The Rise and Fall of CRO Token: From 70 Billion Burned to the Controversial Path of Re-Minting

Recently, a proposal to remint 70 billion CRO tokens on the Cronos chain has sparked widespread controversy within the cryptocurrency community. This amount is equivalent to 3.3333 times the current circulation, effectively reminting 70% of the CRO tokens that were burned in 2021.

Once the proposal was released, it immediately attracted strong skepticism from community members and industry opinion leaders. Despite facing numerous controversies, a certain trading platform still stood its ground, and its CEO even stated in subsequent public communications: "Trust us, or sell your Token."

At the beginning of the voting, the opposing votes held an absolute advantage, and the number of voters had not yet reached the threshold for effectiveness. However, just before the voting was about to end, suddenly 3.35 billion CRO flowed into the voting pool, all casting votes in favor. There are reports that these tokens came from nodes controlled by a certain trading platform, and these nodes hold nearly 70%-80% of the voting rights.

After the "decentralized" voting was passed, the CRO community fell into chaos. For veterans in the cryptocurrency industry, although CRO's action is surprising, it is not entirely unexpected. Looking back at the project's development history, it can be seen that this is not the first event to provoke community resistance.

CRO's predecessor was MONACO (MCO), a well-established project that started its ICO in 2017, focusing on cryptocurrency payment card services. In the second half of 2018, the project underwent a brand upgrade and changed its name to the current one. At the end of the same year, they issued the CRO Token in the name of the ecosystem.

In August 2020, the project announced the integration of the MCO Token into the CRO system, which at the time also caused huge controversy. In February 2021, the project announced the decision to burn 70% of the Tokens to embrace decentralized governance and support the development of the new chain.

However, four years later, the project team proposed to re-mint the tokens that were burned back then under the pretext of supporting the ETF. What is even more puzzling is that the day after the proposal to re-mint 70 billion CRO was approved, the project team put forward a new proposal to burn 50 million CRO.

This series of actions inevitably raises the question: If tokens that have already been destroyed can be reborn, what is the significance of blockchain technology? This question deserves serious contemplation from the entire cryptocurrency industry.