CRO Token Rebirth Sparks Controversy

Recently, the Cronos chain proposed a notable plan to reissue 70 billion CRO tokens, equivalent to 3.3333 times the current circulation. This decision effectively involves the reissuance of 70% of the CRO tokens that were destroyed in 2021, sparking widespread skepticism and discussion.

Despite strong skepticism from the community and opinion leaders regarding this proposal, the Cronos chain team remains steadfast in their position. In subsequent public communications and media interviews, they even stated a tough stance of "trust us or sell off."

At the beginning of the voting, the opposing votes held a clear advantage, and there was still a considerable distance to the voting threshold. However, just before the voting was about to end, 3.35 billion CRO suddenly flooded into the voting pool, all casting favorable votes. There are reports that these tokens came from nodes controlled by a certain platform, and these nodes hold nearly 70%-80% of the voting rights.

After the so-called "decentralized" voting was passed, the CRO community fell into chaos. For industry veterans, while this operation is shocking, it is not entirely unexpected. Looking back at the development history of CRO, it can be found that this is not the first event to provoke community resistance.

CRO's predecessor was MONACO (MCO), an old project that emerged through ICO in 2017, focusing on cryptocurrency payment card services. The project performed well in its early stages and received support from several well-known trading platforms. In the second half of 2018, the project underwent a brand upgrade, renaming itself Crypto.com, and issued the CRO Token at the end of the year.

In August 2020, the project team announced the integration of the MCO Token into the CRO system, which sparked strong dissatisfaction within the community. In February 2021, the project team announced again that in order to embrace decentralized governance, they decided to burn 70% of the Tokens.

However, four years later, the project team has proposed to re-mint the previously destroyed tokens, claiming it is to support the development of ETFs. What is even more perplexing is that the day after the proposal to re-mint 70 billion CRO was approved, the team put forward a new proposal to destroy 50 million CRO.

This series of operations has sparked deep reflection on the essence and significance of blockchain. If tokens that have already been destroyed can easily be reborn, then how can the immutability of blockchain technology be demonstrated? This is undoubtedly a question worth in-depth discussion in the industry.