He also ran a poll on X about the proposed burn of his tokens, with alternate options such as extended vesting or unlocking tokens at milestones — as a “temperature check of people’s thoughts.”The poll had attracted almost 9,000 votes at the time of writing, and a number of commenters criticized it as an attempt to reverse course on the burn commitment. Source: John Patrick MullinThe burn is connected to an “OM Token support plan” Mantra announced following the price crash, which will also feature a token buyback.
Mantra founder and CEO John Patrick Mullin has started unstaking 150 million of his Mantra (OM) tokens in preparation for sending them to a burn address in an attempt to restore the token’s value by tightening supply. Mantra announced on April 21 that the unstaking process had begun, and would be completed by April 29, at which point Mullin's Mantra (OM) tokens will be sent to the burn address and permanently removed from circulating supply.
With 150 million fewer OM, Mantra’s total supply will decline to 1.67 billion, and its number of staked tokens will drop by over 26% from 571.8 million OM to 421.8 million OM. Returns will also be boosted: “This strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR,” Mantra said.
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Author / Journalist: Cointelegraph by Jody McDonald
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