The CEO of MANTRA, John Patrick Mullin, announced the burning of 150 million OM tokens, reducing the total from 1.82 billion to 1.67 billion. This drastic move aims to restore confidence in the project after the token’s historic 90% drop.
The bonded ratio will decrease from 31.47% to 25.30% due to the supply cut, which is expected to enhance staking rewards for holders, positively impacting the OM ecosystem as it seeks to stabilize.
Since the market cap of OM fell by 5 billion USD, MANTRA is pushing for transparency with a new dashboard. Allegations of insider trading have surfaced, which the team attributes to reckless liquidations.
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