More than two weeks after OM experienced a rapid 92% crash, the Mantra team has announced a completed token burn and outlined several steps toward improving transparency and decentralization. However, the token has continued to decline, falling below $0.50 again on April 30. OM is down over 90% from its pre-crash price, and approximately 9% over the past week.
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150 Million OM Burned
As announced by CEO JP Mullin during his appearance at TOKEN2049 in Dubai, 150 million OM tokens have been permanently burned. These tokens were part of Mullin’s staked allocation and have now been removed from total supply. Mullin stated in his post:
“150 million burn of my staked OM tokens = complete. They’re gone from total supply.”
The burn was one of the key promises made following the post-mortem published earlier this month.
Roadmap and Recovery Measures
At TOKEN2049, Mantra presented a progress update and new actions being taken to address issues raised by the community. These include:
- Validator Decentralization: Mantra plans to reduce internal validators by 50% and onboard a total of 50 external validators by the end of Q2 2025.
- Ongoing Dashboard Development: The real-time OM dashboard will continue to be updated with additional features to improve transparency.
- Technical Development: The team launched OMSTEAD, an EVM-compatible testnet for MANTRA Chain, currently in alpha.
- Exchange Coordination: Mantra is working with major centralized exchanges to review liquidation risk and promote stability, while encouraging industry-wide discussion around leverage-related policies.
Market Reaction and Community Sentiment
Despite the burn and roadmap, OM’s price has continued to decline. Since the crash, the token briefly returned above $1 but has trended downward since. The token is currently trading closer to its post-crash lows than to any sustained recovery level.
Some community members have raised concerns about the delay between the crash and the team’s response, as well as the time it has taken to roll out recovery measures. The initial post-mortem did not include specifics about which exchange initiated the liquidation or which wallets were involved, and those details remain undisclosed.
Read also: Mantra (OM) Is Still Down 90% – And There’s No Sign of a Comeback
No Buyback or Compensation Announced
While a buyback program was mentioned earlier this month, no official details or timelines have been provided. There has also been no announcement regarding any compensation or recovery support for affected investors.
Delisting Concerns
There has been some community speculation about the possibility of OM being delisted from major exchanges. At this time, there is no official information suggesting that OM is at risk of delisting. The token continues to be listed on major trading platforms.
Current Outlook
The Mantra team has remained active and continued to engage publicly through events and platform updates. Initiatives such as the token burn and ongoing development of transparency tools indicate an effort to address concerns and move forward. However, based on current market performance and community feedback across social channels, confidence in the project remains low.
While the steps taken so far have been noted, they have not yet translated into a recovery in price or a clear shift in sentiment. The community continues to expect further details about the causes of the crash, including on-chain evidence, as well as a defined timeline and structure for the previously mentioned buyback program. Until more concrete measures are delivered, trust remains limited – both among retail holders and the broader market.
Read also: The Collapse of LUNA and TerraUSD (UST) – How Did It Happen?
