MANTRA CEO John Patrick Mullin Burns His Entire 150M OM Token Allocation

According to the team, MANTRA CEO and founder John Patrick Mullin is burning his entire 150 million OM token allocation, worth approximately $87 million at current prices

According to the team, MANTRA CEO and founder John Patrick Mullin is burning his entire 150 million OM token allocation, which is currently worth around $87 million.

The move, which will be fully verifiable via onchain transaction hashes, will permanently remove 150 million OM from the circulating supply and reduce the total supply from 1.82 billion to 1.67 billion.

"This action aligns with our commitment to rebuild trust and further advances the vision of MANTRA as a trusted and accessible financial ecosystem," Mullin and the project’s team stated.

The tokens, initially staked at the mainnet launch in October 2024, will be fully unstaked by April 29 and sent to a burn address.

MANTRA further explained that the team is also in the process of negotiating with partners to burn an additional 150 million OM, which could slash the supply by 300 million tokens.

This move aims to stabilize the project’s economics, with the bonded ratio dropping from 31.47% to 25.30%, ultimately boosting staking rewards.

Additionally, on April 19, MANTRA launched a real-time dashboard to improve transparency, displaying OM’s EVM and main net supply, wallet holdings, and on-chain data.

The team pledged to introduce "additional features" shortly to address investor demands for clarity following the crash.

The token’s plunge initially sparked allegations of insider or team dumping, which MANTRA and associated partners vehemently denied. Mullin and the team blamed "reckless liquidations" by exchange platforms.

With OM’s market cap evaporating by $5 billion since then, MANTRA’s aggressive supply cuts and transparency push mark a critical test for the RWA-focused project. The crypto community now watches whether these measures can salvage the situation. Over the past 24 hours, OM has managed to scale by 2% against the U.S. dollar.