Mantra's OM Token: Burn & Buyback Plan Underway
Mantra's OM Token Recovery Plan
Following a significant price drop, Mantra is implementing a recovery plan for its OM token, involving a token burn and buyback program. John Patrick Mullin, Mantra's co-founder and CEO, confirmed these initiatives are underway.
Key Developments:
- Token Burn Program: Mantra is finalizing details for an OM token burn program, aiming to reduce the circulating supply.
- Buyback Program: A buyback initiative is already in progress, aiming to acquire OM tokens from the market.
- Price Volatility: The OM token experienced a dramatic 90% price drop on April 13th, dropping to $0.37, following large-scale liquidations estimated to have wiped out around $5 billion in market value. The token has since partially recovered, trading at approximately $0.68 at the time of writing.
- Transparency and Community Trust: Mantra aims to rebuild community trust by enhancing transparency, including the launch of a live tokenomics dashboard and collaboration with exchanges.
- Team Token Allocation: 300 million OM tokens (~17% of the total supply), allocated to the team, are locked until staged releases between April 2027 and October 2029. Mullin has pledged to burn his personal token allocation.
Mullin stated on X (formerly Twitter) that the burn program details are being finalized and will be released soon. He emphasized the team's commitment to assisting the community. The project has consistently maintained that no OM token sales were made during the price crash, attributing the drop to reckless forced liquidations on centralized exchanges.
An internal investigation confirmed forced liquidation of OM collateral during low-volume trading hours as the primary cause of the price collapse. All OM team allocations remain locked, and the majority of market activity involves legacy ERC-20 tokens in public circulation.
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