Cronos Considers Reminting 70 Billion CRO Tokens Burned in 2021

The blockchain Cronos is considering a significant proposal: reissuing 70 billion CRO tokens that were burned in 2021. This move aims to restore the total supply to the original number of 100 billion

Cronos, the blockchain operating the Cronos Chain, is planning to reissue 70 billion CRO tokens that were burned in 2021, according to a proposal on the project’s forum.

The proposal aims to restore the total supply to the original number of 100 billion CRO, which would be placed in a “strategic reserve wallet” with a five-year vesting and valued at approximately 6.3 billion dollars at current prices.

The proposal comes after a vote to massively decrease the token supply in 2021 to support decentralization efforts ahead of the launch of the Cronos mainnet. The initiative to return to the initial total supply is being met with mixed reactions, with some community members deeming it a “step back” and others considering it “suspicious.”

The proposal to reissue the burned tokens could have significant consequences for the stability and trust of the market in the CRO token, especially after a recent surge in price and interest from institutional investors.

Earlier this week, Crypto.com, the platform behind Cronos, announced its plans to submit an application for an exchange-traded fund (ETF) on CRO with the U.S. Securities and Exchange Commission (SEC), aiming to capitalize on the growing interest from institutions in cryptocurrencies. This move could represent a significant step for the adoption of CRO in the traditional financial market.

The proposal to reissue the burned tokens and the application for an ETF on CRO highlight the rapid development and evolution of the Cronos ecosystem. Initially launched as Monaco Coin (MCO) in 2016, the cryptocurrency was later renamed to CRO and became the native token of the Cronos Chain following the rebranding in February 2021.

After the launch of the mainnet in November 2021, the developers began working on a zkEVM Layer 2 for Ethereum, showcasing Cronos’s commitment to expanding its infrastructure and interoperability with other blockchains.

Currently, the CRO token has a circulating supply of 27.3 billion and a maximum cap of 30 billion, valued at 2.4 billion dollars. Recently, the price of the CRO token has seen an increase of over 20% in the last 24 hours, according to data from CoinGecko.

As Cronos continues to grow and adapt, the decision to reissue the burned tokens will depend on the vote of the community members, who will decide whether to accept or reject the proposal.