Posted 1 year ago | by @devadmin
The largest token burn in history, an important step to fully decentralize the network at Mainnet Launch
We’ve long believed that the world needs a fully decentralized, open-source, public chain with high speed and low fees. Use cases driving mass crypto adoption through payments, DeFi and NFTs all need this critically important infrastructure.
Aligned with our belief, and with the CRO Chain Mainnet launch just around the corner, we are fully decentralizing the Chain network. Here’s the first step.
70 billion CRO will be burned according to the following schedule:
59.6 billion will be burned today, 22nd Feb, 2021.
10.4 billion is currently locked in a smart contract and will be burned monthly, as it gets unlocked.
This will increase the circulating supply of CRO from current 24% to over 80%.
The remaining 5.9 billion CRO supply will be distributed as follows:
5 billion CRO will be allocated to mainnet block rewards for Chain validators and delegators which helps secure the network.
0.9 billion CRO will be allocated to Particle B for Chain ecosystem development.
And that’s it.
100% circulating supply.
100% ready to rock the worlds of payments, DeFi and NFTs.
Current Token Holding
Burn & Allocation
100% Burned (20 bn)
100% Burned (5.5 bn)
Secondary Distribution & Launch Incentives
100% Burned (10.4 bn)
(as it gets minted by the smart contract)
96% Burned (19.1 bn)
4% Allocated to Particle B (0.9 bn)
Network Long-Term Incentives
75% Burned (15 bn)
25% Allocated to Chain Block rewards (5 bn)
Original article published on Crypto.com’s blog.