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The Cronos blockchain, associated with Crypto.com, aims to reintroduce 70 billion CRO coins into circulation, which were permanently burned in 2021. This initiative will increase the total supply to 100 billion coins, with the reintroduced coins transferred to Cronos’ strategic reserve wallet. These coins will be subject to a ten-year lock-up period, with gradual release scheduled monthly.
70 Billion CRO Coins Are Returning
In 2021, Cronos permanently burned 70 billion CRO coins. However, to support the ecosystem’s growth, the re-injection of these coins into circulation is proposed.
Under the new plan, the CRO coins will be moved to the strategic reserve wallet of Cronos. This reserve will be utilized to ensure the long-term sustainability of the Cronos ecosystem. According to official statements, the initial five-year coin lock-up period will be extended by an additional five years, resulting in a total of ten years during which a specific amount of CRO coins will be released each month.
CRO Price Surges by 25% After Proposal
Following the announcement of the new proposal, there was a significant surge in the price of CRO. Recent market data indicates that the CRO coin quickly rose by 25%, surpassing $0.093. Investors seem to view the long-term nature of the plan positively, despite the increase in supply.
The Cronos team has emphasized that the 70 billion coins will not be released all at once, but rather gradually. This approach aims to prevent sudden selling pressure in the market.
