Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest
Ad: Bybit - Make your first deposit and earn bonuses of up to $3,000, and more! Earn now!

Crypto.com burns $10 billion worth of CRO ahead of mainnet launch

Crypto dot 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.com burns $10 billion worth of CRO ahead of mainnet launch

Photo by Robynne Hu on Unsplash

Deposit and Earn Up to $3000 Bonus

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.comโ€™s 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 โ€œlargest token burnโ€ in history, Crypto.com said the move was an โ€œimportant stepโ€ to fully decentralize the network at the mainnet launchโ€”the token currently works on the Ethereum network current; it would now transition to the Crypto.org Chain.

A โ€œtoken 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 โ€œhealthโ€ 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. โ€œUse 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:

  1. 59.6 billion have already been burned on February 22, 2021.
  2. 10.4 billion is currently locked in a smart contract and will be burned monthly, as it gets unlocked.
  3. 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 Chainโ€™s ecosystem development.

Mainnet launch date

Apart from the CRO burn, Crypto.com also confirmed the date for the launch of its upcoming mainnet today. โ€œItโ€™s official: #Mainnet Launching on 25 March 2021,โ€ the firm said in a post.

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.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Deposit and Earn Up to $3000 Bonus

Like what you see? Subscribe for updates.