MANTRA will destroy 300 million $OM tokens to restore trust.

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Token Burn Initiative

MANTRA is initiating the burning of 150 million OM tokens held by the team and core contributors. This process, expected to be completed by April 29th, will permanently remove the tokens from circulation. The move is aimed at rebuilding community trust following a significant drop in value. The burn will reduce the total token supply from 1.82 billion to 1.67 billion OM.

Impact on Tokenomics

The burn reduces the number of staked tokens, lowering the bonded ratio from 31.47% to 25.30%. This change is anticipated to increase on-chain staking rewards for the community. The reduction in bonded tokens signifies a shift in the platform's economic structure.

Leadership Commitment and Future Burns

CEO John Patrick Mullin is personally participating by burning his full team token allocation, aligning with his public commitment. MANTRA is currently collaborating with ecosystem partners to potentially burn an additional 150 million OM tokens. If realized, the total burn would reach 300 million OM tokens.

Transparency and Verification

Transaction hashes for the token burn are publicly available, allowing for on-chain tracking. Full verification of the burn will be made publicly accessible following its finalization. MANTRA emphasizes the importance of transparency throughout the process.