The approval of a proposal to restore 70 billion CRO, the native token of Cronos Chain, a blockchain network developed by Crypto.com, has sparked a backlash against the crypto exchange from its community.
According to Mintscan, the controversial move, which reverses a 2021 token burn, passed with 62.18% of the vote and thus brings CRO’s total supply back to 100 billion.
The proposal, which also aimed at establishing a Cronos Strategic Reserve to fund ecosystem growth and AI-driven applications, was met with fierce resistance from some community members ahead of the vote, which ran from March 2 to 16, 2025. Now, its passage and approval have met even more backlash.
Critics argue that Crypto.com’s sway undermines trust in the network and sets a worrying precedent for future governance decisions, as well as the potential for such influence to sway critical economic decisions. CRO advocate Wyll Bilderberg voiced concerns that this precedent of reversing a token burn could erode confidence in tokenomics across the border crypto space.
Meanwhile, Sonic Labs’s co-founder Andre Cronje pointed out that the vote effectively increased Cronos’ market capitalization by billions—with the support of just one major voter.
Tomorrow Cronos goes from $2.5bn mcap to $8.5bn mcap with a single vote and all it needed was a single voter.
1. mcaps are a meme.
2. Decentralization doesnt matter, until it does.
3. Immutability doesnt matter, until it does. https://t.co/eZ5Kpm9JFr— Andre Cronje (@AndreCronjeTech) March 18, 2025
The final hours of voting on March 16 saw a dramatic shift, with 3.35 billion CRO tokens from major validators like Starship, Falcon Heavy, and others swinging the outcome in favour of the proposal. Up until then, the proposal reportedly had little support. This sudden surge has fueled accusations of undue influence and raised questions about the integrity of Cronos’ governance structure.
Meanwhile, Crypto.com has announced plans to file a Cronos-based ETF by Q4 2025 and launch a new stablecoin in Q3 2025, marking a significant expansion into institutional-grade financial products.
CRO is currently trading at $0.07970, a 9.01% decrease in the last 24 hours
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