Source: Cointelegraph Original: "{title}"

John Patrick Mullin, the founder and CEO of Mantra, has begun the process of unstaking 150 million OM tokens in preparation to send them to a burn address, aiming to restore the token's value by tightening supply.

Mantra announced on April 21 that the unstaking process has started and will be completed by April 29, at which point the Mantra (OM) tokens held by Mullin will be sent to the burn address and permanently removed from circulation.

Mullin stated that this is "the first step in rebuilding community trust, but far from the last step."

Mantra also mentioned that it is currently negotiating with "key ecosystem partners" to plan for the destruction of an additional 150 million OM, raising the total amount to be burned to 300 million.

After the destruction of 150 million OM, Mantra's total supply will decrease to 1.67 billion tokens, and the number of staked tokens will also reduce by over 26%, from 571.8 million OM to 421.8 million OM.

This move will also enhance returns: "This strategic burn will reduce the binding ratio from 31.47% to 25.30%, thereby increasing the staking APR," Mantra stated.

The token burn plan follows the collapse of the OM price

Two days after Mantra's price plummeted 90% on April 13, Mullin announced on the X platform his intention to burn all the staked tokens allocated to him since the launch of the blockchain mainnet. These "team tokens" are scheduled to unlock starting in 2027.

He also initiated a poll on the X platform regarding whether to burn these tokens, offering alternative options such as extending the vesting period or unlocking tokens based on milestones—as a test to "gauge public opinion."

So far, the poll has attracted nearly 9,000 votes, with many commenters criticizing the move as an attempt to change previous burn commitments.

The token burn plan is related to Mantra's "OM Token Support Plan" announced after the price collapse, which also includes a token buyback. Mullin stated that the buyback plan is also "proceeding smoothly."

To increase transparency and rebuild community trust, Mantra has also released a token economics dashboard.

As of now, the price of OM has still dropped about 90% from $6.30 in early April, currently trading below $0.55.

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