50 Million CRO Tokens Burned Following Governance Approval With Over 94% "YES" Votes
CRO achieves 150M CRO tokens burned with today's milestone event
The Cronos POS Chain has completed its third community-driven burn event, permanently removing an additional 50 million CRO from circulation. This milestone brings the total amount of burned tokens to 150 million CRO, signaling continued progress toward reducing the circulating supply.
Key Takeaways
Event: 50M CRO Burn Completed (December 3, 2024)
Proposal ID: #28
Burn Address: cro1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqtcgxmv
Governance Results:
YES Votes: 94.84% (8.36B CRO)
Abstain Votes: 5.16% (454M CRO)
NO Votes: 0.00%
No With Veto: 0.00%
Burn Mechanism: Fund transfer from the community pool to an irreversible dead address
Total Burned to Date: 150M CRO (~$28.4M USD)
Overview of Proposal #28
The proposal, titled "The Third Community Burn of 50 Million CRO on Cronos POS Chain", followed the success of two prior burn events. This initiative aimed to remove an additional 50M CRO, marking a pivotal step in Cronos' tokenomics strategy. The community overwhelmingly supported the burn with a near-unanimous governance vote.
The governance vote ran from November 19, 2024, to December 3, 2024, and saw a significant turnout with 8.81B CRO votes cast. The proposal was passed, leading to the burn at block #20,920,983.
The Importance of the Burn Mechanism
The CRO burn mechanism allocates emissions to the community pool at the protocol level, which are periodically burned to ensure long-term value for token holders. Today’s burn reduced the supply further, leaving a pending burn amount of 30.87M CRO still allocated for future events.
Moving Forward
This achievement highlights the Cronos Chain community’s commitment to strengthening its ecosystem. As the burning mechanism continues, Cronos POS Chain paves the way for a more robust tokenomics structure, benefiting its thriving user base.
Learn more about the burns and governance process here.