After the drama that noticed the Mantra OM token crash over 90%, dropping $6 billion in market cap valuation, the crew has begun its burn initiative that may see as much as 300 million OM crypto tokens taken out of the provision ceaselessly.
In an effort to save lots of 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 crew tokens. For extra and why, learn on.https://t.co/Ttll5gPj3S pic.twitter.com/QpmqkNB6Jy
— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 21, 2025
Mantra Group Has Reached Out To Ecosystem Companions In Try To Burn An Further 150 Million OM Crypto Tokens
In a token update blog post from right this moment (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 a further 150 million OM token burn.
If the opposite events conform to the extra 150 million token burn, the overall burn can be 300 million OM. At present costs, this might quantity to $174 million value of tokens being completely faraway from circulation.
The weblog put up acknowledged that after Mullin dedicated to the burn final week, the method of unstaking 150 million tokens from the Group and Core Contributor bucket formally started.
The Group and Core Contributor tokens have been staked throughout the genesis of the Mantra mainnet in October 2024, in a bid to bootstrap community safety. Inside the put up, the crew included the three separate transaction hashes that confirm the unstaking of the OM crypto tokens.
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Mullin dedicated to burning crew tokens for the neighborhood final week. The concept was to rebuild belief within the crew, however he additionally acknowledged that it was an indication of “unwavering focus upon constructing a trusted, accessible and inclusive monetary ecosystem, delivered by 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 put up.
McCulloch stated, “That is dumb. Why do you have to burn your whole pores and skin within the recreation? If in case you have zero cause to get upside, what’s the purpose?”
Not shying away, the Mantra founder responded, “I’ve a plan for this. You will note, ser.” No extra info has been given but on how Mullin believes the burning of his crew tokens will profit the long-term imaginative and prescient for OM.
With the OM token burn now in course of, the crew acknowledged in right this moment’s put up that after the unbonding is full on April 29, 2025, the overall provide of OM might be decreased from 1.82 billion OM to 1.67 billion OM.
It would additionally affect staked tokens, reducing from 571.8 million OM to 421.8 million OM. If the crew is ready to persuade its ecosystem companions and key stakeholders to burn a further 150 million OM, it will take the overall provide right down to round 1.52 billion.
That is dumb. Why do you have to burn your whole pores and skin within the recreation. If in case you have zero cause to get upside what is the level.
— Samuel McCulloch (@traders_insight) April 18, 2025
RELATED: Will MANTRA Crypto Recover? Expert Analysis of OM Price Post-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, practically $6 billion in market cap was worn out for Mantra.
The crew was accused of ‘rug pulling’ instantly after suspicious transactions have been noticed days earlier than the collapse. Nevertheless, Mullin and the Mantra crew outright refuted these accusations, stating that the crash was on account of aggressive liquidation and hinting that main centralized exchanges have been accountable.
In a bid to resume retail traders’ and VCs’ religion within the undertaking, the Mantra crew arrange a real-time dashboard to offer transparency on the OM token.
The X post was made on April 19 and stated;
“Following Wednesday’s Assertion of Occasions, now you can discover our first iteration of a real-time dashboard. It’s right here to offer a transparent view and dwell take a look at $OM token provide, operational wallets, and different important onchain holdings.”
V1 of the dashboard reveals an in depth breakdown of EVM and mainnet OM and hyperlinks to respective wallets. The put up acknowledged that further options might be coming by way of a V2 of the dashboard.
OM is at the moment buying and selling at roughly $0.58, practically 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 at the moment $558 million. Earlier than the crash, it was a top-25 undertaking by market cap, whereas it now sits at 130, per CoinGecko.
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Mantra founder has begun 15o million OM token burn following 90% crash
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John Mullin is hoping to persuade ecosystem companions and key stakeholders to match his burn, to scale back the provision by 300 million OM tokens -
Mullin believes that burning the tokens will assist to re-establish belief within the Mantra undertaking after OM crypto crashed greater than 90% final week -
The Mantra crew refuted all allegations of a rug pull, pointing fingers at centralized exchanges orchestrating the OM crash
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