MANTRA to Burn 300M OM Tokens to Restore Trust After 90% Plunge

DeFi protocol MANTRA announced it has initiated the burning of 150 million OM tokens from its team and core contributor allocation. The unstaking process, which began recently, is expected to conclude on April 29, when the tokens will be permanently removed from circulation by being sent to a designated burn address. This action will reduce the total token supply from 1.82 billion OM to 1.67 billion OM, and decrease staked tokens from 571.8 million to 421.8 million, lowering the bonded ratio from 31.47% to 25.30%. The burning initiative is aimed at rebuilding community trust following a severe 90% drop in value within a 24-hour period in mid-April. Furthermore, CEO John Patrick Mullin confirmed his commitment to burn his full allocation of 150 million OM tokens, aligning with the broader effort. In addition, MANTRA is exploring the possibility of coordinating another 150 million OM token burn with its ecosystem partners, which would bring the total burned tokens to 300 million OM. The entire process and subsequent token removal events will be tracked on-chain and verified publicly once finalized.