Cronos Considers Proposal to Reissue 70 Billion Previously Burned Tokens

Cronos, the Layer 1 blockchain associated with cryptocurrency exchange Crypto.com, is considering a proposal to reissue 70 billion tokens that were burned in 2021, which would restore the total token supply to the original 100 billion $CRO. The proposal aims to place 70 billion tokens in a “strategic reserve wallet” with a five-year distribution schedule.

The 2021 burn, which was considered one of the largest in cryptocurrency history, reduced the supply from 100 billion to 30 billion $CRO tokens to support decentralization efforts ahead of the Cronos mainnet launch. The proposal has received critical feedback from the community on social media platform X, with some deeming it a “step backward” and others calling it “dodgy.”

$CRO has a circulating supply of 26.57 billion tokens, with a current total supply of 30 billion, and a valuation of $2.21 billion. The price of the $CRO token has risen more than 13% in the last 24 hours, according to CoinMarketCap data. At the time of writing, $CRO is trading at $0.08364.

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