CRO community burn proposal

Introduction

Following the first successful burn of 50 Million $CRO, we are proposing to initiate the second burn of 50 Million of $CRO on the Cronos POS Chain. Once this proposal is passed, an additional 50 Million of $CRO will be burned - Leading to a total of 100 Million $CRO permanently removed from the circulating supply.

Background

As introduced in the previous proposal, the Burning Mechanism of $CRO has been implemented and has been continuously allocating a portion of the $CRO generated through emissions to the community pool at the Cronos POS Chain protocol level. The accumulated amount is then periodically burned to complete the cycle. At the time of writing, the community pool holds approximately 61 Million of $CRO and this proposal suggests a burning of 50 Million from the amount.

Technical Details

To execute the burn, a community pool spend governance proposal with a target address needs to be initiated. In particular, funds from the community pool are proposed to be moved to the dead address (i.e.cro1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqtcgxmv), which no one has control over, and effectively removes these funds from the circulating supply permanently. The current pending and burned amount, as well as historical burn events, are on the burn info page. Moreover, we can use this endpoint to query the current value of the circulating supply at any time, note this number is provided in basecro, where 1 CRO = 10^8 basecro on the Cronos POS chain.