Cronos Reissues 700 Billion Tokens to Boost Strategic Reserve
1min read Cronos Mainnet, a strategic partner chain project of Crypto.com, has announced plans to reissue 700 billion burned tokens to support its Strategic Reserve Program. In 2021, a total of 70 billion CRO tokens were burned, and the project is now proposing to reissue an equivalent amount of tokens on the cronos POS. These reissued tokens will be deposited into the Cronos Strategic Reserve custody wallet, restoring the total supply to its original 100 billion. This move aims to support the "Cronos Strategic Reserve" program.
The CRO tokens in the Strategic Reserve custody wallet will have an additional 5-year lock-up period, extending the total lock-up period to 10 years. The release of these tokens will be linear and occur on a monthly basis. This strategic decision is expected to have a significant impact on the Cronos ecosystem and its token holders.
The Cronos Mainnet is a high-performance blockchain network that supports the development of decentralized applications (dApps) and smart contracts. It is designed to be compatible with the Ethereum Virtual Machine (EVM), allowing developers to easily port their dApps from Ethereum to Cronos. The Cronos Mainnet is also integrated with the Crypto.com ecosystem, providing users with access to a wide range of services, including decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and gaming.
The reissuance of burned tokens is a significant development for the Cronos ecosystem, as it aims to strengthen the network's strategic reserve and support its long-term growth. By extending the lock-up period for the reissued tokens, the Cronos team is demonstrating its commitment to responsible token management and sustainable development. As the Cronos ecosystem continues to grow and evolve, investors and developers will be watching closely to see how this strategic move impacts the network's future.
