Mantras Token Burn Will Reduce OM Supply by 150 Million Tokens

World Crypto Global

Crypto News

Top News By Agency By Country By Publication Time The Most Read Stories Most Viewed Agencies All News Mantras Token Burn Will Reduce OM Supply by 150 Million Tokens © Copyright Image: CryptoPotato

Mantra CEO and Founder John Patrick Mullin announced plans to burn his allocation of 150 million team tokens.

This decision fulfills a commitment made just last week, which sought to demonstrate Mantras dedication to creating a transparent, trusted, and inclusive financial ecosystem through tokenization.

Mantras Token Burn

The tokens were staked at the Mantra Chains mainnet launch in October 2024 and were initially reserved to ensure network security. Now, the process of unstaking these 150 million OM tokens has begun, with the burn scheduled for completion by April 29th. Once they are unstaked and sent to the burn address, they will be permanently removed from circulation. The process will reduce the total supply of OM from 1.82 billion to 1.67 billion.

The burn is expected to have a noticeable impact on the ecosystem, particularly on Mantras staking metrics. The reduction in total supply will lower the amount of staked coins from 571.8 million OM to 421.8 million OM, decreasing the bonded ratio from 31.47% to 25.3%.

This is likely to result in a higher Annual Percentage Rate (APR) for stakers, as fewer tokens will be locked up, making staking more attractive for holders. In addition to this, Mantra is in talks with key ecosystem partners to implement a further burn of 150 million OM tokens, bringing the total amount to 300 million OM.

Mullin had previously pledged to burn all of his teams tokens to restore confidence in the project, a decision sparked by the OMs significant price collapse on April 13. The 300 million OM tokens set aside for the team and core contributors represent 16.88% of its total supply and were initially locked with a release schedule stretching from 2027 to 2029.

OMs Price Collapse

The collapse of OMs price was triggered earlier this month when leveraged traders were caught in a liquidity crunch. With many OM holders borrowing funds to amplify their trades, a downturn in OMs price prompted automatic liquidations on platforms like Bybit and Binance.

This flooding of OM tokens into the market exacerbated the price plunge. Mantra had already been under scrutiny. Critics had even raised alarms about its governance and misleading investment claims, including a connection to the now-defunct FTX exchange.

Before the crash, significant amounts of OM were moved to Binance and OKX, which hinted at premeditated selling. The markets low liquidity then sealed OMs fate there were not enough buyers to offset the sell-off, leading to a sharp price drop. While some investors, including Laser Digital and Shorooq Partners, were linked to key wallets involved, they denied any wrongdoing in the collapse.

Read more: https://cryptopotato.com/mantras-token-burn-will-reduce-om-supply-by-150-million-tokens/

Text source: CryptoPotato

AA News Crypto News Mantra (OM) Written by Chayanika Deka On Tue, 22 Apr 2025 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

The 7 Most Read Stories Best NFT Airdrops and Giveaways for October 2022 These Are The Bitcoin Predictions For 2023 By Arcane... Lightning Labs Announces Cheaper Way To Send Money W... Potential Loss of $50K in Plea Deal for Suspected Ha... Best Bitcoin Wallets Tom Brady, Gisele Bundchen And Sam Bankman-Fried Sue... The new $10 billion protocol: Bitcoin builder explai... View All Most Viewed Agencies InsideBitcoins.com BitcoinChaser Blockonomi

The most complete Crypto News Center.

Search Stories:

Latest top stories

Non-Zero Solana Addresses Skyrocket as SOL Becomes One of the Top Trending Crypto Topics

Cryptocurrency: News: SOL: Solana:

By ZyCrypto On Wed, 14 May 2025 Expert Maps Out Timeline For Bitcoin Price To $150,000, Cardano To $4, And FloppyPepe To $1

More News:

By Crypto Daily On Wed, 14 May 2025 New Era for Real-World Assets: What 2025 Means for Tokenization Projects

More News:

By Crypto Daily On Wed, 14 May 2025 Bitcoin Solaris Implements Revolutionary Merkle-DAG Structure, Solving Avalanches Byzantine Fault Tolerance Limitations

Cookies Consent.

WE AND OUR PARTNERS USE COOKIES ON THIS SITE TO IMPROVE OUR SERVICE, PERFORM ANALYTICS, PERSONALIZE ADVERTISING, MEASURE ADVERTISING PERFORMANCE, AND REMEMBER WEBSITE PREFERENCES.

By using this website, you automatically accept that we use cookies.

To learn more about use of cookies see our Privacy Policy. Learn More.