Cronos proposes to reissue 70 billion destroyed tokens to create a strategic reserve

ChainCatcher announced that the EVM-compatible blockchain Cronos proposes to reissue 70 billion previously destroyed tokens into a strategic reserve custody wallet, restoring the total token supply to its initial supply of 100 billion CRO.

The strategic reserve custody wallet will be subject to a new five-year lock-up period on top of the past five years, bringing the total vesting period to ten years.

Vesting will occur linearly once a month and is managed through the native Cosmos SDK vesting account mechanism on Cronos POS chain (technically speaking, vesting occurs approximately every 30.4 days or 2,628,000 seconds).

Officials stated that Cronos' strategic reserve custody wallet would operate under strict control mechanisms.

Previously in 2021, Cronos had destroyed 70 billion CRO tokens.