Cronos Holders Vote on Burn and Buyback Proposals
Cronos (CRO) holders are voting on two proposals that could change the supply of CRO. One proposal is to burn 228 million CRO, which would be the largest burn in history for the token. The second proposal commits developer firm Cronos Labs to putting all revenue from its Ult and Cronos Launch products into buybacks.
The voting deadline is Saturday at around 02:00 UTC, and a quorum has already been reached with no votes against either proposal. If both proposals pass, it could have implications for the price of CRO, which has risen by 9.6% in the past week to 0.0590 euros.
The burn would be the largest in history for CRO, and would reduce the supply of the token by 0.23%. However, the second proposal could have a more significant impact on the price of CRO if it leads to increased revenue from Ult and Cronos Launch.