Mantra Rebounds on Chain Activity While CEO Plans to Burn Team Tokens
The post Mantra Rebounds on Chain Activity While CEO Plans to Burn Team Tokens appeared on BitcoinEthereumNews.com.
Mantra’s decentralized finance protocol has experienced a dramatic week marked by a sharp 90% drop in the price of its OM token, a subsequent 500% surge in total value locked (TVL), and a bold proposal from CEO John Mullin to burn the team’s token allocation. The developments have sparked heated debate within the crypto community over the platform’s future, capital efficiency, and the implications of concentrated liquidity amid volatile market conditions. John Mullin, the CEO of Mantra, has taken a dramatic step in response to the massive collapse of the platform’s native token, OM, pledging to burn the entire allocation of team tokens to regain the trust of the shaken community. The move comes just days after OM plummeted from around $6.30 to a low of $0.52 on April 13, wiping over $5.5 billion in market capitalization in a matter of hours. Mantra price chart (Source: CoinMarketCap) “I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16. $236 Million in Team Tokens on the Line According to Mantra’s April 8 blog post, the project had earmarked 300 million OM—roughly 16.88% of its nearly 1.78 billion total supply—for the team and core contributors. These tokens, locked until between April 2027 and October 2029, were intended to serve as a long-term incentive for Mantra’s builders. Before the April 13 crash, these tokens were valued at around $1.89 billion. At current prices, their worth has plummeted to approximately $236 million. Mullin’s pledge has stirred mixed reactions across the crypto space. While some community members see the gesture as a powerful sign of accountability, others worry it could demotivate the very team tasked with rebuilding Mantra’s reputation and platform. “This…
Filed under: News - @ April 16, 2025 7:24 am