Original | Odaily Planet Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

Crypto.com and its affiliated blockchain Cronos recently staged the most absurd governance farce in blockchain history — 70 billion tokens (CRO's current total supply is 30 billion) were created out of thin air, and despite strong opposition from retail investors, the community's voice became a complete joke in the face of the official "veto power."

Cause: Official proposal to reissue 70 billion tokens

The incident can be traced back to March 3.

On that day, Cronos announced a bold plan (indeed bold) to reshape the golden era of Cronos and invest heavily to support the Cronos roadmap (including ETFs) and the ambition for the U.S. to become the capital of the cryptocurrency world. To support this plan, Cronos proposed to reverse the destruction of 70 billion tokens from February 2021 (note that Cronos's X announcement didn't even dare to specify this number) and use that share to build Cronos's strategic reserve.

Specifically, Cronos proposed to reissue these 70 billion CRO to the Cronos strategic reserve custody wallet, restoring the total supply of CRO to the original 100 billion. The newly issued tokens will be locked for 10 years (calculated from the genesis date of CRO), and will then be unlocked linearly on a monthly basis.

Progress: Community strongly opposes, official suspected of "manipulating votes"

Clearly, no matter how gloriously Cronos touted the proposal, such a large-scale issuance would inevitably dilute the value of CRO, and ordinary token holders could not ignore this.

Mintscan governance voting records show that on the first day of voting for the proposal, the opposition rate was as high as 95.7%, which can be said to have faced extreme opposition from the community… however, this was of no use.

As shown in the figure below, with the intervention of some mysterious force, the approval rate (green line) managed to turn around the opposition rate (red line) — temporarily ignoring the last upward turn of the green line.

The reason for calling it a mysterious force is that during most of the governance period from March 3 to March 17, the approval votes consistently led the opposition votes by a very unnatural slight margin — it seemed that this mysterious force wanted to maintain a "false appearance" of intense debate.

Climax: Now they won't even pretend!

This awkward balance persisted until just before the voting ended.

According to Cronos's governance rules (why bother with this), the passage of governance proposals requires not only a certain approval rate but also a voting participation rate exceeding 33.4%, and at that time, the voting participation rate for this proposal did not meet this condition. In other words, even if the approval rate was higher at this point, the proposal could not pass.

So Cronos simply stopped pretending — at the last moment, about 3.35 billion CRO directly entered the scene to cast approval votes. This is why the last green line in the above figure suddenly rose.

According to UnChained, three independent sources revealed that Crypto.com and Cronos actually control 70-80% of the voting power.

The reason it maintained a balance for a time was that only Starship and Falcon Heavy among the validator nodes controlled by Crypto.com had acted, while at the last moment, three other validator nodes, Electron, Antares, and Minotaur IV, also joined in.

You can clearly see the disparity in voting power between the official forces and retail investors in the figure below.

In the end, the proposal was "safely" passed with the participation of official forces, and 70 billion CRO will officially be minted and await circulation.

In response to this absurd governance farce, many CRO holders expressed extreme disappointment, with some even stating that this was an insult to the community.

Easter egg: Let me show you what true insult is!

Is this really an insult? Cronos clearly does not think so.

After the above proposal passed, Cronos publicly announced another proposal on X, proposing to destroy 50 million CRO — a mere 0.07% of 70 billion, now that’s a true insult!

According to the historical destruction records posted by Cronos, two rounds of destruction will be executed each year, with 50 million CRO per round, totaling 100 million CRO per year.

Some community members joked about this, saying: “It seems that it will take about 1,400 rounds of destruction to eliminate these 70 billion CRO. So just wait another 700 years to restore the current supply.”

It must be Cronos; this might just be the mindset of building a "century-old enterprise."

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