The founder and CEO of MANTRA, John Patrick Mullin, said he will burn 150 million OM tokens to "restore trust" and demonstrate a strong commitment to developing this network.
MANTRA also stated that they are discussing with key partners in the ecosystem to increase the number of burned tokens to 300 million, which accounts for approximately 16.5% of the network's total supply. This will help reduce the bonded rate from 31.47% to 25.30%, while increasing the Staking APR.
This announcement came after a strong collapse of the OM Token on April 13, when the token's price dropped by over 90% in a few hours and wiped out more than $5 billion in market capitalization. The MANTRA team said "careless liquidations" were the cause, while their investor, Laser Digital, denied any involvement in this incident.
Mullin also posted a poll on X, asking the community to vote on his token burning plan. Over 81% of participants supported burning the tokens immediately.
These tokens will need to be unstaked by April 29 and will then be transferred to the network's burn address. Following the announcement, the OM price saw a slight increase but then dropped again; currently, it has decreased by 2.7% in the past 24 hours.
Follow CoinMoi to stay updated on the HOTTEST issues in the crypto market!!!
The article MANTRA Founder Will Burn $82 Million OM to Restore Trust first appeared on CoinMoi.
