Crypto.com explained that the burning of its native token was going to increase the circulating supply of its native token from 24% to 80% as it continues to work on becoming a fully decentralized chain network.
Crypto.com has announced that it would be burning 70 billion of its native token CRO in “an important step to fully decentralize the network at Mainnet Launch.” The crypto exchange also went on to label the burn as “the largest in history,” and 59.6 billion of the tokens have already been burned on Monday, February 21 2021.
According to the announcement, the remaining 10.4 billion tokens have been locked in a smart contract and it would be burnt monthly as it is being unlocked. The exchange would be left with 5.9 billion tokens which it would use for block rewards and the development of its ecosystem.
The burning of its native token, the exchange added, was going to increase the circulating supply of Crypto.com native token from 24% to 80% as it continues to work on becoming a fully decentralized chain network.
Crypto.com has set eyes on launching “Crypto.org Chain” blockchain on its mainnet network by March 25, and CRO would act as its native currency. The blockchain would be designed in such a way that the decentralized network would be used to serve the greater good of the public by driving the mass adoption of blockchain technology by the public.
It was also stated that the blockchain underwent two years of research and development and over 3000 validators applied for its Crossfire Mainnet Dry-Run that processed over 275 million transactions in four weeks.
This new development is in line with the exchange’s attempt to “aggressively pursue full decentralization of its network”. It is also in line with its “belief that the world needs a fully decentralized, open-source, public chain with high speed and low fees.” As such, by developing a blockchain product like Crypto.org Chain, it would be able to contribute its own quota to the blockchain industry.
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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.