Crypto.com Proposes to Revive 70 Billion Burned CRO Tokens
Cronos, associated with Crypto.com, has introduced a governance proposal to restore 70 billion CRO tokens previously burned in 2021, aiming to return to an original supply of 100 billion under the initiative "The New Golden Age for Cronos." Key points include:
- The initial burn reduced CRO's supply from 100 billion to 30 billion, increasing its price from 6 cents to 25 cents.
- The new proposal intends to place these tokens into a “Strategic Reserve” escrow wallet, vested monthly over 10 years.
- The motive includes a $5 billion initiative to enhance U.S. crypto dominance, fund ecosystem growth, and launch a CRO ETF.
- Community feedback is predominantly negative, expressing concerns about potential dilution of value and mistrust in reversing the previous burn.
- A governance vote shows 86% against the proposal, with voting open until March 17.
- CRO prices have increased by 8% in the last 24 hours amid broader market gains.