Quick Summary
- $82M worth of OM tokens to be burned by MANTRA Founder John Patrick Mullin
- Token value dropped 90% on April 13, erasing over $5 billion in market cap
- Mullin aims to rebuild trust and support token value through the burn
- Potential burn increase to 300M OM tokens under discussion
- Community supports the move, with over 81% voting in favor
- OM price still volatile despite the announcement
What Triggered the Collapse?
On April 13, the OM token — the native token of real-world asset blockchain MANTRA — suffered a sudden 90% drop, wiping out over $5 billion in market cap within hours. The cause? The team pointed to “reckless liquidations”, while denying any internal token sales during the crisis.
A Bold Move: $82M Token Burn
In response, CEO John Patrick Mullin announced he will burn 150 million OM tokens (worth approx. $82M) by April 29. These tokens are currently staked and will be permanently removed from circulation to reduce supply and help stabilize the ecosystem.
“This shows my unwavering focus on rebuilding the project,” Mullin stated on X.
Community Reaction: Strong Support
Mullin posted a poll asking if the community supports the burn — and the answer was a resounding yes. Over 8,000 voters chimed in, with 81% in favor of the immediate burn.
What’s Next for OM?
There’s talk of doubling the burn to 300 million tokens, about 16.5% of the total supply. This could bring down the bonded ratio and boost staking rewards for loyal holders.
Still, OM’s price remains under pressure, down 4% in the past 24 hours, showing that restoring market confidence may take time.
Final Take: MANTRA is making bold moves to win back its community. Whether the token burn revives OM’s value remains to be seen, but it’s clear the team is taking accountability — and that’s a start.