After the drama that saw the Mantra OM token crashing by more than 90%, losing $ 6 billion in market capitalization evaluation, the team began its burning initiative which will see up to 300 million OM cryptography tokens withdrawn from the offer forever.
In an effort to save the apparently dead RWA project, the founder and CEO of Mantra, John Mullin, began to win his allowance of 150 million OM in anticipation of burning everything.
@ Jp_mullin8888 The CEO and founder burns his team tokens allowance. To find out more and why read the rest. pic.twitter.com/qpmqknb6jy
– Mantra | Tokenizing Rwas (@mantra_chain) April 21, 2025
The Mantra team contacted ecosystem partners to try to burn 150 million Cryptographic tokens OM additional
In a blog article updating tokens from today (April 21), the Mantra has confirmed that Mullin will burn its OM allowance while announcing that it is in talks with the main stakeholders and ecosystem partners to implement 150 million additional OM token burns.
If the other parties accept the additional 150 million token of burns, the total burn would be 300 million OM. At current prices, this would represent $ 174 million in tokens permanently removed from traffic.
The blog post said that after Mullin is engaged in burns last week, the trigger process of 150 million tokens from the team bucket and the main contributor officially started.
The team and the basic tokens of contributors were marked out during the genesis of the Mantra Mainnet in October 2024, with the aim of Bootstrap the security network. In the position, the team included the three separate transaction hatches that check the lag of the Crypto OM tokens.
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Mullin is committed to burning team tokens for the community last week. The idea was to reconstruct confidence in the team, but it also said that it was a demonstration of “the unshakable accent on the construction of a trust, accessible and inclusive financial ecosystem, delivered by tokenization”.
The community reacted negatively to the anniversary of the CEO of token burns plans. The host of @LEviathan_News Samuel McCulloch (@traders_insight) echoed a feeling shared by others in response to the Mullin post X.
McCulloch said, “It’s stupid. Why should you burn all your skin in the game? If you have no reason to get up, what is it for?”
Do not move away, the founder of the mantra replied: “I have a plan for that. You will see, Ser. ” No other information has yet been given on how Mullin thinks that the fire of his team tokens will benefit the long -term vision of OM.
With the OM tokens burn now in progress, the team said today that the abundance is completed on April 29, 2025, OM’s total offer is reduced by 1.82 billion OM to 1.67 billion OM.
It will also have an effect on the marked tokens, going from 571.8 million OM to 421.8 million OM. If the team is able to convince its ecosystem partners and its main stakeholders to burn an additional 150 million OM, this would reduce the approximately 1.52 billion.
It’s stupid. Why should you burn all your skin in the game. If you have no reason to get up to the task of what it is for.
– Samuel McCulloch (@traders_insight) April 18, 2025
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OM up 10% of stockings after the Flash crash 8 days ago
This was eight -day devastating for investors from Mantra and OM. The flash accident occurred on April 13, 2025, OM driving over $ 6.32 to $ 0.5, per Coingecko. In doing so, nearly $ 6 billion in market capitalization were destroyed for the Mantra.
The team was accused of “carpet shooting” immediately after suspicious transactions were spotted a few days before the collapse. However, Mullin and Mantra team have refuted these accusations, declaring that the accident was due to the aggressive liquidation and the conduct that major centralized exchanges were responsible.
In order to renew the faith of retail and VCS investors in the project, the Mantra team has created a real -time dashboard to ensure transparency on the OM token.
Post X was done on April 19 and said;
“After the declaration of events on Wednesday, you can now find our first iteration of a real -time dashboard. It is there to provide a clear view and a live look at the $ OM tokens, operational portfolios and other important onchain holders.”
The V1 of the dashboard shows detailed ventilation of the EVM and the OM Mainnet and links to respective wallets. The message indicated that additional features will arrive via a V2 from the dashboard.
OM is currently negotiating at around $ 0.58, almost 10% compared to the stockings after the fallout from the flash accident eight days ago. To be a project of several billion dollars, its market capitalization is currently $ 558 million. Before the crash, it was a top 25 by market capitalization, while it is now at 130, according to Coingecko.
(Coingecko)
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The founder of the Mantra began 15o million OM tokens burns after an accident of 90%
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John Mullin hopes to convince ecosystem partners and the main stakeholders to match its burns, to reduce the offer of 300 million OM tokens
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Mullin believes that burning tokens will help restore confidence in the Mantra project after OM the crypto crashed more than 90% last week
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The Mantra team refuted all the allegations of a carpet traction, pointing fingers on centralized exchanges orchestrating the OM crash
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