Watch a Crypto Giant Torch 150 Million Tokens Like a True ShowmanđŸ”„

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In a spectacle worthy of a mad playwright’s pen, Mantra’s fearless overlord John Patrick Mullin has declared his intent to immolate a staggering 150 million of his precious team tokens. Yes, you heard correctly—tokens set ablaze, vanished into the abyss, as if to win the applause of the fickle crypto crowd.

This grand gesture, hatched only last week amidst whispered promises and high-flown slogans, aims to paint Mantra as the shining bastion of transparency, trust, and a kumbaya-style financial utopia, all wrapped up in the sugary glaze of tokenization.

The Fiery Rite of Token Burn

These loyal tokens were once chained to the network’s mainnet like serfs at the dawn of October 2024, pledged to protect the kingdom’s security. But now the shackles are removed, and the 150 million brave souls are marching—no, being unstaked—to their glorious doom.

By April 29th, they will be sent to the legendary “burn address,” a digital purgatory from whence no token returns, trimming Mantra’s OM supply from a hefty 1.82 billion to a slightly less hefty 1.67 billion. Progress, they call it.

The ripple effect? Stakers, those hopeful peasants of the crypto realm, will rejoice as the total staked OM shrinks from 571.8 million to 421.8 million, causing the bonded ratio to drop from 31.47% to a more modest 25.3%. In layman’s terms: fewer tokens locked away, higher allure for reluctant holders, and APRs that might actually look tempting without a crystal ball.

But wait! The drama thickens: Mantra courts other ecosystem dignitaries to torch another 150 million OM tokens, doubling the pyrotechnics to a jaw-dropping 300 million. Mullin, true to his fiery vow, promised to burn every team token, a scorched-earth policy born in the throes of OM’s infamous price nosedive on April 13.

The Curious Case of OM’s Price Plunge

The price collapse, a classic tale of greed meets misfortune, was triggered when leveraged traders found themselves tangled in a liquidity web. Many OM enthusiasts, in an act of desperate optimism, borrowed funds to double down—only to be swept away by the cruel tides of automatic liquidations on platforms so familiar as Bybit and Binance.

The market, flooded with tokens dumped like unwanted apples at a rotten harvest, sank deeper into despair. Meanwhile, whispers of foul play and governance farce drifted through the grapevine, with shady links whispered to the ghost of FTX past, casting a long, ominous shadow.

Prior to this debacle, sizeable chunks of OM made a mysterious journey to Binance and OKX—perhaps a heads-up dance before the grand sell-off. With liquidity as thin as a poet’s patience, the market couldn’t swallow the flood, leaving OM to nosedive dramatically. And while some big-name investors deny all wrongdoing with the deadpan seriousness of an undertaker, the saga leaves a lingering taste of irony and suspicion.

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2025-04-22 21:28