Mantra CEO Sets 150 Million OM Tokens Ablaze—Will It Light Up or Just Smoke? 🔥🤔

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In the dimming twilight of crypto glories, Mantra’s founder and CEO, John Patrick Mullin, embarks upon a solemn rite—unstaking his 150 million Mantra (OM) tokens. A sacrificial cast into the virtual flames, meant to snatch value from the clutches of a slackening market, tightening supply like a noose woven from digital threads.

On April 21, like a reluctant pilgrim, Mantra declared that the unstaking had commenced, a process destined to complete by April 29. Then, with all the ceremony of a minor apocalypse, Mullin’s OM tokens would be delivered to the burn address—a cryptic pit destined to swallow them forever.

Burning tokens, or just roasting marshmallows?

“A first step in rebuilding trust with the community, but far from the last,” Mullin intoned, as if speaking at a rally where hope wears the guise of scorched tokens. Meanwhile, Mantra flirts with its “key ecosystem partners,” whispering of plans to incinerate another 150 million OM—doubling the charred ruins to 300 million. Because what’s better than one crypto bonfire? Two, obviously.

Slice away 150 million OM from the grand total, and behold: 1.67 billion remain, like survivors in a digital wilderness. Staked tokens slump more than 26%, from 571.8 million to a lean 421.8 million.

Promises of boosted returns float in the smoky air. This so-called “strategic burn” will drag the bonded ratio down from a stout 31.47% to a humbler 25.30%, allegedly kindling staking APR like a flickering flame of optimism.

Price Collapse Sparks Token Pyromania

Just two days after the OM token took a nosedive of 90% on April 13, Mullin aired his intentions on the grand stage of X, vowing to torch all staked tokens bequeathed to him at the blockchain’s genesis. These “team tokens,” locked until 2027, now faced an untimely if symbolic cremation.

In true blockchain fashion, Mullin staged a poll on X—because nothing says “leadership” like outsourcing your tough choices to an anxious crowd. Options ranged from burning to extended vesting, a polite “temperature check” amongst the masses. Nearly 9,000 votes later, some participants muttered accusations of backpedaling on the burn vow.

Token burn or token BBQ?

The burn forms the fiery heart of Mantra’s “OM Token support plan,” a phoenix scheme promising token buybacks already underway. Meanwhile, a freshly minted tokenomics dashboard attempts to ladle transparency over a simmering pot of skepticism, as the community watches with wary eyes.

Despite the flames and fanfare, OM’s price languishes, slumping roughly 90% from April’s lofty $6.30, now smoldering beneath 55 cents—a grim reminder that not all fires bring warmth, some just leave ashes and a hint of sarcasm. 🔥💸

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2025-04-22 05:23