Cronos Continues To Burn: Another 50 Million CRO Vanishes

IconCryptoNewsTerminal Staff02 Jul, 2024

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Cronos Continues To Burn: Another 50 Million CRO Vanishes

Cronos (CRO) has completed another significant burn of 50 million CRO on its Proof-of-Stake (PoS) chain. This burn comes as part of a community-voted proposal to reduce the overall supply of CRO. The first burn of 50 million CRO was executed in December 2022, and with this second burn, a total of 100 million CRO have now been removed from circulation. The purpose of these burns is to increase the scarcity of CRO, potentially driving up its value. By reducing the supply, Cronos aims to make CRO more attractive to investors while increasing the long-term stability of the network. The Cronos network, powered by CRO, is a decentralized blockchain designed to be interoperable with the Ethereum Virtual Machine (EVM). It allows developers to easily deploy and execute smart contracts on a scalable and cost-effective platform. These regular burns are part of the Cronos team's commitment to the long-term growth and sustainability of the network. By reducing the supply of CRO, they aim to foster a stronger and more robust ecosystem for developers and users alike.

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