After a dramatic drop causing the Mantra OM token to lose over 90% of its value, representing a loss of $6 billion in market cap, the Mantra team has initiated a token burn involving 300 million OM tokens to be permanently removed from circulation.

In an effort to revive this struggling project, John Mullin, the CEO and founder of Mantra, plans to unstake his 150 million OM tokens for burning.

"@jp_mullin888 CEO and Founder is burning his allocation of team tokens. For more and why, read on. — MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 21, 2025
Translation: John Mullin is taking action to burn his team tokens to restore trust.

Mantra Team Engages Partners for Additional Token Burn

In a post published on April 21, it was confirmed that the team seeks to burn another 150 million OM tokens by engaging with ecosystem partners.

If other stakeholders agree, the total amount burned could reach $174 million.

The tokens currently being unstaked began this process last week to foster network trust back among investors. The team included verification of these transactions in their announcement.

Recent Market Activity

Currently, OM trades at approximately $0.58—about 10% higher than its recent low after the flash crash eight days prior, which saw it plummet nine-tenths of its value. While prior to the crash, the project’s market cap was among the top 25, it has since dropped to 130th position.

Mullin remains positive about the future, asserting that burning the tokens is a way to showcase commitment to creating a trustworthy financial ecosystem. However, reactions from the community have been mixed.

“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?”
— Samuel McCulloch (@traders_insight) April 18, 2025
Translation: McCulloch criticizes the decision to burn tokens without potential benefits.