title: ​​In the wake of a dramatic collapse in the value of the OM token

​In the wake of a dramatic collapse in the value of the OM token, John Patrick Mullin, the founder and CEO of real-world asset-focused Layer 1 blockchain MANTRA

The founder and CEO of real-world asset-focused Layer 1 blockchain MANTRA, John Patrick Mullin, has announced plans to burn 150 million of his personally allocated tokens in a move to restore investor confidence and stabilize the project following a dramatic collapse in the value of the OM token.

The move comes after the token lost over 90% of its value in a matter of hours on April 13, erasing more than $5 billion in market capitalization, as reported by The Block.

The move comes after the token lost over 90% of its value in a matter of hours on April 13, erasing more than $5 billion in market capitalization, as reported by The Block.

The token has since seen a minor recovery but is still down 2.7% over the past 24 hours.

Announcing the news on social media, Mullin stated that the burn is meant to “rebuild trust” and “demonstrate unwavering focus” on growing the MANTRA ecosystem.

According to a statement, MANTRA is also in active discussions with key partners to potentially double the burn total to 300 million tokens, which would represent approximately 16.5% of the token’s total supply of 1.8 billion.

A poll posted by Mullin on X, formerly Twitter, garnered over 8,000 votes, with 81% in favor of burning the tokens immediately.

The tokens are currently staked and will be transferred to the network’s burn address after April 29, once the unstaking process is complete.

The proposed token burn is also expected to impact network dynamics.

The proposed token burn is also expected to impact network dynamics.

MANTRA claims the strategic reduction in circulating tokens will decrease the bonded ratio from 31.47% to 25.30%, thereby increasing staking APR—a key incentive for token holders to remain engaged with the protocol.

However, despite reassurances from the MANTRA team and investor Laser Digital, which denied involvement in the price collapse, the cause of the token’s crash remains largely unconfirmed.

Mullin noted that “reckless liquidations” were behind the sudden fall and expressed hope that further information from centralized exchange partners would help to clarify the situation.