Whales Flip Governance Vote: CRO Supply Set to Explode! 🚀💰

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What to know:

  • A small cabal of token-holding leviathans orchestrated a governance coup with a staggering 3.2 billion token swing just before the vote’s curtain fell.
  • In a delightful twist of fate, CRO has plummeted by 8.5% in the past 24 hours—because who doesn’t love a good rollercoaster ride? 🎢
  • And lo! The total supply of CRO shall now swell from a modest 30 billion to a whopping 100 billion. Talk about inflation! 💸

As the clock struck late Monday, a tempestuous proposal within the Cronos ecosystem reached its dramatic conclusion, with the community—after much wrangling—voting to inflate the token supply from 30 billion CRO to a staggering 100 billion CRO over a decade-long vesting period. Ah, the sweet scent of democracy! Or is it just the smell of burnt tokens?

But wait! This metamorphosis occurred only after weeks of the community’s collective frown, while a handful of CRO whales—those influential titans of tokenomics—decided to flex their muscles in the final hours, nudging the vote into the realm of the favorable. How charmingly convenient! 🐋

Earlier this month, Cronos, that sprightly offspring of Crypto.com, proposed to resurrect 70 billion CRO tokens it had flamboyantly burned in 2021, all in the name of restoring its original 100 billion token supply for a so-called “Strategic Reserve.” Because who doesn’t love a good comeback story?

This audacious $5 billion plan (at the current price of $0.08 per CRO) aimed to bolster U.S. crypto dominance, fund ecosystem growth, and launch a CRO ETF. Naturally, the community’s reaction was akin to a cat being bathed—86% opposed it in the initial days. Meow! 🐱

Yet, crypto governance is a curious beast, often masquerading as community-driven while being puppeteered by the big fish. The illusion of transparency is as delightful as a mirage in the desert—refreshing yet utterly deceptive.

The proposal, which danced from March 2 to 16, was floundering far from the 33.4% quorum needed to pass. Then, at the stroke of 14:00 UTC on Monday, a 3.35 billion CRO vote dump flipped the narrative, hitting quorum and sealing the deal. The final tally? 61.18% yes, 17.61% no, 20.11% abstain, and a lone 0.11% veto—because why not? 🎭

Two influencer network validators, Starship and Falcon Heavy, initially backed the plan, but were dwarfed by a staggering 77.97% against it and 8.47% abstaining at the time. However, on Monday, Electron, Antares, and Minotaur IV decided to join the party, wielding a cumulative 3.2 billion CRO in voting power to champion the proposal. Talk about a last-minute plot twist!

As the dust settled, the Cronos network had an upgrade lined up, finishing its business on March 18 at 03:00 UTC, setting the stage for a more than 200% increase in supply in the coming years. Buckle up, folks!

Traders, ever the fickle creatures, have responded in kind, with CRO down 8.5% in the past 24 hours amid a market that seems as flat as a pancake. 🥞

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2025-03-18 14:01