The Cronos project has proposed to restore 70 billion CRO tokens that were burned in 2021. This decision has sparked lively discussions in the community and may impact the development of the Cronos Chain.
Token Restoration Proposal
According to the latest proposal, Cronos is considering restoring 70 billion CRO tokens that were burned in 2021. This would return the total token supply to the original 100 billion CRO. The tokens are intended to be placed in a 'strategic reserve wallet' with a five-year vesting schedule.
Community Reaction
The proposal to restore the tokens has received mixed reactions from the community. Some users view it as a 'step backward,' while others raised concerns about its legitimacy.
Cronos and CRO History
Crypto.com initially launched the Monaco Coin (MCO) for its MCO Visa Card program and later transitioned to its proprietary blockchain, renaming MCO to CRO. The Cronos mainnet, developed using Cosmos SDK, launched in November 2021 after rebranding in February of the same year. Additionally, there are ongoing developments for a Cronos zkEVM Layer 2 on Ethereum.
The restoration of 70 billion CRO tokens could have significant implications for both the Cronos Chain and the broader cryptocurrency world. It is important to monitor how this situation unfolds and its effects on the CRO price and Crypto.com’s market position.
