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?
What is Cronos? #
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:
- Binance Chain and Binance Smart Chain (EVM-compatible) are available,
- In addition, Crypto.com has the Crypto.org chain and the Cronos chain (EVM-compatible).
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:
- EVM-compatible: With Ethermint, Cronos can support Ethereum Dapps, DAOs, and smart contracts
- Scalable: TPS (Transactions per second) on Cronos is higher than that of Ethereum. Thus, smart contracts executed on Cronos are faster & cheaper than those on Ethereum.
- Interoperable: IBC enables blockchains to communicate with each other and enables Cronos to interoperate and connect to the Crypto.org Chain and other IBC-enabled chains.
- Easy deployment: Users can follow the deployment instructions to set up Cronos networks quickly and easily.
CRO tokenomics #
The CRO tokenomics and metrics are as follows:
- Token Name: Crypto.org Coin
- Ticker: CRO
- Blockchain: Cronos
- Token Standard: To be determined
- Contract: To be determined
- Token Type: Utility and Governance
- Total Supply: 30,263,013,692 CRO
- Circulating Supply: 25,263,013,692 CRO
CRO Token Use Case #
The Crypto.com chain, Cronos, and Crypto.com exchange issue the Cronos utility token. CRO is used throughout Crypto.com’s ecosystem, including:
- Payments: Bitcoin, Crypto.com Pay, and Visa Card.
- Trading: Crypto.com’s app and exchange.
- Financial services: Crypto.com Earn, Crypto.com Credit, and Crypto.com DeFi Swap.
CRO is widely used in the Crypto.com ecosystem, and its utility continues to increase as it is a native token on Cronos.
How to buy CRO Token #
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.
How to store CRO #
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.
Roadmap and Updates #
In order to understand Cronos’ development process, let’s examine the four stages it went through.
July – August 2021
- The Cronos testnet and Cronos were introduced.
- Cronos developers will have access to a $100M fund to support their projects.
- Initially partnered with Chainlink and Band Protocol oracles.
September, 2021
- An announcement was made about the Cronos Hackathon, which includes DeFi, NFT, GameFi, Web3, and Metaverse aspects.
- Cronos’ first AMM, VVS finance, was introduced.
October, 2021
- Cassini was launched as a $300,000 prize pool Cronos Incentivized Testnet.
- Hosted a live Speak Session with developers from Cronos’ partnership network, such as Chainlink, Band, Cosmos, Enjin, etc.
November 2021
- A new money market was introduced on Cronos called Tectonic.
- Crypton Mainnet Beta is live.
- Cronos Bug Bounty Program launched with a prize pool of nearly $1.4 million.
- DeFi legos are initially porting to Cronos such as Beefy Finance, Debank, autofarm.network, Crystal Finance, Annex Finance…
Next stage
- Bridging Cosmos assets to Cronos.
- Rolling out Gravity Bridge.
- Cronos Upgrade.
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.
CRO vs. BNB token comparison #
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.
Conclusión #
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.
References:
https://crypto.org/
