Cronos has put forward a proposal to burn 50 million $CRO tokens, valued at over $4 million. The proposal voting will be open for two weeks.
Fourth $CRO Burning Proposal
After three successful token burns, Cronos has proposed a fourth one to burn 50 million $CRO. The proposal is available for deliberation and voting from March 17 to March 31, 2025. If approved, the tokens will be burned.
Technical Details of the Proposal
The total $CRO supply is 30 billion, currently valued at $0.085 per token. The burning aims to stabilize the token's price. Approval from the community is required to proceed with the expenditure for burning, using a 'dead' address for the process.
Effectiveness of Previous Burning Cycles
A similar proposal was first introduced last May to combat inflation and maintain price levels for $CRO. Previous burning efforts helped reduce inflation and supported market value, providing optimism for the current plan.
The fourth proposal to burn 50 million $CRO is now open for voting, lasting two weeks. Past burnings have yielded positive price effects, with Cronos hopeful for continued success.
