MANTRA Chain announced new actions after the recent OM token crash. CEO John Patrick Mullin shared the updates during Token2049, outlining changes in governance, supply, infrastructure, and exchange engagement. The announcement follows a sharp decline in OM’s price earlier this month, which triggered concerns about centralization and internal controls.
MANTRA Burns 150M OM, Shifts to Validator Diversification and Public Tokenomics
Mullin confirmed the permanent burn of 150 million OM tokens. These tokens were part of his staked holdings and have now been removed from the total supply. The action followed internal discussions after the OM token crash. The burn was completed on-chain and verified through public blockchain records.
MANTRA Chain is winding down its internal validators and bringing in external partners. The platform will onboard 50 independent validators by the end of Q2 2025. The team said this validator diversification aims to reduce centralized control over the network and avoid similar incidents like the OM token crash.
Moreover, MANTRA has released a real-time tokenomics dashboard. The tool displays metrics such as circulating supply, staking ratios, validator data, and issuance rates. This update follows criticism after the OM token crash, with some users saying key data was missing. The dashboard is now available to the public and will be improved further, according to the official blog.
During the OM token crash, MANTRA Chain continued operating without downtime. The team said it processed record-high transaction volume. At the same time, it launched OMSTEAD, a new EVM-compatible testnet. OMSTEAD is now in Alpha and is being used to test network performance and build future applications.
MANTRA Chain Responds to OM Crash, Denies Insider Sales
The team is working with major exchanges after the OM token crash exposed issues with trading mechanisms. Mullin said MANTRA is asking platforms to reassess policies around leverage and risk management. He also called on other projects and exchanges to give feedback on how such exchange risk policy changes can help protect users.
Following the OM token crash, some users accused MANTRA team members of selling tokens before the drop. The team denied the claims. In an official statement, MANTRA said no OM tokens were sold by its members during the volatile period. The company continues to review internal transactions and plans to share more findings later.
MANTRA Chain said its current roadmap is based on stability, transparency, and network resilience. The validator diversification, OM burn, OMSTEAD testnet, and tokenomics dashboard were presented as direct responses to the OM token crash. All updates are now live or in progress, and MANTRA Chain plans to issue further statements through its official blog and social channels.
