Crypto.com Burned $10BLN Worth Of CRO Before Mainnet Launch
Crypto.com burned $10 billion worth of the CRO tokens before its mainnet launch and this is possibly one of the biggest token burns ever made so let’s read more in our latest crypto news.
Crypto exchange and payments tool provider Crypto.com burned over 70 billion CRO in the coming weeks as it comes near to the mainnet launch date as said in a blog post. Touted as the biggest token burn in history, Crypto.com says it’s an important step to decentralized the network at the mainnet launch with the token working on the ETH network and will eventually transition to the crypto.org chain.
Built for Payments, DeFi and NFT
— Crypto.com (@cryptocom) February 22, 2021
The “token burn” is said to happen if a predetermined amount of crypto is taken out of circulation forever. This could happen for a few reasons like increasing shareholders’ value or the health of the network. The platform said it is fully decentralized, public chain, and open-source that has high speed and low fees that will benefit from the token burn while decentralizing the network:
“Use cases driving mass crypto adoption through payments, DeFi, and NFTs all need this critically important infrastructure.”
59.6 billion have already been burned a day ago, another 10.4 billion is locked in smart contracts and will be burned monthly when it gets unlocked which will increase the supply of CRO from the current 24% to over 80%. Of the 5.9 billion coins, 5 billion will be allocated to a mainnet block reward for the chain validators and delegators that will secure the network, while the other 0.9 billion will be allocated to a Particle B for ecosystem development. Apart from the CRO Burn, the platform announced the date of launch for the mainnet, and it’s officially scheduled for March 25, 2021.
We’ve just burned over US$10 billion in #CRO ahead of Mainnet launch – the largest token burn in the history of cryptocurrency markets.
— Kris | Crypto.com (@Kris_HK) February 22, 2021
The firm claimed that more than 3000 validator applications from the world were received in the Crossfire mainnet dry-run where about 275 transactions were processed in almost a month. the network took over two years of building and testing. In the meantime, CRO jumped to $0.22 on the news on the token burn and it was one of the only cryptocurrencies to be in the green today as the market saw a huge drop this morning.