- Mantro CEO John Patrick Mulin pledged to burn all individual Om tokens amidst controversies around the native Om token.
- The mantra proposed a DAO vote to burn a 300m team-appointed token, and started a buyback program.
- The Om Token crashed 90% on April 13, in which the team forced liquidation and the market concerns.
The mantra accelerates recovery efforts after the 90% price accident this week. CEO John Patrick Mulin started individual holdings for the upcoming burn.
Mantra CEO John Patrick Mulin said on Friday that the company is finalizing the details of a token burn program, designed to stabilize the OM tokens, which was disappeared in market capitalization of about $ 5 billion after 90% collapse.
“The details of the burn program are in the final stages and shared in the near future, the buyback program is also running well. We are working around the clock for Sherpa/Omees,” Mulin posted on X.
The details of the burn program are in the final stages, and will be shared in the near future. The buyback program is also running well. We are working around the clock for Sherpa/Omis.
– JP Mulin (🕉, 🏘) (@jp_mullin888)) April 18, 2025
After the announcement, the mantra token price press was muted at $ 0.65 at the press time.
According to COINGECKO data, the price of $ 6 to OM has seen the token falling out of the top 100 ranked cryptocurrency, currently trending at 110 at the time of writing.
Mantra (Om) Token Price Action | Source: CoingEcko
In particular, the CEO of the mantra stressed that the price fall was not due to the sale of the internal formula, but forcibly liquidation during the period of low-pending.
“There was no team selling during the incident,” Mulin repeated. “This was the result of careless leverage and poor liquidity management on CEXS.”
A formal statement released on Wednesday also confirmed the internal findings that the liquidation of the Om-Co-Kolallal posts during the low-trunk hours caused disintegration. The token was recovered from above $ 1 before settling around $ 0.65, yet more than 88% below its pre-accident summit.
Governance vote, tokenomics dashboard aims to restore confidence
The mantra investor is chasing several strategies to restore the trust, including new transparency equipment, financial commitment from its leadership and community-operated governance votes.
First, the team plans to launch a real -time tokenomics dashboard, capable of monitoring the circulating and lock supply of Om to the public. It is committed to burning its individual OM allocation as part of the recovery effort after Mulin, a step that indicates the accountability of leadership.
Mantra (Om) tokenomics | Source: https://docs.mantrachaain.io/mainnet-om- information/chain-eatures
One of the most controversial proposals involves a DAO vote to determine whether the community will support 300 million OM tokens. Allotted For the main contributors and team members. These tokens – approximately 17% of the total supply of OM represents – currently locked and set for gradual release between April 2027 and October 2029.
“Some have expressed concern about burning a lot of tokens allocated for team encouragement,” Mulin said. “We will leave the community to make decisions through decentralized governance.”
The allocation of this team has come down from about $ 1.8 billion pre-crush to about $ 200 million by Friday.
