😱💥Mantra CEO Burns 150M Tokens to Rebuild Trust After Price Crash❗❗

John Patrick Mullin, CEO of Mantra, has initiated the burn of 150 million OM tokens from his personal allocation to address a sharp decline in the token’s 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 April 29, is expected to enhance staking rewards by lowering the bonded ratio from 31.47% to 25.30%. Mantra is also in talks with ecosystem partners to potentially burn an additional 150 million tokens.

This initiative follows a 90% drop in OM’s price 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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