Hyper-Deflationary Token on Cronos Chain
Cronosphere VisionThe team behind Cronosphere aims to build a token that will eventually become the best auto liquidity, reflection and burn protocol on Cronos chain.
On this journey together with the Cronosphere community, the team hopes to create more awareness and push adoption for the Cronos ecosystem and all it’s participants.
Executive SummaryThe team behind Cronosphere got together in 2021 and initially discussed the possibility of creating a “memecoin” project.
After multiple meetings, mainly designing tokenomics, there was some delay as some members struggled with real life disruptions and the market slumped in late 2021. The decision was finally made to launch Cronospere on crypto.com’s Cronos chain.
Although the team members have been dabbling in the crypto space for years, they were all relatively unknowns in the sea of crypto investors.
Trust and reputation goes a long way especially in the cryptocurrency sector. Thus, it was decided to create a community based protocol, without any premine or pre-allocation to the team in order to build faith with the userbase.
Cronosphere was then born.
A hyper deflationary token with the main focus on community ownership, crowd-consulted decision-making, and with a long-term vision on sustainability and value retention for all investors.
This article will cover all aspects of the Cronosphere project related to tokenomics and future plans of the protocol and is strongly recommended for investors seeking to have a better understanding of the project before the final decision-making process.
Tokenomics of $SPHERE
The $SPHERE token represents the Cronosphere project.
It is a CRC-20 token and is deployed on the Cronos blockchain, an EVM compatible chain running in parallel to the crypto.org chain.
There is only 1 million $SPHERE created during the Token Generation Event and the circulating supply will always be reduced with every transaction made.
The deflationary rate varies according to the volume and size of transactions.
The deflationary property of the token results in a 16% tax on every transaction involving $SPHERE.
As long as $SPHERE moves from a wallet address to another wallet address or to another smart contract address, the protocol will impose the 16% tax on that transaction.