The CRO token is the utility token of the Crypto.com exchange. It’s sort of the fuel that allows you to take advantage of many of their APP and debit card perks.
One interesting aspect of CRO is the fact its a deflationary token. A deflationary token is one designed in a way that the supply is reduced over time. As the supply is reduced, the value of each individual token increases. Many economists would say that this is “priced in”, but cryptocurrency is far from efficient, so who knows!
The story of Crypto.com’s deflation is interesting. Before the launch of the mainnet in 2021 of March, crypto.com burned 70 million CRO(around 10 billion).
Of those 70 billion, 59.6 were burnt outright while 10.4 get burned monthly as they unlock from smart contracts.
The market reacted positively to the burn and Crypto.com saw a price jump from 8 cents to 15 cents.
The slow burn, in theory, should cause the price of crypto.com to gradually rise as more of those remaining tokens are burnt. Again, in theory.