PROPOSAL: The Third CRO Community Burn on Cronos POS Chain #1093
Replies: 12 comments
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I like it. Burn another 50M |
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Agree with it too |
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Burn!We need to adopt same burn mechanism like BNB and make CRO great again! |
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Agree! Burn. |
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yes burn burn |
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YES! Burn 100m, 200m idc, but you aint getting my coins! |
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Yes! Burn |
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Yes Burn |
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Yes Burn
śr., 20 lis 2024 o 17:13 Mdlandla ***@***.***> napisał(a):
… Yes Burn
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yes burn |
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create a partnership with xrp ripple, next open up a few atms for cronos investors to deposit and withdrawal with crypto.com specific location for atm will be located outside of the crypto.com arena and implementing a 5 percent burning mechanism per utilizations of atm. |
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Approach East Los Angeles Community College and create internships opportunities for undergraduate students to not only become more recognized but also a huge engagement within the community and college campuses all over Socal |
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Introduction
Following the first and second successful burn of 50 Million $CRO, we are proposing to initiate the third burn of 50 Million of $CRO on the Cronos POS Chain. Once this proposal is passed, an additional 50 Million of $CRO will be burned - Leading to a total of 150 Million $CRO permanently removed from the circulating supply.
Background
As introduced in the previous proposal, the "Burning Mechanism of $CRO" has been implemented and has been continuously allocating a portion of the $CRO generated through emissions to the community pool at the Cronos POS Chain protocol level. The accumulated amount is then periodically burned to complete the cycle. At the time of writing, the community pool holds approximately 70 Million of $CRO and this proposal suggests a burning of 50 Million from the amount.
Technical Details
To execute the "burn”, a "community pool spend" governance proposal with a target address needs to be initiated. In particular, funds from the community pool are proposed to be moved to the "dead" address (i.e.cro1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqtcgxmv), which no one has control over, and effectively removes these funds from the circulating supply permanently. The current pending and burned amount, as well as historical burn events, are on the burn info page. Moreover, we can use this endpoint to query the current value of the circulating supply at any time, note this number is provided in
basecro, where1 CRO = 10^8 basecroon the Cronos POS chain.Governance Votes
After discussion and suggestion to this proposal, an on-chain network upgrade governance proposal will be raised. The following items summarize the voting options and what they mean for this proposal.
50,000,000) of $CRO from the community pool to the “dead” address and remove this amount from the circulating supply of CRO.Let us know your thoughts
The importance of active community participation in shaping the future of the Cronos POS chain cannot be overstated. Engage with your delegated validators and participate in proposal discussions on Discord and GitHub. Your input is vital in fostering a vibrant that benefits all $CRO holders and the wider ecosystem.
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