Crypto.com Proposes to Unburn 70B CRO Tokens It Burned in 2021, Restoring Total Supply to 100B

This decision comes as part of a larger strategy that involves creating a “strategic reserve wallet” for these tokens, with the aim of gradually releasing them over five years.

Crypto.com’s blockchain Cronos is proposing to bring back 70 billion CRO tokens that were previously burned in 2021, restoring the total supply to 100 billion CRO.

This move is part of a larger strategy that includes creating a “strategic reserve wallet” for these tokens, which will be gradually released over five years.

The decision to bring back the burned tokens is linked to Crypto.com’s pursuit of an exchange-traded fund (ETF) for CRO, aiming to capitalize on institutions’ increasing presence in the crypto sector.

The initial burn in 2021 was a noteworthy event in the industry as it decreased the CRO supply from 100 billion to 30 billion tokens. This move was focused on promoting decentralization and supporting Cronos’ mainnet development.

However, this proposal has faced significant backlash from the community. Many critics believe that bringing back the tokens is a step back from decentralization and a setback for the project.

The CRO token has undergone a transformation since its beginning as Monaco Coin (MCO), which was linked to the MCO Visa Card. Following a rebranding in 2021, it transitioned into the native token of the Cronos Chain, a blockchain developed using the Cosmos SDK.

Aside from its mainnet launch, Cronos developers are also working on a zkEVM Layer 2 solution, which will enable integration with Ethereum, further expanding Cronos’ presence in the crypto ecosystem.