The MANTRA platform team has announced the burning of 300 million OM tokens, which is approximately $156 million at the current exchange rate. Half of this amount consists of assets from the project’s founder, John Patrick Mallin.
This is reported by Finway
According to the developers, the token burn is a fulfillment of a promise made by Mallin in light of the recent decline in the OM price. In a subsequent release, the team noted that the primary cause of the crash was liquidations on centralized cryptocurrency exchanges, and neither Mallin, early investors, nor other developers sold their assets.
Token Burning Process
According to new information, the founder’s tokens were locked at the launch stage of the mainnet in October 2024. The process of their release has already begun, which is planned to be completed by April 29, 2025. After that, the assets will be sent “to zero.”
The developers are also in negotiations with early participants and investors, aiming to achieve the goal of burning a total of 300 million tokens. This is expected to reduce the staking supply of OM from 31.47% to 25.3%, which, in turn, will increase the asset’s profitability.
OM Token Price
In light of this news, the OM price surged to $0.535 but later retraced. A daily chart shows a gain of over 2%, but weekly and monthly figures reflect declines of 11.9% and 91.6%, respectively.
Earlier, there were reports of a deal between MANTRA and the DAMAC Group conglomerate from the UAE regarding the tokenization of real estate worth approximately $1 billion.