What Happened: Cryptocurrency Exchange Crypto The CRO of the native token of com has grown over 70% in the last 24 hours and its trading volume has increased by 877%

The price of cryptocurrency skyrocketed after the company’s announcement confirmed a massive token burn ahead of its mainnet launch

Cryptocom has said it will destroy 70 billion of its CRO tokens, in what it describes as the biggest token burn in the history of crypto markets

Why this is important: The cryptocurrency exchange said burning tokens was an important step to “completely decentralize your network”

“The purpose of these burns is to keep the network secure by not giving too much of an advantage to early adopters as preparations are underway for the March 25 cryptoorg Chain mainnet, “a Cryptocom spokesperson told Benzinga

596 billion CRO tokens will be burned today, and the other 10 4 tokens will be locked in a smart contract on a monthly burn schedule

According to the exchange, this will increase CRO’s circulating supply level from 24% currently to over 80%

Generally, the goal of token burning is to permanently remove a certain amount of a token from the circulating supply to slow inflation / influence the price of a token

“There is no direct correlation between the price increase and token burns, but it can be ensured that when the supply is reduced, the existing tokens become more valuable,” a representative of Cryptocom concluded

What Else: Besides these changes in CRO tokenomics, the platform is launching the Cryptoorg Chain blockchain on the mainnet on March 25

The blockchain will serve as an infrastructure for users to create payment networks, NFTs (non-fungible tokens) and DeFi (decentralized finance) applications

“We believe the world needs a fully decentralized, open source, high speed, low cost public channel,” Cryptocom said in a blog post

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Source: https://www.benzinga.com/node/19787531