Crypto.com (CRO) has revealed they will be burning 70 billion CRO tokens starting from Monday, February 22, 2021.
According to reports, the 70 billion CRO tokens burned will be the largest token burn ever, and it’s also a crucial step in decentralizing the Crypto.com network at mainnet launch.
The largest token burn in history begins today
🔥70 Billion #CRO
Prepare for a fully decentralized #Mainnet
— Crypto.com (@cryptocom) February 22, 2021
Schedule To Burn 70 Billion CRO Tokens
From the 70 billion CRO tokens that will be burnt, 59.6 billion was burned on Monday, February 22. Another 10.4 billion is locked in a smart contract, and they will be burned monthly immediately after they are unlocked. Therefore, this will reportedly increase the circulating supply of CRO from 24% to more than 80%.
Aside from the 70 billion tokens to be burnt, there is also 5.9 billion CRO in supply. From this, 5 billion CRO will be allocated to mainnet block rewards for chain validators and delegators, thus securing the Crypto.com network. The remaining 0.9 billion CRO will reported be allocated to Particle B for chain ecosystem development.
Major Aim: Decentralization
Alongside the CRO token burn, reports revealed that the Crypto.org Chain will launch on mainnet on March 25.
The development of the chain commenced two years ago, previously running two successful testnets. Also, it ran a mainnet dry-run, dubbed Crossfire, which received over 3,000 validator applications. Notably, 275 million transactions were processed during Crossfire.
The blockchain will also run a delegated proof-of-stake consensus algorithm, and users can participate in securing the network using Crypto.com’s popular DeFi Wallet.
Besides, some notable additions to be expected are high speeds and low transaction fees for payments, DeFi, and NFTs. Therefore, helping the Crypto.com network with the step of industry growth.
The token burning announcement notes, “We’ve long believed that the world needs a fully decentralized, open-source, public chain with high speed and low fees. Use cases driving mass crypto adoption through payments, DeFi, and NFTs all need this critically important infrastructure.”
Kris Marszalek, the CEO of Crypto.com, also gave insights on the idea behind their decentralization. emphasizing that decentralization “matters.”
He also gave more explanation in a thread on Twitter:
With Mainnet launch, you will have:
– a fully decentralized network
– low fees
– incredible speed
…and as a cherry on top we will bring our millions of users to it.
Everything we need for payments, DeFi, NFT and more. Everything we need for the next stage of industry growth.
— Kris | Crypto.com (@Kris_HK) February 22, 2021
Before now, Autonio announced its partnership with Crypto.com. The partnership between both firms will reportedly enable the integration of Autonio’s liquidity mining campaigns into the Crypto.com platform.
As of the time of publciation, Crypto.com Coin price was $0.175139, with a 24-hour trading volume of $1,698,698,240. CRO price also rose by 27.7% over the last 24 hours. Besides, it has a circulating supply of 24 billion CRO coins and a max supply of 100 billion. Upbit is also the current most active market trading CRO.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.