Cronos Burns 228M Tokens, Commits 100% of Revenue to Buybacks

Cronos, the native token of Crypto.com, has taken steps to reduce its circulating supply. A community-approved proposal has led to the permanent removal of 228 million Cronos tokens from circulation, which were transferred from the community pool to a burn address. This move aims to combat inflation and stabilize the token's value.

The proposal also commits 100% of revenue generated by Cronos Ult and Cronos Launch to token buybacks, with the repurchased tokens being burned each month. This means that all transaction hashes for buyback and burn transactions will be disclosed on-chain, allowing for transparency and accountability.

Cronos has assured that staking rewards will remain at current levels, even if new issuance declines. The rewards will be funded from strategic reserves, ensuring that stakers continue to receive their rewards.