Live For Voting — Governance Proposal 16: Introducing Burning Mechanisms To the Crypto.org Chain
Live For Voting — Governance Proposal 16: Introducing Burning Mechanisms To the Crypto.org Chain
In response to the growing attention from the community regarding the token supply — We propose to introduce a mechanism to gradually burn…
In response to the growing attention from the community regarding the token supply — We propose to introduce a mechanism to gradually burn a portion of the CRO supply emitted by the network. The overall goal is to reduce the inflation of the circulating token supply and bring long-term benefits to the token economy. The proposal 16 is now live and we would like to invite you to cast your vote before May 16, 2023.
What is this proposal?
This new proposal 16 recommends a burning mechanism that would reduce the inflation rate of Crypto.org Chain. The proposal highlighted is of importance for every CRO holder, details and discussion can be found on Crypto.org’s GitHub discussion page and in our previous blog post.
If this proposal passes, a periodic burning process will be introduced, and approximately 100 Million tokens could be burned in the first year.
Governance Voting Process
The community governance voting process for this proposal has started under the proposal id 16 and the voting period ends at 03:28:18 UTC on May 16, 2023.
If the proposal passes, the parameters update will be performed automatically at the end of the voting period. The Crypto.org Chain will remain in operation with no service downtime.
How do I vote?
We have started the on-chain parameter change governance proposal 16 and would like to invite you to participate in the voting process. You may refer to these guides on how to cast a vote for a governance proposal by using
Note for Crypto.com DeFi Desktop wallet users:
If the proposal 16 does not show up, please kindly refresh the wallet by Ctrl + R or ⌘+R (for Mac), and restart the wallet.
Together, we can create a more vibrant and sustainable token economy that benefits all CRO holders and the broader ecosystem.
Crypto.org Team
***Join the Crypto.org Chain Discord channel to stay in touch with our team and connect with the community.