😱💥The CEO of Mantra burns 150 million tokens to rebuild trust after the price drop❗❗

John Patrick Mullin, CEO of Mantra, has initiated the burn of 150 million OM tokens from his personal allocation to address a significant drop in the token price and restore investor confidence. This move, part of Mantra's broader “OM Token Support Plan,” will reduce the total token supply from 1.82 billion to 1.67 billion OM and decrease the staked token count by over 26%.

The token burn process, which began on April 21 and concludes on April 29, is expected to improve staking rewards by reducing the ratio of linked tokens from 31.47% to 25.30%. Mantra is also in discussions with ecosystem partners to potentially burn another 150 million tokens.

This initiative follows a 90% drop in the price of OM on April 13 and includes a token buyback program and the launch of a tokenomics dashboard for greater transparency. On-chain verification and a final report will be provided upon completion of the burn.

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