Defi Protocol Mantra has begun the process of burning 150 million OM tokens from the team and burning the allocation of core contributors.
Staking of these tokens is currently underway and is expected to be completed by April 29th, at which point the token will be sent to the specified burn address and permanently removed from the circulation.
The initiative is designed to restore community trust and improve the platform’s economic structure after more than 90% fell sharply in the past 24 hours in mid-April.
The token was originally staked at the mainnet launch in October 2024 to aid in bootstrap network security. With their removal, the total token supply of Mantras (OMs) will reduce OMs from 1.82 billion OMs to 1.67 billion OMs.
As a result, the number of piling tokens fell from 571.8 million to 421.8 million OM, and the bond ratio fell from 31.47% to 25.30%. This decrease in coupling ratio is expected to increase on-chain staking rewards.
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Total of 300 million tokens
CEO and founder John Patrick Mullin, who previously bets 772,081 teams tokens on Fluxtra, has also confirmed he is burning a full allocation of 150 million OM. This follows his pledge last week to give up tokens held by all teams as part of a broader burn initiative.
In addition to the team’s burns, Mantra says they are having active discussions with ecosystem partners to coordinate an additional 150 million OM token burns. If successful, the total amount burned would reach 300 million.
Burns can be tracked in the chain through transaction hash provided by the mantra. According to the project, upon completion, a full burn verification will be published.
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