Crypto-Necromancy

A month ago, the Cronos blockchain voted to increase the supply of tokens in their ecosystem from 27B to 70B (!!!).

This issuance was positioned as a reversal of the largest token burning program ever run in crypto, where 70% of the CRO token supply was burned in 2021. The tokens, Cronos Labs said, were needed to support issuing an ETF, and to support their crypto x AI roadmap. We reasonably have no word in English for something getting reverse-burnt, so call it an “unburning”.

You’d be excused if you were a CRO tokenholder and a 2.5x increase in supply made you balk. Especially by resurrecting tokens from the dead.

As voting went forward, this particular piece of crypto-necromancy risked not reaching quorum.

That is, until the biggest player in the ecosystem stepped in in favour - Cronos Labs themselves.

If one entity owns 50%+ of the token supply, is governance a facade? One token, one vote. But does it have to be that way?