The platform Crypto.com has completed the vote to return 70 billion CRO coins to circulation, generating active community discussion.
Crypto.com’s Intervention in the Historic CRO Vote
The proposal for the reissuance of 70 billion CRO coins was presented for community voting from March 2 to March 17. Initially, the 'yes' votes were ahead, but the required 33.4% participation rate was not met. On March 17, just hours before the voting closed, major validators from Crypto.com voted with 3.35 billion CRO coins, resulting in a high participation rate of 70.18%. The final tally showed 61.18% voted 'yes', 17.61% 'no', and 20.11% abstained.
Plans to Release 70 Billion CRO Over Five Years
Following the vote, the Cronos network will be updated on March 19 to enable the issuance of 70 billion new CRO coins. These coins will be gradually released over five years. The minted CROs are expected to fund various financial projects, including the potential creation of a CRO-based ETF.
Opinions and Future Actions
On March 17, the Crypto.com team introduced a new proposal to burn 50 million CRO tokens. This follows three previous burns of 50 million CRO each. The voting on the new proposal will last for two weeks, with many viewing this as a symbolic step to divert attention from the reissuance.
The return of 70 billion CRO coins to circulation stirred significant controversy and community attention, highlighting the complexity of decision-making in the crypto space.
