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Davide
@0xdavide
🚨🔥❌ About 2 weeks ago, a crazy prop was launched in $Cro Governance, passed off as the “New Golden Age” of Crypto.com to put back into the market the 70 billion $Cro that had been burned in 2021 (the supply had gone from 100B to 30B). The aim would be to “Invest in the United States”, the prop passed thanks to the "YES" of 4,612,887,499 $Cro (equal to 62.18%). With this new mint, therefore, we will return to having a supply of about 100 billion, with an increase from the current values ​​of +233%. For most of the duration, the result of the proposal was in balance but two large validators (Electron and Antares) brought the result on their side, with a gap of over 3 billion CRO from the NO.Their votes weighed 32.6% and 21.6% respectively. The proposal therefore ended with: ∎7 YES ∎46 NO ∎1 NO with Veto (which would have led to the slashing of those who proposed it) ∎5 ABSTAINS
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Davide pfp
Davide
@0xdavide
Despite the fact that most validators and the community disagreed, 7 large "YES" votes were enough for it to pass. A 70 billion mint would create a surplus in the $Cro market cap of over 5B dollars (what does this mean? Price drop at the same buy/sell, long term). This story should make you understand how, very often, Governance is a fake narrative. It is not a utility for the token that can push you to invest in it nor does it guarantee you decision-making power (because most DAO are centralized). When you invest in a Proof Of Stake crypto, when you stake, it is very important to decentralize by choosing smaller validators. Most crypto POS are centralized, exchange POS even more so.
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Weblr3 🐲
@crazywoah
This mean their token price goes down in value, no?
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