Crypto.com burns $10 billion worth of CRO ahead of mainnet launch ๐จ This article is 4 years old...
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Crypto.com burns $10 billion worth of CRO ahead of mainnet launch
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Updated: Sep. 12, 2021 at 12:34 pm UTC
Crypto.com, the Hong Kong-based payments and crypto exchange platform, will conduct one of the biggest token burns ever ahead of its mainnet launch.
Crypto.comโs DeFi move
Crypto exchange and payments tool provider Crypto.com will burn over 70 billion CRO in the coming weeks as it approaches its mainnet launch, it said in a blog post today.
Touted as the โlargest token burnโ in history, Crypto.com said the move was an โimportant stepโ to fully decentralize the network at the mainnet launchโthe token currently works on the Ethereum network current; it would now transition to the Crypto.org Chain.
Weโve 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
A โtoken burnโ is said to happen if a predetermined amount of a certain cryptocurrency is taken out of circulation permanently. This could take place for various reasons, such as increasing shareholder value and increasing the โhealthโ of the network.
Crypto.com said its fully decentralized, open-source, public chain with high speed and low fees would benefit from the token burn while fully decentralizing its network. โUse cases driving mass crypto adoption through payments, DeFi, and NFTs all need this critically important infrastructure,โ the team added in a post.
The schedule of the 70 billion CRO is as follows:
- 59.6 billion have already been burned on February 22, 2021.
- 10.4 billion is currently locked in a smart contract and will be burned monthly, as it gets unlocked.
- This will increase the circulating supply of CRO from the current 24% to over 80%.
Of the 5.9 billion CRO, 5 billion CRO will be allocated to mainnet block rewards for Chain validators and delegators which helps secure the network while 0.9 billion CRO would be allocated to Particle B for the Chainโs ecosystem development.
Mainnet launch date
Apart from the CRO burn, Crypto.com also confirmed the date for the launch of its upcoming mainnet today. โItโs official: #Mainnet Launching on 25 March 2021,โ the firm said in a post.
Itโs official: #Mainnet Launching on 25 March 2021 as https://t.co/FaauJaS19Z Chain
โ Full decentralization
โ High speed
โ Low feesBuilt for Payments, DeFi and NFT
Details: https://t.co/PwvTdwbeGJ pic.twitter.com/Bm2ZBHkmxo
— Crypto.com (@cryptocom) February 22, 2021
The firm claimed that over 3,000 validator applications from all around the world were received during the Crossfire Mainnet Dry-Run where more than 275 million transactions were processed in four weeks. It added that the network took over two years of testing and building.
Meanwhile, CRO jumped over 57% to $0.22 on news of the token burn and upcoming mainnet launch. It was one of the only cryptocurrencies to remain green today as the broader market saw a sudden drop this morning.
Disclaimer: Crypto.com is an advertising partner for CryptoSlate.
Cronos Market Data
At the time of press 12:34 pm UTC on Sep. 12, 2021, Cronos is ranked #17 by market cap and the price is up 54.79% over the past 24 hours. Cronos has a market capitalization of $5.23 billion with a 24-hour trading volume of $2.05 billion. Learn more about Cronos ›
Crypto Market Summary
At the time of press 12:34 pm UTC on Sep. 12, 2021, the total crypto market is valued at at $1.64 trillion with a 24-hour volume of $230.46 billion. Bitcoin dominance is currently at 61.39%. Learn more about the crypto market ›
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Crypto.com
Crypto.com was founded in 2016 on a simple belief: itโs a basic human right for everyone to control their money, data and identity.