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.

The post Cronos CRO Token Supply Set to Triple Following Eleventh-Hour Governance Decision appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Massive Surge in Shiba Inu Token Burn Rate

The Shiba Inu community is abuzz as the burn rate for SHIB tokens has seen an incredible 500% surge. The increase comes as more and more SHIB tokens are being sent to what are known as “dead wallets,” effectively removing them from circulation. Over the past week, a whopping 564,273,572 SHIB tokens have been permanently removed from the supply.

The data showcases the increasing adoption and utility of the Shiba Inu ecosystem, attracting more participants to the network. This upsurge in the burn rate has potential ramifications for SHIB’s market value. The community is now awaiting further updates with bated breath, as the burn rate and token supply could have significant impacts on market trends.

The 500% surge in SHIB’s daily burn rate has left investors and market analysts both excited and intrigued, as the higher burn rate could lead to scarcity, potentially driving up the token’s value. At the time of the latest data, the SHIB token has experienced a minor dip, with its price standing at $0.0000078, showing a 0.90% decrease over the past 24 hours.

Shibarium Launch: A New Milestone for Shiba Inu

Last week also marked a significant event for the Shiba Inu ecosystem with the successful launch of Shibarium, a Layer 2 blockchain solution. This has been met with a highly positive response, drawing in over a million interacting wallets. This signifies not only the blockchain’s utility but also its mass adoption.

Shibarium offers enhanced scalability and lower transaction fees, making it an attractive option for users and developers alike. The adoption of Shibarium sets the stage for the Shiba Inu community to host more decentralized applications and protocols, broadening the use-cases for the SHIB token and associated assets.

With the growing adoption and utility of Shibarium, Shiba Inu’s ecosystem is becoming more robust, offering diversified services to its user base. This is undoubtedly a positive indicator for the Shiba Inu token as well as for the entire crypto industry.

Coming Soon: Wrapped Bone (WBONE)

The Shiba Inu team is gearing up for another exciting announcement. Shytoshi Kusama, the Shiba Inu lead, has confirmed that WBONE (Wrapped Bone) is ready for launch. An announcement is expected to be made soon by Shiba Inu developer Kaal Dhairya.

WBONE aims to make BONE tokens compatible with the Shibarium network’s smart contracts and decentralized applications. It allows users to convert their BONE tokens into WBONE, streamlining interactions with various DeFi protocols and decentralized exchanges.

Wrapped Bone is set to enhance the compatibility of BONE with other tokens and applications on the Shibarium network. This is an added benefit for users looking to interact with various DeFi platforms and DEXs, which often require tokens to be in a standardized format.

The post Exploding Shiba Inu Burn Rate Sees Unprecedented 500% Surge: What It Means for SHIB Token and the Crypto Market appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.