Well if you aren't fully aware of what happend to $OM last week, here's an explanation.
An on-chain analysis revealed that up to 90% of OM's supply was controlled by the Mantra team and insiders, leaving only 10–20% available for public trading. This concentration made the token vulnerable to liquidity issues.
In the days leading up to the crash, 17 wallets collectively transferred 43.6 million OM tokens (approximately $227 million) to exchanges. This sudden influx overwhelmed the thin order books, triggering forced liquidations totaling nearly $67 million within 12 hours.
In response to the dramatic 90% crash of Mantra's OM token on April 13, 2025, the Mantra team has initiated a significant token burn to stabilize the ecosystem and rebuild investor confidence.
150 Million OM Burn by CEO: John Patrick Mullin, Mantra's founder and CEO, has begun the process of burning his personal allocation of 150 million OM tokens. These tokens were part of the team and core contributor allocation staked during the network's launch in October 2024. The unstaking process is scheduled to complete by April 29, 2025, after which the tokens will be sent to the burn address:
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Additional 150 Million OM Burn Planned: Mantra is in discussions with key ecosystem partners to coordinate the burning of an additional 150 million OM tokens. If executed, this would bring the total burn to 300 million OM, representing approximately 16.5% of the total supply .
📉 Impact on Tokenomics:
Supply Reduction: The initial 150 million OM burn will reduce the total supply from 1.82 billion to 1.67 billion OM. If the full 300 million OM burn is realized, the supply would further decrease to 1.52 billion OM .
Staking Dynamics: The burn will lower the bonded ratio from 31.47% to 25.30%, potentially increasing staking Annual Percentage Rates (APRs) for remaining stakers due to the reduced supply .
Despite the burn announcement, OM's price has remained under pressure, trading around $0.55, significantly down from its peak of over $6 earlier in April. The community's sentiment is cautious, with some viewing the burn as a positive step towards recovery, while others remain skeptical about the project's future .
The success of this token burn in restoring confidence and stabilizing OM's price will depend on the execution of the burn, transparency from the Mantra team, and broader market conditions. Still $OM would never be able to reach it's ATH as of now and even after burning 300M tokens.
