MANTRA $OM announces that CEO and Founder, John Patrick Mullin is burning his 150 million allocation of team tokens.
The burn was a commitment made to the community last week. Both in an effort to rebuild trust, but demonstrate an unwavering focus upon building a trusted, accessible and inclusive financial ecosystem, delivered through tokenization.
The Team and Core Contributor tokens were staked at mainnet genesis, in October 2024, to bootstrap network security. The process of unstaking 150 million tokens from the Team and Core Contributor bucket has now begun.
Token Burn Impact to Onchain Staking APR
After unbonding, MANTRA Chain will burn 150 million OM, reducing the total supply from 1.82 billion OM to 1.67 billion OM while decreasing staked tokens from 571.8 million OM to 421.8 million OM.
This strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR. Once the burn transaction has been executed and confirmed on the blockchain, complete verification will be provided.
How do you think about this burning?
