The Rebirth Journey of CRO Token: From 70 Billion Burned to Re-Minting

Recently, a blockchain project under a well-known cryptocurrency platform proposed a controversial proposal. This proposal suggests to mint 70 billion CRO tokens, which is equivalent to 3.3333 times the current circulating supply. This move is essentially aimed at restoring the 70% of CRO tokens that were destroyed in 2021.

Once this proposal was announced, it immediately sparked strong doubts and opposition within the cryptocurrency community. Many industry insiders and investors expressed confusion and concern, believing that this practice contradicts the fundamental principles of blockchain.

However, despite facing skepticism and controversy from the community and opinion leaders, the platform still insists on advancing this proposal. In subsequent public communications, senior executives of the platform even bluntly stated: "Trust us, or sell your Tokens," which further exacerbated the dissatisfaction within the community.

In the early stages of voting, the opposition votes held a clear advantage, and the voter participation rate had not yet reached the threshold for effectiveness. However, just before the voting was about to end, suddenly 3.35 billion CRO surged into the voting pool, all casting affirmative votes. Reports suggest that these tokens came from nodes controlled by the platform, which hold nearly 70%-80% of the voting power.

After the so-called "decentralized" voting passed this time, the CRO community fell into chaos. The platform's CEO became the target of criticism. However, for veterans of the cryptocurrency industry, such operations, while unpleasant, are not entirely unexpected. Looking back at the development history of the platform, it is not difficult to find that this is not the first incident that has sparked community backlash.

CRO originated from an old project that debuted in 2017 through an ICO, focusing on cryptocurrency payment card services. The project performed well in its early days and received support from several well-known exchanges. In the second half of 2018, the project announced a brand upgrade and issued the CRO Token at the end of the year.

In August 2020, the platform announced the integration of the old Token into the CRO system, a decision that triggered a strong reaction from the community at the time. In February 2021, the platform further announced the decision to burn 70% of the Token to promote decentralized governance.

However, just four years later, the platform has proposed to remint the tokens that were destroyed back then, claiming it is to support the development of ETFs. Even more puzzling is that the day after the proposal to remint 70 billion CRO was approved, the project team proposed a new plan to destroy 50 million CRO.

This series of actions raises the question: If tokens that have already been destroyed can be reborn, then what is the significance and immutability of blockchain technology? This case undoubtedly serves as a wake-up call for the entire cryptocurrency industry, reminding us that we need to rethink the essence of decentralization and token economics.