Mantra Token Burn Underway Amid OM Price Crash, CEO Plans 300M OM Reduction

In a decisive response to the recent OM price collapse, Mantra’s founder and CEO, John Patrick Mullin, has begun burning 150 million Mantra (OM) tokens. This strategic Mantra token burn aims to reduce the circulating supply, restore community confidence, and lay the groundwork for long-term stability in the project.

The move comes after OM’s shocking 90% crash from its April high of $6.30 to below $0.55. As investors scrambled for answers, Mullin made a public pledge to burn his entire 150 million token allocation from the project’s mainnet genesis. These tokens, locked initially until 2027, are now being unstaked for permanent removal, a dramatic pivot intended to show leadership accountability and realign the tokenomics with the community’s interests.

Unstacking Process and Burn Timeline

According to an official statement from Mantra on April 21, the CEO’s unstaking process has already begun and will be completed by April 29. Once unstaked, the 150 million OM tokens will be transferred to a designated burn address, where they will be permanently removed from circulation.

This reduction in supply will shrink the total OM token count from 1.82 billion to 1.67 billion. Staked tokens will drop by over 26 per cent, falling from 571.8 million to 421.8 million. These changes are expected to directly improve staking returns by decreasing the bonded ratio from 31.47% to 25.30%, resulting in a higher staking APR for remaining participants.

The Mantra token burn is being positioned as a major milestone in the project’s recovery roadmap. Mullin has publicly stated that while this is only a “first step in rebuilding trust,” it marks the beginning of a larger initiative to address concerns from the token’s community and investors.

Plans for an Additional 150M Token Burn

The Mantra team is not stopping with the CEO’s personal token burn. Discussions are underway with ecosystem partners to coordinate an additional burn of another 150 million OM tokens. If successful, this second phase will push the total token reduction to 300 million, a move that would further compress supply and potentially drive long-term price appreciation.

Mantra emphasised that these talks reflect a “commitment to serious reform,” and aim to involve every corner of the ecosystem. By encouraging partners to take responsibility and align with the project’s new direction, the team hopes to send a strong message to disillusioned investors.

The potential of a 300 million OM burn has sparked cautious optimism in parts of the community, although some skepticism remains due to the project’s recent volatility and public trust issues.

OM Price Collapse and Community Reactions

The Mantra token burn announcement follows a tumultuous period for the project. On April 13, the OM token experienced a massive 90% crash within a matter of hours. This unprecedented price drop shocked the crypto community, triggering panic selling and fierce criticism of Mantra’s tokenomics and vesting structure.

In response, Mullin took to the social media platform X to announce his intent to burn his allocated tokens. He also posted a community poll seeking feedback on the plan, offering alternatives such as milestone-based vesting or longer lock-ups. The poll received nearly 9,000 votes, but was met with mixed responses. Some praised the transparency, while others accused the CEO of backpedalling and trying to shift blame.

Despite the backlash, Mullin reaffirmed his commitment to the token burn, framing it as part of an “OM Token Support Plan”, which also includes a buyback program now reportedly underway.

A Push for Transparency and Accountability

To reinforce its turnaround strategy, Mantra recently released a detailed tokenomics dashboard. The goal is to provide greater transparency into token allocations, burn timelines, and staking performance. This is a clear attempt to counter community concerns about hidden risks and opaque decision-making, issues that may have contributed to the OM price collapse in the first place.

With the Mantra token burn now officially in progress, many investors are watching closely. For the Mantra CEO, this move represents a high-stakes gamble to restore faith in the project, one that could either reset its trajectory or cement its downfall.

A Critical Moment for Mantra’s Future

The Mantra token burn initiated by CEO John Patrick Mullin is more than just a technical adjustment; it is a symbolic act of accountability at a time when the project’s credibility is under threat. By slashing his vested token supply and pushing for broader reductions, Mullin is making a bold bet on the future of OM.

If the proposed additional burn and buyback plans proceed successfully, Mantra could emerge from this crisis with a leaner, more trusted foundation. But if execution falters, or if transparency continues to lag, the damage from the OM price collapse may prove too deep to reverse. For now, the burn is a start, but the road ahead remains long.