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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