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Developers of Mantra (OM), which suddenly dropped by 90%, made a statement: There is a new development in the burning of 150 million Token!
MANTRA announced that CEO and Founder John Patrick Mullin will burn 150 million OM tokens from the team's allocation. This decision came after a promise made to the community last week.
As is known, the OM price experienced a very sudden drop in recent days, and the altcoin lost 90% of its value, wiping out 5 billion dollars from its total market cap all at once. Following this unexpected development, allegations of manipulation related to the token had emerged.
According to the statement from the development team, to support network security, the initially staked 150 million OM tokens in the mainnet formation in October 2024 have entered the process of being unstaked. This unstaking process will end on April 29, 2025, after which the tokens will be sent to a designated burn address and permanently removed from circulation.
The burn process will reduce MANTRA's total token supply from 1.82 billion OM to 1.67 billion OM. Additionally, it will decrease the number of staked tokens from 571.8 million OM to 421.8 million OM and lower the staking ratio from 31.47% to 25.30%. As a result, an increase in staking APR is expected due to the decrease in the supply of staked tokens.
In addition to this burn, MANTRA announced that it has been in discussions with key ecosystem partners to facilitate the burning of an additional 150 million OM tokens. If completed, the total amount of tokens burned will reach 300 million OM.
The OM price initially reacted positively to this development during the day, but the gains were quickly erased, and the token lost 5% of its value in the last 24 hours.