PANews reported on April 21 that MANTRA announced in its official blog that its CEO and founder John Patrick Mullin will destroy 150 million tokens from its team token allocation. This destruction initiative is a commitment made to the community last week to rebuild trust. Team and core contributor tokens are staked at the launch of the mainnet in October 2024 to initiate network security. Currently, the process of unstaking 150 million tokens from the team and core contributor token pool has begun. The unstaking period will be completed on April 29, 2025. Once the process is over, all tokens will be sent directly to the destruction address. These tokens will be permanently removed, and the total supply will be reduced by 150 million OM tokens accordingly.
In addition, MANTRA is in ongoing communication with key ecosystem partners to plan to destroy an additional 150 million OM tokens, which will bring the total destruction to 300 million OM tokens. After unbonding, the MANTRA chain will destroy 150 million OM tokens, and the total supply will be reduced from 1.82 billion OM tokens to 1.67 billion OM tokens, while the staked tokens will be reduced from 571.8 million OM tokens to 421.8 million OM tokens. This strategic destruction will reduce the staking ratio from 31.47% to 25.30%, resulting in an increase in the annualized yield on staking. Once the destruction transaction is executed and confirmed on the blockchain, full verification information will be provided.
