Mantra plans to burn 300 million OM tokens, including 150 million from founder John Patrick Mullin, as a strategic response to a significant 90% crash in the token's value. This burn, which amounts to about $160 million, is aimed at enhancing staking rewards and restoring investor confidence. The crash, attributed to reckless liquidations by exchanges, resulted in a loss of over $5 billion in market value on April 13. Despite the announcement of the token burn, OM prices fell by 3.3%, indicating ongoing investor skepticism. The burn process will conclude on April 29 after unstaking the necessary tokens. Mantra, a platform focused on tokenizing real-world assets, previously saw a substantial rise in its token's value in 2024, driven in part by partnerships aimed at asset tokenization.

Source 🔗