Mantra -founder and CEO John Patrick Mullin initiated the burn of his entire 150 million to -token allocation, after a commitment made last week to strengthen transparency and rebuild trust within the community.
The token fire, which permanently removes the equivalent number of circulation, is part of a broader strategy to reconfirm the mission of Mantra to create a decentralized, including financial ecosystem driven by tokenization.
Token burned
According to that of the project rackThe Onstak process has begun and is planned for completion on April 29, 2025. The tokens were originally collected during the Mannet launch of Mantra Chain in October 2024 to secure the network.
Once completed, the tokens are sent to the combustion address “Mantra1QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQCG2MY8“The total supply effectively reduces 150 million.
Transaction cheese that are associated with the non -stakes process are publicly shared, which means that the combustion process becomes verification of the combustion process.
At the same time, Mantra is actively involved with ecosystem partners to coordinate a second burn of 150 million to -tokens, which would double the total combustion to 300 million.
The combined burn would reduce the total OM offer from 1.82 billion to 1.52 billion, which marks a substantial shift in Tokenomics.
Drawing up rewards to rise
The 150 million to burn the team and the allocation of the core contribution will reduce the tribe tokens on the network from 571.8 million to 421.8 million.
This change will reduce the bound ratio of the Mantra chain from 31.47% to 25.30%, causing an increase in the annual percentage of percentage (APRs).
Mantra said that as soon as the final burn transaction is confirmed, a complete verification report will be released.
The relocation reflects the growing trends in industry between Tokenized projects that want to build up credibility and the stimulation of long -term participation through transparent and deflation mechanics.
To controvers
The decision to burn the tokens comes after a dramatic flash crash on April 13, with the price of more than 90% fell within an hour and knew billions valuable.
The crash was reportedly activated by a token deposits of $ 40 million in OKX by a wallet who is reportedly linked to the team, causing the fear of the sale of insider.
Panic quickly spread like rumors about non-known freely available deals, delayed air drops and excessive token supply concentration fed mass liquidations about exchanges.
In response, Mullin announced the token fire as a dedication to transparency and community confidence. The price of OM, however, continues to undergo volatility and is still more than 90%falling.
