Refinitiv reported a controversial decision in the Cronos ecosystem concluded late on Monday, leading to a consensus for the token supply to surge from 30 billion to 100 billion CRO over the next decade. This outcome was reached after weeks of community resistance, until a handful of CRO whales, or influential users owning significant amounts of the token, intervened at the final moments of the vote, tipping the balance in favor.
Cronos, affiliated with the crypto exchange Crypto.com, had previously proposed to reinstate 70 billion CRO tokens that were burned in 2021, with the aim to revert to its initial 100 billion token supply as a “Strategic Reserve.” This alleged $5 billion scheme (based on the current $0.08 CRO prices) was designed to enhance U.S. crypto prevalence, foster ecosystem expansion, and initiate a CRO ETF. The community reacted strongly against this when the vote commenced, with 86% opposing it in the initial days.
However, crypto governance is infamous for being community-led in name only, with major token holders having the power to control any proposals and modifications as they please — even if the vote is, theoretically, carried out transparently by the “community.”
The proposal, active from March 2-16 and throughout its voting period, barely approached the 33.4% quorum required to pass. Then, on Monday at 14:00 UTC, a sudden casting of 3.35 billion CRO votes changed the game, achieving quorum and cementing the resolution. Final tally: 61.18% in favor, 17.61% against, 20.11% abstained, and 0.11% vetoed.
Two influencer network validators, Starship and Falcon Heavy, supported the initiative as of March 10, overshadowed by 77.97% opposing it and 8.47% abstaining at that time. On Monday, Electron, Antares, and Minotaur IV joined the fray — using a combined 3.2 billion CRO in voting power to endorse the proposal.
Immediately following the vote’s conclusion, the Cronos network underwent an upgrade which was completed on March 18 at 03:00 UTC, paving the way for a more than 200% surge in supply in the upcoming years. The market has reacted accordingly, with CRO falling 8.5% in the past 24 hours in an otherwise stable market.
