CRO Token Rebirth: 70 billion coins burned 4 years ago are minted again

Recently, the Cronos chain proposed a controversial proposal that has attracted widespread attention and discussion within the cryptocurrency community. The proposal suggests minting 70 billion CRO tokens, which is equivalent to 3.3333 times the current circulation. In other words, this means reissuing the 70% CRO tokens that were destroyed in 2021.

Once this proposal was announced, it immediately sparked strong doubts and opposition. Many community members and industry opinion leaders expressed their dissatisfaction, believing that this move contradicted the fundamental principles of blockchain.

However, despite facing such strong opposition, the management team of the Cronos chain remains steadfast in their views. In subsequent public communications and media interviews, they even stated: "Either trust us, or sell your tokens." This attitude further exacerbated the dissatisfaction within the community.

At the beginning of the voting, the opposing votes held an absolute advantage, and the number of votes had not yet reached the statutory number required for effectiveness. However, just before the voting was about to end, the situation suddenly reversed. Approximately 3.35 billion CRO suddenly flooded into the voting pool, all casting affirmative votes. Reports suggest that these tokens came from nodes controlled by a certain trading platform, and these nodes hold nearly 70%-80% of the voting power.

After the proposal was passed, the CRO community fell into chaos. Many people expressed doubts and dissatisfaction with the so-called "decentralized" voting results.

Looking back at the development history of CRO, it is not difficult to find that this is not the first event to trigger community controversy. The predecessor of CRO is the MONACO (MCO) Token, which was issued through an ICO in 2017, focusing on cryptocurrency payment card services. The project performed brilliantly in its early stages, gaining support from many well-known trading platforms.

In the second half of 2018, the project underwent a brand upgrade and was renamed Crypto.com. By the end of the year, they issued the CRO Token under the pretext of building an ecosystem. In August 2020, they announced the integration of the MCO Token into the CRO system, which triggered the first round of community protests.

In February 2021, the project team announced their decision to destroy 70% of the tokens to embrace decentralized governance. However, just four years later, they proposed to remint these destroyed tokens, claiming it was to support the development of ETFs.

Even more perplexingly, on the day after the 70 billion CRO re-minting proposal was passed, the project team proposed a new plan to burn 50 million CRO. Was this move intended to appease the community's anger, or is it some form of mockery? The answer remains unknown.

This series of events has prompted deep reflection on the fundamental principles of blockchain. If tokens that have already been destroyed can be minted again, then what is the significance and value of blockchain technology? This question deserves in-depth consideration from the entire cryptocurrency industry.