Mantra (OM) Finalizing Token Burn Program and Actively Working on a Buyback Plan

John Patrick Mullin, Mantra's co-founder and CEO, has stated that the team is finalizing its token burn program and actively working on a buyback plan.

The recent collapse of the OM token has sparked a flurry of activity from Mantra, with the team now putting the finishing touches on its token burn program and working diligently on a buyback plan. Both efforts are part of a broader effort to recover from the large-scale liquidation that wiped out around $5 billion in OM's market value.

"Burn program details are in the final stages, and will be shared in the near future. Buyback program also well underway. We are working around the clock for the Sherpas/OMies," Mantra co-founder and CEO John Patrick Mullin said on X on Friday.

OM, the native token of the MANTRA ecosystem, saw a steep price decline on April 13, plummeting over 90% to $0.37 in a matter of hours.

The large-scale liquidation, which occurred during low-volume trading hours, was a significant blow to the project. At the time, the project team asserted that they did not make any OM sales during the token’s sudden collapse.

In some of his early statements post-event, Mullin claimed reckless forced liquidations on centralized exchanges triggered the 90% drop in the OM token’s value.

In an official statement released on April 16, Mantra's internal investigation confirmed forced liquidation of OM collateral during low-volume trading hours as the main cause. It added that all OM team allocations remain locked, and that most market activity involves legacy ERC-20 tokens in public circulation.

As part of a broader effort to recover from the liquidation and rebuild trust with the community, Mantra is planning to launch a buyback and burn program, release a live tokenomics dashboard, and work with exchanges to provide more transparency.

Mullin has also personally committed to burning his personal token allocation as part of the broader effort to salvage the ecosystem.