In a bold move to restore investor trust and stabilize the value of Mantra’s native token, OM, the platform’s founder and CEO, John Patrick Mullin, has begun the process of unstaking 150 million tokens for permanent removal from circulation.
Announced on April 21, the unstaking operation is expected to conclude by April 29, after which the tokens will be sent to a burn address — a blockchain mechanism used to eliminate tokens from the supply.
Mullin described the decision:
“This is the first step in rebuilding trust with the community, but far from the last.”
The token burn is part of a broader recovery strategy following OM’s dramatic 90% price plunge on April 13. At the height of the crash, Mullin publicly committed to burning all his staked team-allocated tokens — initially set to unlock starting in 2027 — to show accountability. He also conducted a poll on X, gauging community sentiment on alternative measures such as milestone-based vesting or extended lock-ups. The poll drew nearly 9,000 responses, with many expressing skepticism over whether the burn would happen.
Mantra has also initiated conversations with ecosystem partners to coordinate an additional 150 million OM burn. If successful, this would bring the total burned supply to 300 million OM, reducing the circulating supply to 1.67 billion.
This supply squeeze would also affect staking dynamics. According to Mantra, the number of staked OM tokens will drop by over 26%, from 571.8 million to 421.8 million, decreasing the bonded ratio from 31.47% to 25.30%. This, in turn, is projected to boost staking APR, offering higher returns for validators and stakers.
The token burn comes alongside other measures under Mantra’s “OM Token Support Plan,” which includes an ongoing token buyback program. In a further push for transparency, the platform recently released a tokenomics dashboard to give the community real-time insight into supply metrics.
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