John Patrick Mullin, the founder and CEO of blockchain project Mantra, has officially begun the process of burning 150 million OM tokens as part of a strategic effort to reduce the token’s circulating supply and rebuild trust within the community.
The move involves unstaking the token in preparation for its permanent removal from circulation. Mantra indicates that unstaking activities are ongoing and will be done by April 29, after which tokens will be sent to a burn address. The burn will end both their existence and shrink the whole token supply. With this initiative, Mantra expects its token supply to decrease from 1.82 billion to 1.67 billion OM tokens.
Mullin articulated through a statement that token burning represents “a first step” in rebuilding community trust, even though more actions will follow it. The present action represents part of wider operational maneuvers to achieve OM stability while rebuilding market faith between investors and users.
The company Mantra also started discussions with primary ecosystem partners to destroy another 150 million OM tokens. The successful discussion implementation of this action would lead the total token burn to reach 300 million OM tokens, thus tightening supply while strengthening tokenomics.
The burn action will produce substantial effects throughout all territories within the Mantra network. The overall number of staked OM tokens will decrease by 26.2% because they will move from 571.8 million to 421.8 million. Staking dynamics will transform because the bonded ratio, which shows the stake of tokens, will decline from 31.47% down to 25.30%.
Staking results in Mantra increasing their annual percentage rate reward payment for individuals who maintain their tokens in the platform. The “strategic burn“ created by the team provides enduring benefits to users through increased token returns combined with a balanced economic structure for all participants.
Mantra’s leadership demonstrates proactive leadership through this initiative because it positions the platform for better market success while listening to its users’ needs.
Also read : Mantra OM Token Price Rises 26% After CEO Plans Token Burn