{"id":441016,"date":"2022-05-03T06:14:50","date_gmt":"2022-05-03T03:14:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-com-cro-slumps-30-as-staking-rewards-are-slashed\/"},"modified":"2022-05-03T06:14:50","modified_gmt":"2022-05-03T03:14:50","slug":"crypto-com-cro-slumps-30-as-staking-rewards-are-slashed","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-com-cro-slumps-30-as-staking-rewards-are-slashed\/","title":{"rendered":"# Crypto.com (CRO) slumps 30% as staking rewards are slashed"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26b6dc484b3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26b6dc484b3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-com-cro-slumps-30-as-staking-rewards-are-slashed\/#%E2%80%9D_Cryptocom_CRO_slumps_30_as_staking_rewards_are_slashed_%E2%80%9C\" >&#8221; Crypto.com (CRO) slumps 30% as staking rewards are slashed &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cryptocom_CRO_slumps_30_as_staking_rewards_are_slashed_%E2%80%9C\"><\/span>&#8221; Crypto.com (CRO) slumps 30% as staking rewards are slashed &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZmJmNDkwMmQtZDUxYS00Y2M1LWJiOTgtNWUxMGUxMDBhMzY3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Crypto exchange Crypto.com announced severe reductions to CRO staking rewards for most tiers of its VISA prepaid card which has forced the token price to fall around 30% in less than a week.<\/p>\n<p>Its May 1 blog <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/crypto.com\/product-news\/crypto-com-visa-cards-update\">post<\/a> explains that card rewards will be reduced by an average of 69.5%, and 100% on its lowest tier Midnight Blue card \u201cto ensure long-term sustainability.\u201d On its highest tier Obsidian card which requires at least $400,000 in CRO to be staked, rewards will drop from 8% to 5%. Changes to the rewards schedule will begin on June 1.<\/p>\n<p>However, cardholders who had an active six-month stake before May 1 will not see their rewards schedule change until their current term expires.<\/p>\n<p>In addition to rewards rates, there will also be a cap set on three tiers of cards. The Ruby Steel tier will have a $25 per month limit while the Royal Indigo and Jade Green cards will have a $50 monthly limit on rewards.<\/p>\n<p>Current stakers are irritated by the exchange\u2019s sudden move to change the rewards. High-profile staker Devchart told his 170,000 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers on May 2 that the exchange\u2019s decision was \u201cthe dumbest move of the day.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">And for the dumbest move of the day, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2VyM3mIsbK\">https:\/\/t.co\/2VyM3mIsbK<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24CRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CRO<\/a> decided to reduce their staking rewards, add some stupid monthly cap reward that removes staking incentives. <br \/>Thankfully I just care about the crypto to debit for my expenses but yeah that was a moronic move. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/qhhpatlpsi\">pic.twitter.com\/qhhpatlpsi<\/a><\/p>\n<p>\u2014 Devchart \u200d (@devchart) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/devchart\/status\/1520785605189320709?ref_src=twsrc%5Etfw\">May 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIn response to the backlash from the community, Crypto.com CEO Kris Marszalek tweeted on May 3, that planned changes would be adjusted to reflect \u201ca more balanced <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach.\u201d <\/p>\n<p>He said that rather than issue individual changes per tier, Private Members who use the Obsidian, Icy White, and Frosted Rose Gold cards would receive an 8% annual yield. Royal Indigo and Jade Green holders would have a 4% annual yield. This adjustment has not yet been confirmed on the exchange\u2019s blog.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Instead of eliminating card staking earn rates completely, we will offer a more balanced approach:  8% APY for Private Members (Obsidian, Icy White, and Frosted Rose Gold)  4% APY for Royal Indigo and Jade Green card holders<\/p>\n<p>\u2014 Kris | Crypto.com (@kris) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kris\/status\/1521279935188709378?ref_src=twsrc%5Etfw\">May 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>When Cointelegraph asked the exchange about how much more sustainability it expects to gain from rewards reduction, a Crypto.com spokesperson responded via email:<\/p>\n<blockquote><p>\u201cCrypto.com is committed to offering the best possible products and services that meet the needs of our customers around the world. Our recent changes were made to bring our substantially scaled programs closer to long-term sustainability, and we continue to provide attractive rewards and opportunities to our customers.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto.com\u2019s Cronos partners with Chainalysis to track CRC-20 tokens<\/em><\/strong><\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> has had a clearly negative impact on the price of CRO, the native token for Crypto.com\u2019s CRONOS blockchain network. CRO price began tumbling on May 1 from $0.36 at the start of the day to $0.28 as of the time of writing according to Cointelegraph data. It has lost a whopping 30% over the past seven days according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/cronos\">CoinGecko<\/a>. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-com-cro-slumps-30-as-staking-rewards-are-slashed\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto.com (CRO) slumps 30% as staking rewards are slashed &#8220; Crypto exchange Crypto.com announced severe reductions to CRO staking rewards for most tiers of its VISA prepaid card which has forced the token price to fall around 30% in less than a week. Its May 1 blog post explains that card rewards will be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":441017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZmJmNDkwMmQtZDUxYS00Y2M1LWJiOTgtNWUxMGUxMDBhMzY3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,75917,117,72373],"class_list":["post-441016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-exchanges","tag-business","tag-rewards"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=441016"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/441017"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=441016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=441016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=441016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}