In a historic moment, the governance proposal seeking to create a Cronos Strategic Reserve by undertaking a reversal of the 70B burnt tokens of the February 2021 token burn has been successfully approved.
Here are the latest update, community reactions and how the Cronos leadership is trying to address concerns:
The Vote:
The proposal received a turnout of over 70% (quorum 33.40%). Out of this 62.18% voted Yes while 17.61% voted No. A little over 20% also abstained.
Since the passing of the proposal, community members have reported that Cronos is set to release 1,166,666,666B Tokens from Vesting Period Monthly for 60 months. This will restore the total supply to 100 billion CRO.
The Controversy:
However, the vote remains controversial:
Critics point out that independent validators largely opposed the proposal, with 46 of the 53 validators voting no. However with over 70% of the votes controlled by validators linked to crypto.com, the proposal was approved seamlessly despite community opposition.
An AMA at Last:
The community’s main concern as highlighted by our previous article was a lack of clarity. Considering the number of inexplicable moves undertaken by the leadership from the 70B unburn to the 50M burn proposal, an AMA was heavily requested.
It seems that community’s concerns finally reached the leadership team, as an AMA with Crypto.com founder and CEO Kris Marszalek has been scheduled for 25 March 2025.
You can submit questions for the same here.
The community is already flooding X with questions, with many hoping that Kris will go beyond picking the low hanging fruits to using the opportunity to sufficiently address concerns expressed by the CroFam.
