Cronos Proposal to Recover 700 Billion Burned Tokens Met with Community Backlash, Over 95% Opposition
Original Title: "Crypto.com's Cronos Chain Proposes Recovery of 700 Billion Burned $CRO Tokens, Triggering Strong Community Backlash with Over 95% Disapproval Rate."
Original Author: Arthur Wang, BlockTempo
The centralized exchange Crypto.com's Cronos chain recently proposed a plan to recover the 700 billion CRO tokens burned in 2021 to provide funding support for the ecosystem. However, this proposal has faced strong opposition from the community. The current voting results show that 95.7% of participants have voted against the plan, and the opposition continues to grow. The voting will conclude on March 17.
Proposal Details: Recovery of Burned CRO to Create a Strategic Reserve
Cronos has proposed to recover the 700 billion CRO tokens that were burned, with the aim of establishing a "strategic reserve" to facilitate Cronos's "golden age" revival and support its development in the fields of DeFi, NFTs, gaming, and the metaverse.
According to the proposal, recovering the burned CRO tokens would restore the total supply to the original 1 trillion CRO. Furthermore, these tokens would be locked up for 10 years, including a 5-year foundational lock-up period and a 5-year additional lock-up period. The Cronos team stated:
This move will provide financial security for its future roadmap (including planned ETF projects) and help drive the U.S. to become the global hub for cryptocurrency.
Community Sentiment: Strong Opposition and Support Coexist
Supporters believe that recovering these tokens and establishing a strategic reserve will provide financial security for Cronos's long-term development, especially in DeFi, NFTs, and other areas. This move is expected to inject new vitality into the Cronos ecosystem and support its future ETF project.
However, opponents have raised criticisms from various perspectives. Firstly, many are concerned that recovering the 700 billion CRO tokens will lead to excessive market dilution of the supply, thus negatively impacting the CRO price. Secondly, some community members question the lack of transparency in the proposal, as it does not clearly explain how the additional tokens will be allocated and who will benefit from it.
Some opponents also believe that this proposal is not in line with the community's expectations for token burning and supply control, questioning whether it is in the best interest of the community.
Community Response: Intense Discussion and High Level of Distrust
Following the proposal's release, discussions within the community became unusually intense. Many members requested Cronos to provide more details, especially regarding the plan for allocating these newly minted tokens. Some users even likened this proposal to the cryptocurrency practice of a "Rug Pull."
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