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Okay to Crypto.com's proposal: Ready to print 70 billion CRO
By Daniele Corno
The voting period has ended and the quorum has been reached: Crypto.com ready to print 70 billion CRO, two entities have decided
A trap for holders
There’s no going back, in the crypto sector what’s done is done, right? Well, not really, even more so when we’re talking about networks where a small number of entities can change the game.
The 14 days dedicated to voting on the proposal for the “New Golden Age” of Crypto.com and its CRO token have passed. With 4,612,887,499 CRO equal to 62.18% of the voting tokens, the YES vote has won.
So it’s official, with the aim of “Investing in the United States”, Crypto.com is ready to put on the market the enormous figure of 70 billion CRO. We would like to point out that this is the same amount that the company burned in 2021, reducing the supply from the previous 100 billion to the current 30 billion.
With this new mint, the supply will return to around 100 billion, with an increase from current values of +233%.
Money talks
For almost 14 days, the proposal was balanced between yes and no, a balance broken with two clicks.
In fact, the votes of two validators were enough to validate the victory of the YES. The two YES votes, from ELECTRON and ANTARES, brought the result to their side, with a lead of over 3 billion CRO over the NO votes.
Their votes weighed 32.6% and 21.6% respectively, guaranteeing the passage of the proposal and therefore the expected mint of 70 billion CRO.
The proposal was therefore concluded with 7 YES, 46 NO, 1 NO with Veto and 5 ABSTAIN. It is not so much a question of entity as of value held by individual voting entities, and it is important that this is clear to all crypto-asset holders with governance functions.
This is even more true for assets managed directly by companies such as stock exchanges where trust is placed directly in the issuer, as in this case, Crypto.com.
