Cronos Community Approves 200% Increase in CRO Token Supply
A proposal within the Cronos ecosystem was approved to increase the token supply from 30 billion CRO to 100 billion CRO over a 10-year period. Key points include:
- The vote concluded with 61.18% in favor, while 17.61% opposed and 20.11% abstained.
- A significant last-minute vote of 3.35 billion CRO from large holders turned the tide after initial community resistance.
- Initial opposition reached 86% early in the voting process.
- Proposal aimed to restore the original token supply for a "Strategic Reserve" and included plans for ecosystem growth and a CRO ETF.
- Voting power shifted as validators like Electron and Antares supported the proposal on the final day.
- Cronos network's upgrade is scheduled for March 18, 2023, marking a potential increase of over 200% in supply.
- CRO price declined by 8.5% in the past 24 hours following the vote.