A controversial proposal in the Cronos ecosystem ended on Monday evening, with the community in favor of the supply of tokens going from 30 billion CRO to 100 billion CRO over a 10 -year acquisition period.
However, this happened after weeks of the community based against the switch while a few CRO whales – or influential users who hold large quantities of a token – have intensified the last hours of closing the vote to put it in favor.
Cronos, linked to Crypto Exchange Crypto.com, earlier in the month, proposed to re -use 70 billion CRO tokens which he burned in 2021, aimed at restoring his supply of 100 billion original tokens for a “strategic reserve”.
The supposed plan of $ 5 billion (at current prices of $ 0.08 CRO) sought to stimulate the dominance of American cryptography, to found the growth of ecosystems and to launch an ETF CRO. The Community Under -the -counterness was strong when the vote was put online for the first time, 86% opposing it in the first days.
But the governance of the crypto is known to be independent of community name only; With great holders of token capable of dominating all proposals and changes to their will – even if the vote would be, in theory, executed in a transparent manner by the “community”.
The proposal, live from March 2 to 16 and during its voting period, was far from the quorum of 33.4% necessary to pass. Then, at 2:00 p.m. UTC on Monday, a 3.35 billion CRO voting discharge overturned the script, hitting the quorum and sealing the agreement. Final account: 61.18% yes, 17.61% no, 20.11% ABSTER and 0.11% veto.
Two validators of the influencer network, Starship and Falcon Heavy, supported the plan on March 10, overshadowed by 77.97% against this and 8.47% abstaining at the time. Monday, Electron, Antares and Minotaur IV piled up – using a cumulative CRO of 3.2 billion in voting power to vote for the proposal.
Cronos Network made an upgrade aligned in the hours which followed the end of the vote and were completed on March 18 at 3:00 am UTC, establishing an increase of more than 200% of the supply in the years to come.
Merchants responded in kind, with CRO down 8.5% in the last 24 hours in the middle of a flat market.
