra Team Has Reached Out To Ecosystem Companions In Try To Burn An Further 150 Million OM Crypto Tokens

In a token replace weblog publish from right now (April 21), the Mantra confirmed that Mullin might be burning his OM allocation whereas saying it’s in talks with key stakeholders and ecosystem companions to implement an extra 150 million OM token burn.

If the opposite events comply with the extra 150 million token burn, the full burn can be 300 million OM. At present costs, this might quantity to $174 million price of tokens being completely faraway from circulation.

The weblog publish acknowledged that after Mullin dedicated to the burn final week, the method of unstaking 150 million tokens from the Team and Core Contributor bucket formally started.

The Team and Core Contributor tokens had been staked in the course of the genesis of the Mantra mainnet in October 2024, in a bid to bootstrap community safety. Throughout the publish, the staff included the three separate transaction hashes that confirm the unstaking of the OM crypto tokens.

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Mullin dedicated to burning staff tokens for the neighborhood final week. The thought was to rebuild belief within the staff, however he additionally acknowledged that it was an illustration of “unwavering focus upon building a trusted, accessible and inclusive financial ecosystem, delivered through tokenization.”

The neighborhood 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 publish.

McCulloch mentioned, “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 extra info has been given but on how Mullin believes the burning of his staff tokens will profit the long-term imaginative and prescient for OM.

With the OM token burn now in course of, the staff acknowledged in right now’s publish that when the unbonding is full on April 29, 2025, the full provide of OM might be diminished from 1.82 billion OM to 1.67 billion OM.

It would additionally impact staked tokens, lowering from 571.8 million OM to 421.8 million OM. If the staff is ready to persuade its ecosystem companions and key stakeholders to burn an extra 150 million OM, it could take the full provide right down to round 1.52 billion.

That is dumb. Why do you have to burn all your pores and skin within the sport. When you’ve got zero motive to get upside what is the level.

— Samuel McCulloch (@traders_insight) April 18, 2025

RELATED: Will MANTRA Crypto Get better? Skilled Evaluation of OM Worth Put up-Crash

OM Up 10% From The Lows Following The Flash Crash 8 Days In the past

It has been a devastating eight days for Mantra and OM traders. The flash crash occurred on April 13, 2025, with OM sinking over 90% from $6.32 to $0.5, per CoinGecko. In doing so, almost $6 billion in market cap was worn out for Mantra.

The staff was accused of ‘rug pulling’ instantly after suspicious transactions had been noticed days earlier than the collapse. Nonetheless, Mullin and the Mantra staff outright refuted these accusations, stating that the crash was on account of aggressive liquidation and hinting that main centralized exchanges had been accountable.

In a bid to resume retail traders’ and VCs’ religion within the undertaking, the Mantra staff arrange a real-time dashboard to supply transparency on the OM token.

The X publish was made on April 19 and mentioned;

“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 reveals an in depth breakdown of EVM and mainnet OM and hyperlinks to respective wallets. The publish acknowledged that further options might be coming by way of a V2 of the dashboard.

OM is presently buying and selling at roughly $0.58, almost 10% up from the lows following the fallout of the flash crash eight days in the past. From being a multi-billion greenback undertaking, its market cap is presently $558 million. Earlier than the crash, it was a top-25 undertaking by market cap, whereas it now sits at 130, per CoinGecko.

(COINGECKO)

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