Cronos proposed to reissue 70 billion destroyed tokens to create a strategic reserve

ChainCatcher news, the EVM-compatible blockchain Cronos proposed to reissue 70 billion previously destroyed tokens into a strategic reserve custody wallet, restoring the total supply of tokens to the initial supply of 100 billion CRO. The strategic reserve custody wallet will be subject to a new 5-year lock-up period in addition to the 5-year lock-up period that has already passed, resulting in a total vesting period of 10 years. Vesting will occur linearly on a monthly basis and will be managed through the native Cosmos SDK vesting account mechanism on the Cronos POS chain (technically, vesting occurs approximately every 30.4 days or 2,628,000 seconds). The official statement indicated that the Cronos strategic reserve custody wallet will operate under strict control mechanisms.

Previously, Cronos had destroyed 70 billion CRO in 2021.