MANTRA Announces Massive 300 Million OM Token Burn to Restore Investor Confidence... š„¶
In a bold move to stabilize its ecosystem and regain investor trust, MANTRA has announced a significant burn of 300 million OM tokens, which amounts to approximately 16.88% of the total supply. The decision comes in the wake of a dramatic market crash that saw OMās price plummet over 90% within an hour, wiping out more than $5.5 billion in market capitalization.
John Patrick Mullin, the CEO and co-founder of MANTRA, is leading the initiative by sacrificing his entire personal allocationā150 million tokens, valued at over $82 million. An additional 150 million tokens will be contributed by MANTRAās ecosystem partners, all of which will be permanently removed from circulation by April 29, 2025.
The crash, which occurred on April 13, was reportedly triggered by large token transfers to centralized exchanges, resulting in forced liquidations. This unprecedented plunge raised serious concerns among holders and the broader crypto community.
āThis burn is not just about numbers,ā Mullin stated. āItās a commitment to our community, to transparency, and to the long-term vision of MANTRA as a truly decentralized and sustainable ecosystem.ā
The token burn began with the unstaking of Mullinās allocation, which had originally been locked as part of the team and core contributorsā pool since the networkās mainnet launch in October 2024.
While OMās price has seen continued volatilityāincluding a 5% dip immediately following the burn announcementāmany analysts see this move as a step in the right direction. The reduction in circulating supply is expected to positively impact staking rewards and help reduce inflationary pressure.
The community response has been overwhelmingly supportive. In a recent poll, over 81% of respondents backed the token burn, calling it a much-needed action to rebuild faith and accountability in the project.
As MANTRA works to move past the recent turmoil, the success of this burn could set a precedent for how decentralized projects respond to crises with transparency and accountability.
$OM
#om #CryptoMarketCapBackTo$3T #BullishRise #burning
John Patrick Mullin, the CEO and co-founder of MANTRA, is leading the initiative by sacrificing his entire personal allocationā150 million tokens, valued at over $82 million. An additional 150 million tokens will be contributed by MANTRAās ecosystem partners, all of which will be permanently removed from circulation by April 29, 2025.
The crash, which occurred on April 13, was reportedly triggered by large token transfers to centralized exchanges, resulting in forced liquidations. This unprecedented plunge raised serious concerns among holders and the broader crypto community.
āThis burn is not just about numbers,ā Mullin stated. āItās a commitment to our community, to transparency, and to the long-term vision of MANTRA as a truly decentralized and sustainable ecosystem.ā
The token burn began with the unstaking of Mullinās allocation, which had originally been locked as part of the team and core contributorsā pool since the networkās mainnet launch in October 2024.
While OMās price has seen continued volatilityāincluding a 5% dip immediately following the burn announcementāmany analysts see this move as a step in the right direction. The reduction in circulating supply is expected to positively impact staking rewards and help reduce inflationary pressure.
The community response has been overwhelmingly supportive. In a recent poll, over 81% of respondents backed the token burn, calling it a much-needed action to rebuild faith and accountability in the project.
As MANTRA works to move past the recent turmoil, the success of this burn could set a precedent for how decentralized projects respond to crises with transparency and accountability.
$OM
#om #CryptoMarketCapBackTo$3T #BullishRise #burning
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.Ā See T&Cs.
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