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Cronos is becoming increasingly familiar to many people through Crypto.com, one of the world’s largest centralized exchanges. Cronos is currently building its infrastructure and ecosystem at an amazing growth rate. Are you curious about this growth?
It runs side-by-side with Crypto.org Chain. Previously, the Crypto.com ecosystem encompassed the Crypto.com chain and the Crypto.com centralized exchange.
Let’s look at a simple comparison between Cronos and Crypto.org:
Cronos relies on a Proof of Authority (PoA) consensus algorithm and is powered by Ethermint – a PoS chain interoperable with Ethereum. The Chain DeFi ecosystem will be massively scaled by enabling developers to rapidly port apps and smart contracts from Ethereum and other EVM-compatible chains.
Cronos’ Core Features are:
The CRO tokenomics and metrics are as follows:
The Crypto.com chain, Cronos, and Crypto.com exchange issue the Cronos utility token. CRO is used throughout Crypto.com’s ecosystem, including:
CRO is widely used in the Crypto.com ecosystem, and its utility continues to increase as it is a native token on Cronos.
You can buy CRO through an exchange by following these steps:
Step 1: Create a Decentralized Wallet.
Step 2: Select Sushi Swap.
Step 3: Select the trading pair – Search for CRO. If the result does not come up, you can paste the contract of CRO into the search box: 0xA0b73E1Ff0B80914AB6fe0444E65848C4C34450b
Step 4: Decide how much to swap.
Step 5: Adjust the gas fee, then click Approve.
Here’s how you can store CRO tokens in your wallet:
Step 1: Open the wallet & click Receive on the home screen.
Step 2: Search CRO Token.
Step 3: Click on the correct result, copy the wallet address and send CRO to this address.
In order to understand Cronos’ development process, let’s examine the four stages it went through.
July – August 2021
Cronos is hustling to expand its network, as we can see the list shown above. After releasing the testnet, it quickly announced the $100M Fund.
In just three months, Cronos announced $500,000 for the Cronos Hackathon, $300,000 for the Cronos Incentivized testnet, and $1.4M for the Cronos Bug Bounty Program. There is no doubt that the team cares about network security and the incentive scheme, which aims to encourage as many developers as possible to join the chain.
Using this strategy was successful. Though Cronos has only been around for five months, it is now ready to adopt the DeFi protocol and welcome users and money.
Crypto.com built their own blockchain at a breakneck pace, indicating that they had long planned to do so.
Considering its efficiency and widespread use in the Binance ecosystem, BNB is regarded as a standard exemplar for other CEX tokens. Binance has tried to increase BNB demand by offering as much value to BNB as possible.
Getting back to CRO, it is also backed by the world’s second largest centralized exchange, according to Coingecko (currently $14B). Cronos could benefit from the Crypto.com user base, which has more than 10M+ users, to kickstart its growth in its early stages.
In addition, by using only CRO tokens in all aspects of Crypto.com ecosystem, CRO tokens are unique not only as a store of value, but also with various uses.
It is one thing to have many use cases. Additionally, we need to observe how Crypto.com works and what their strategies are, for example, marketing, partnerships, etc., in order to help guide the future of Cronos, the Crypto.org chain, and Crypto.com CEX. It will certainly take time.
Cronos received a $100 million ecosystem grant program called Particle B to support developers and partners from the beginning. Up to $1M will be awarded to 100 projects committing to develop applications, tools, and infrastructures on Cronos under Particle B. In addition to activating Cronos, the incentive program also encourages developers to build their products at Cronos.
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