Cronos’ CRO Supply to Grow 200% After Last-Minute Governance Flip

A contentious proposal within the Cronos ecosystem drew to an in depth late Monday, with the neighborhood voting in favor of the token provide rising from 30 billion CRO to 100 billion CRO over a 10-year vesting interval.

That, nonetheless, occurred after weeks of the neighborhood leaning towards the swap while a number of CRO whales — or influential customers who maintain massive quantities of a token — stepped up in the previous few hours of the vote’s closure to nudge it into favor.

Cronos, tied to crypto trade Crypto.com, earlier within the month proposed reissuing 70 billion CRO tokens it burned in 2021, aiming to restore its unique 100 billion token provide for a “Strategic Reserve.”

The supposed $5 billion plan (at current $0.08 CRO prices) sought to boost U.S. crypto dominance, fund ecosystem growth and launch a CRO ETF. Community backlash was strong when the vote first went live, with 86% opposing it in the first few days.

But crypto governance is notorious for being community-governed in name only; with large token holders able to dominate any proposals and changes at their will — even though the vote would be, in theory, executed transparently by the “community.”

The proposal, live from March 2-16 and through its voting period, was nowhere near the 33.4% quorum needed to pass. Then, at 14:00 UTC on Monday, a 3.35 billion CRO vote dump flipped the script, hitting quorum and sealing the deal. Final count: 61.18% yes, 17.61% no, 20.11% abstain and 0.11% veto.

Two influencer network validators, Starship and Falcon Heavy, backed the plan as of March 10, dwarfed by 77.97% against it and 8.47% abstaining at the time. On Monday, Electron, Antares, and Minotaur IV piled in — using a cumulative 3.2 billion CRO in voting power to vote for the proposal.

Cronos network had an upgrade lined up within the hours after the vote drew to an in depth and was completed on March 18 at 03:00 UTC, setting course for a greater than 200% enhance in provide within the coming years.

Traders have responded in variety, with CRO down 8.5% previously 24 hours amid a flat market.