Floki Inu Soars to New Heights in the Cryptocurrency Market
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2022-05-03 | Selina Mathew
Exchange of cryptocurrencies Crypto.com revealed significant decreases in CRO staking payouts for most levels of their VISA prepaid card, causing the token price to tumble by about 30% in less than a week.
According to a May 1 blog article, card benefits would be decreased by 69.5 percent on average, and by 100 percent on its lowest-tier Midnight Blue card, "to maintain long-term viability." Rewards on the top tier Obsidian card, which needs at minimum $400,000 in CRO to be staked, will be reduced from 8% to 5%. The new award schedule would go into effect on June 1.
Nevertheless, cardholders who had an effective six-month stake before to May 1 would not experience a modification in their rewards plan until their current term finishes.
Aside from the reward rates, there would be a cap placed on three tiers of cards. The Ruby Steel tier would have a $25 monthly reward limit, whereas the Royal Indigo as well as Jade Green cards would have a $50 monthly reward maximum.
CRO/USD 1DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
Present investors are angered by the exchange's abrupt decision to modify the incentives. On May 2, prominent stakeholder Devchart informed his 170,000 followers on twitter that the exchange's move was "the stupidest move of the day."
In reaction to the community outcry, Crypto.com CEO Kris Marszalek tweeted on May 3 that proposed adjustments will be changed to reflect a "more fair approach."
Instead of issuing specific revisions per tier, he stated that Private Members who utilize the Obsidian, Icy White, as well as Frosted Rose Gold cards will get an annual yield of 8%. Holders of Royal Indigo, as well as Jade Green, would receive a 4% yearly yield. This modification has yet to be verified on the exchange's website.
The value of CRO, the native token for Crypto.com's CRONOS blockchain network, has definitely fallen as a result of the news. As per Cointelegraph statistics, the CRO value started to fall on May 1 from $0.36 at the beginning of the day to $0.28 at the time of this post. As per CoinGecko, it has dropped by 30% in the last seven days.
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