In a significant move, Crypto.com has successfully passed a proposal to reintegrate 70 billion CRO coins that were taken out of circulation in 2021.
What Led to the Voting Decision?
The community voted on the proposal from March 2 to March 17, with initial support leaning towards 'yes.' However, participation was below the required 33.4%. Just before the voting deadline, validators from Crypto.com stepped in, raising overall participation to 70.18%. Ultimately, 61.18% backed the proposal, 17.61% opposed it, and 20.11% chose to abstain.
How Will the New Coins Be Distributed?
The changes will be implemented on the Cronos blockchain network on March 19, allowing the gradual release of 70 billion CRO coins over the next five years to support various financial initiatives, including a potential CRO ETF. A new proposal to burn 50 million CRO tokens has been introduced, following three prior burns of the same amount.
Implications for the Market
The recent developments surrounding the CRO coins have sparked intense discussions about the integrity of decision-making within the platform and its implications for the broader crypto market.
The decision to reintegrate 70 billion CRO coins may have a significant impact not only on Crypto.com but also on the entire cryptocurrency industry, raising important questions about governance transparency in crypto.
