Crypto.com’s Bitter Brew: The Staking Rewards Drama
In a move that has stirred the crypto pot, Crypto.com has decided to cut its staking rewards for Cronos (CRO) across most tiers of its VISA prepaid card. And boy, did that decision not go down easy with the adoring fans of the exchange! The initial announcement hit the airwaves, explaining that rewards would plummet by an average of 69.5%, with our poor Midnight Blue cardholders experiencing a gut-wrenching 100% cut. Yes, you read that right – zero rewards for the lowest tier!
The Hard Math of Hard Choices
For those lucky enough to hold the prestigious Obsidian card, the downgrade from 8% rewards to a mere 5% feels like getting a kick in the wallet. Starting June 1, the changes will loom like a dark cloud over cardholders, but here’s a silver lining: if you staked at least six months before Sunday, your rewards will bask in the old rates until your term ends. Lucky break or just a delay of the inevitable? You decide.
Caps on Rewards: The Icing on the Cake
If that wasn’t spicy enough, Crypto.com has added some caps on rewards. Essentially, they’re getting all culinary artsy here. Those with Ruby Steel can only earn $25 a month. Meanwhile, Royal Indigo and Jade Green holders are restricted to a measly $50. Who knew that rewarding loyalty came with calorie counts?
Whispers of Discontent
Unsurprisingly, the crypto community has voiced its outrage. High-profile staker Devchart took to Twitter, declaring the decision “the dumbest move of the day.” With over 170,000 followers tuning in, folks were not amused. He goes on to mention, “Thank goodness I just care about the crypto to debit for my expenses, but this was a moronic move.” Ordinarily, insider angst would get its 15 minutes, but the floodgates of criticism were wide open!
A Glimmer of Hope Amidst the Backlash
In response to the uproar, Crypto.com CEO Kris Marszalek tweeted that they would reassess their strategies, which hinted at a possible softening of the previously announced cuts. Instead of the original biting approach, the planned adjustments stuttered toward a more balanced rewards system. Private Members with the top-tier cards could earn an 8% annual yield, while those sporting the Royal Indigo and Jade Green could aim for 4%. It remains unclear if this will bring peace back to the community, but at least it sounds less like a funeral dirge.
How This Affects CRO’s Wallet
As expected, the announcement has had a negative blow on CRO’s price. According to Cointelegraph, the token dipped from $0.36 to $0.28 in less than a week – a staggering 30% loss that feels like a root canal for investors. Crypto.com, in defense of these drastic measures, stated that changes were made to ensure long-term sustainability. In the infamous words of countless agonized cardholders, “Thanks, but no thanks!”
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