Key Points
- Cronos blockchain will reissue 70 billion CRO tokens burned in 2021.
- Positive votes from Crypto.com validators supported the final decision.
Cronos’ proposal to reissue 70 billion CRO tokens that have been previously burned in 2021 was approved on March 17 with support from Crypto.com, but caused criticism in the industry.
Cronos is an L1 blockchain associated with the crypto exchange Crypto.com.
Total Supply of CRO Tokens Will Return to Original Cap of 100 Billion
Cronos’ proposal to reissue 70 billion CRO tokens worth $5,6 billion at current prices was approved yesterday and this means that the total supply of CRO tokens will return to its original cap of 100 billion.
The newly issued tokens will be allocated to a Strategic Reserve Wallet and placed under a multi-year vesting schedule.
Cronos’ Proposal for a “New Golden Age to Onboard Billions and Invest in the US” advances key parts of the roadmap, including connecting CRO to institutional liquidity pools via CRO ETF by Crypto.com.
This means that Crypto.com plans to file CRO ETF, to tap into the growing institutional interest in crypto.
According to official data provided by Mintscan, over 62% of the voters were in favor, while more than 17% of voters were against the proposal. More than 20% of voters abstained.
A few large validators associated with Crypto.com led to positive results regarding the proposal.
A Controversial Result Allegedly Involving Centralization
This approval triggered criticism, with some voices citing a sudden surge of 3.35 billion CRO tokens in the final moments of the voting period, a move labeled as a display of centralization.
Sonic’s founder, Andre Cronje, commented on the issue, saying that tomorrow Cronos will go from $2.5 billion market cap to $8.5 billion with a single vote.
He said that market caps are a meme, while decentralization and immutability don’t matter until they do.
Cronje quoted crypto journalist Laura Shin, who said that Crypto.com went against its community’s wishes to push through a proposal to reissue CRO tokens previously taken out of circulation in 2021.
Tomorrow Cronos goes from $2.5bn mcap to $8.5bn mcap with a single vote and all it needed was a single voter.
1. mcaps are a meme.
2. Decentralization doesnt matter, until it does.
3. Immutability doesnt matter, until it does. https://t.co/eZ5Kpm9JFr— Andre Cronje (@AndreCronjeTech) March 18, 2025
According to Mintscan, the voting period started on March 3rd and lasted until March 17. The yes votes surpassed the no ones by a slight margin, and the proposal reportedly struggled to meet the 33% quorum. But, in the last hours of voting, participation surged from below the required 33%, reaching a final turnout of 70%.
This was reportedly due to large validators linked to Crypto.com, including Electron, Antaresm, and Minotaur IV, whose votes accounted for more than 72%.
Journalist Laura Shin criticized the result, saying that the stage is now set for Cronos to undergo an upgrade that will mint 70 billion new tokens while leaving the 70 billion burned in 2021 out of circulation.
Some believe that this result could give others similar ideas to reissue their burned supply.
Meanwhile, Cronos announced another 50 million CRO burn on the horizon, with validators to vote over the next two weeks.
CRO‘s price is down by almost 7% today. CRO is the Crypto.com coin rebranded.
