{"id":127654,"date":"2025-04-22T02:15:44","date_gmt":"2025-04-22T02:15:44","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127654"},"modified":"2025-04-22T02:15:44","modified_gmt":"2025-04-22T02:15:44","slug":"mantra-says-ceo-has-begun-the-process-of-burning-his-150m-om-tokens","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127654","title":{"rendered":"Mantra says CEO has begun the process of burning his 150M OM tokens"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsMantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token\u2019s value by tightening supply.\u00a0<br \/>\nMantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin&#8217;s Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.<br \/>\nSource: John Patrick MullinMullin said it was a \u201cfirst step in rebuilding trust with the community, but far from the last.\u201d\u00a0<br \/>\nMantra said it was also in talks with \u201ckey ecosystem partners\u201d about burning a further 150 million OM to bring the total burn amount to 300 million.<br \/>\nWith 150 million fewer OM, Mantra\u2019s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% from 571.8 million OM to 421.8 million OM.\u00a0<br \/>\nReturns will also be boosted: \u201cThis strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR,\u201d Mantra said.<br \/>\nToken burn initiative follows OM price collapse<br \/>\nTwo days after Mantra\u2019s rapid 90% price collapse on April 13, Mullins posted to X that he intended to burn all of the staked tokens he was allocated at the blockchain\u2019s mainnet genesis in October. These vested \u201cteam tokens\u201d were due to be unlocked starting in 2027.<br \/>\nHe also ran a poll on X about the proposed burn of his tokens, with alternate options such as extended vesting or unlocking tokens at milestones \u2014 as a \u201ctemperature check of people\u2019s thoughts.\u201d<br \/>\nThe poll had attracted almost 9,000 votes at the time of writing, and a number of commenters criticized it as an attempt to reverse course on the burn commitment.\u00a0<br \/>\nSource: John Patrick MullinThe burn is connected to an \u201cOM Token support plan\u201d Mantra announced following the price crash, which will also feature a token buyback. Mullin said the buyback program was also \u201cwell underway.\u201d<br \/>\nRelated: How Mantra\u2019s OM token collapsed in 24 hours of chaos<br \/>\nMantra also released a tokenomics dashboard to increase transparency as it seeks to regain the trust of the community.\u00a0<br \/>\nAt the time of writing, the OM price remains down around 90% from its value of $6.30 earlier in April, trading at below $0.55.<br \/>\nMagazine: Financial nihilism in crypto is over \u2014 It\u2019s time to dream big again<a href=\"https:\/\/cointelegraph.com\/news\/mantra-ceo-begin-process-burning-150-million-om-tokens?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsMantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127654"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127654"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127654\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127654"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}