Mantra CEO says crew is finalizing burn program particulars, buyback is effectively underway

John Patrick Mullin, Mantra’s co-founder and CEO, has acknowledged that the crew is finalizing its token burn program and actively engaged on a buyback plan. Each efforts come within the wake of the OM token’s current collapse.

“The burn program particulars are within the closing phases, and might be shared within the close to future. Buyback program additionally effectively underway. We’re working across the clock for the Sherpas/OMies,” Mullin wrote on X on Friday.

OM, the native token of the MANTRA ecosystem, noticed a steep worth decline on April 13, plummeting over 90% to $0.37 in a matter of hours.

Following the large-scale liquidation that worn out round $5 billion in OM’s market worth, OM recovered to above $1 however once more retraced. The token surged as a lot as 14% on Friday after Mullin’s newest replace.

Ever for the reason that incident, the venture crew has repeatedly asserted that they didn’t make any OM gross sales through the token’s sudden collapse.

In a few of his early statements post-event, Mullin claimed reckless pressured liquidations on centralized exchanges triggered the 90% drop within the OM token’s worth.

In an official assertion launched on April 16, Mantra’s inside investigation confirmed pressured liquidation of OM collateral throughout low-volume buying and selling hours as the primary trigger.

All OM crew allocations stay locked, and most market exercise includes legacy ERC-20 tokens in public circulation, in accordance with the crew.

In a bid to rewin neighborhood belief, Mantra plans to launch a buyback and burn program, launch a stay tokenomics dashboard, and work with exchanges to offer extra transparency.

Mullin has additionally publicly dedicated to burning his private token allocation as a part of the restoration effort.

The groups token allocation are literally vesting solely beginning in 2027, which is 30 months from mainnet launch (Oct. 24).

I’m planning to burn all of my crew tokens and after we flip it across the neighborhood and buyers can determine if I’ve earned it again. https://t.co/ZQR1H5xAqF

— JP Mullin (, ) (@jp_mullin888) April 15, 2025

Mullin has additionally recommended a decentralized vote to determine on the burning of 300 million crew tokens in response to some issues in regards to the burning program’s affect on long-term crew motivation.

Mantra allotted 300 million OM tokens, almost 17% of its provide, to the crew and core contributors. Locked till staged releases between April 2027 and October 2029, the stash is now valued at over $200 million, down from round $1.8 billion earlier than the current worth crash.

On the time of writing, OM traded at $0.68, down roughly 88% from its pre-collapse level of $6, in accordance with CoinGecko knowledge.

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