John Patrick Mullin, the founder and CEO of Mantra, has initiated the process of burning 150 million OM tokens to enhance the token’s value by limiting its supply. The burn process, which started on April 21 and is expected to be finalized by April 29, aims to reduce the total supply of OM tokens from 1.82 billion to 1.67 billion. In addition to Mullin's burn, negotiations are underway to also burn another 150 million OM tokens from key ecosystem partners, bringing the total tokens to be burned to 300 million. This action comes in response to a significant price drop of OM, which has fallen around 90% from $6.30 earlier in April to below $0.55. Mullin emphasizes this strategy as a step towards restoring trust within the community and improving staking returns by decreasing the bonded ratio and subsequently increasing the annual percentage rates for staking. Alongside the burn, a buyback program is also in progress as part of a broader support plan for the OM token.

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