Cronos Network: Completes First CRO Buyback and Burn, Destroying a Cumulative 1.7915 Million CRO

According to Shenchao TechFlow, on October 30, Cronos Network stated that it has completed its first CRO buyback and burn, marking the first execution of its planned monthly burn mechanism. A total of 1,791,534.14 CRO was burned this time. The mechanism is as follows: trading fees on the Ult platform will be used to buy back CRO, while token issuance fees on Cronos Launch will be fully burned after conversion. Ult and Cronos Launch went live in September, so this burn covers the first batch of fee revenue generated since launch. Subsequent monthly burn amounts will be determined based on the actual fees collected in the respective month, and the corresponding on-chain transaction records will be published at the same time.

Source: Shenchao TechFlow