Today, MANTRA announces that CEO and Founder, John Patrick Mullin is burning his 150 million allocation of team tokens. The burn was a commitment made to the community last week. Both in an effort to rebuild trust, but demonstrate an unwavering focus upon building a trusted, accessible and inclusive financial ecosystem, delivered through tokenization.

The Team and Core Contributor tokens were staked at mainnet genesis, in October 2024, to bootstrap network security. The process of unstaking 150 million tokens from the Team and Core Contributor bucket has now begun. It can be verified through the following transaction hash;

CE0E166DED4F267B22F16D011A7F511FFDDB4AADB31A2FE6A0E6E81690E339AA

DFB6C3DDFFDC09B9B2A16175401D8B7DB81C79C774203E17859694FA9D8C79C5

7D056D17F2A57A27E807FB9F12E739B24306FC7B8B651B27622A022EC18EFD5D

The unstaking period will be completed on 29 April 2025. Once this process is finalized, all tokens will be sent directly to the burn address: mantra1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqcg2my8. 

These tokens will be permanently removed, reducing the total supply by the same amount, 150 million OM.

Additionally, MANTRA is in ongoing conversations with key ecosystem partners to implement an additional 150 million OM token burn, which will bring the total burn amount to 300 million OM.

Token Burn Impact to Onchain Staking APR

After unbonding, MANTRA Chain will burn 150 million OM, reducing the total supply from 1.82 billion OM to 1.67 billion OM while decreasing staked tokens from 571.8 million OM to 421.8 million OM. 

This strategic burn will lower the bonded ratio from 31.47% to 25.30%, resulting in an increase in staking APR. Once the burn transaction has been executed and confirmed on the blockchain, complete verification will be provided.