What is Cronos? What is the role of Cronos in the strategy of conquering the market of the rich man Crypto.com? Investment potential and growth forecast of CRO token. All will be in the article below.
Cronos Overview
What is Cronos?
Cronos is one Open source blockchain compatible with Ethereum virtual server (EVM) built on land tools Cosmos SDKfunctions as a sidechain of Crypto.com.
Thanks to EVM compatibility, Cronos facilitates the migration of Dapps on Ethereum and other EVM compatible chains to this blockchain with ease. Along with that, thanks to being built on the Cosmos SDK framework, Cronos also inherits advantages such as low transaction costs, fast processing speed and high interoperability with other blockchains through the famous IBC bridge. .
The Crypto.com build Cronos as a Sidechain quite similar to the way CZ did when building BNB Chain (formerly Binance Smart Chain) is EVM compatible after implementing Binance Chain using the Cosmos SDK.
What are the highlights of Cronos?
Similar to Evmos A famous EVM-compatible Blockchain in the Cosmos ecosystem, Cronos brings with it the following advantages thanks to the blend of Cosmos SDK and EVM:
- EVM Compatibility: Cronos can easily attract existing projects, users, and cash flows on other EVM-compatible blockchains to it. Thereby, it can quickly explode in the early stages after completing the infrastructure.
- Good scalability: Compared to Ethereum, Cronos is capable of processing transactions at higher speeds with lower costs and is much more energy efficient (compared to ETH POW at the time Cronos launched).
- Outstanding connectivity: Besides vertical scalability, Cronos can also scale horizontally thanks to the IBC bridge, giving this blockchain the ability to communicate with any other blockchain in the Cosmos ecosystem. (currently there are over 50 mainnet blockchains)
- Using $CRO token: Using the CRO token with the blockchain and CEX Crypto.com helps Cronos better attract and interact with users. Besides, it also helps keep the economics (TVL) of this blockchain more solid especially in the early stages.
- Supported by Crypto.com: One of the 10 largest CEX exchanges in the market by trading volume, Crypto.com is known as an exchange with an abundant amount of assets and the willingness to spend $700M to buy the right to name a basketball court for 20 years. to do media. However, this could also be Cronos’ “Achilles heel” when Crypto.com is suspected of borrowing money from Houbi to make statements after the collapse of FTX.
Cronos product suite
Cronos directly develops and launches two products:
- Wallet – Defi Wallet: Connecting to Cronos allows receiving, sending and swapping tokens.
- Cross-chain bridge – Cronos Bridge: Transfer assets from Crypto.com Apps & exchanges or other blockchains to Cronos and vice versa.
In addition to direct development projects, Cronos also provides a lot of financial support with a $100M grant package as well as technical support for projects in its ecosystem. Thanks to that, this blockchain is still maintaining a not-so-fast but relatively stable growth momentum in recent times with the 7th position in TVL according to Defilama and about 200 projects present within the ecosystem.
Some outstanding projects include:
- DEX: VVS Finance, MM Finance, CronaSwap, ChronoSwap, Crodex, ElkFinance, PhotonSwap, Ferro Protocol.
- Lending & Stablecoins: Tentonic Finance, Savanna Finance, Annex Finance, Leonium Finance, DarkCrypto.
- Yield farming: Beefy Finance, Adamant Finance, Autofarm, CroBlanc, CROFarm, Crystl Finance.
- NFT & Metaverese: Cronos Chimp Club, Crocos NFT, EbisuBay, Metaverse Pixels, Pampered Pandas, Cronos Secret Society
Since the launch of Cronos zkEVM Chain, the Crosnos ecosystem now includes many Blockchain networks such as:
- Cronos (The EVM Blockchain): Is an EVM-compatible Blockchain platform built on Cosmos SDK that allows developers to easily develop with Solidity and to date has more than 500 different projects built above.
- Cronos PoS Chain: Is the platform that plays the role of issuing Native Token CRO with more than 100 Validators and is in the TOP 5 of the Cosmos ecosystem.
- Cronos zkEVM: Is a Layer 2 product built on zkSync’s ZK Stack framework, helping to expand the Cronos ecosystem to many different products and solve the expansion problem on Ethereum.
Changing the direction of Layer 2 development
On December 14, 2023, Cronos officially announced the launch of the Cronos zkEVM Chain testnet built and developed based on Matter Labs’ ZK Stack toolkit. Cronos zkEVM Chain uses the latest Stark-based zkSync Boôum proof, committed to providing the best scalability in Layer 2 today and will continue to be optimized in the near future.
In the Cronos zkEVM Chain testnet version, the network will use TCRO (Testnet version of CRO) as transaction fees and in the future with Account Abstraction technology from zkSync, users can pay network fees in any type Which token?
Development Roadmap
- December 28, 2020: Crypto.com created Particle B and is headed by Gary Or (Co-Founder Crypto.com) to support development projects on Cronos. VVS Finance (AMM) and Tectonic Finance (Lending) are the first two projects to receive support from Particle B.
- May 10, 2021: Launched CRO EVM fund with $100M to financially support construction projects on Cronos.
- July 28, 2021: Integrating Chainlink Price Feeds to provide data to Defi projects in the ecosystem.
- November 8, 2021: Successfully deployed Mainnet Beta.
- December 8, 2021: Announcing Cronos Ecosystem Grants (extracted from CRO EVM fund).
- September 2022: Leaving Beta Mainnet to prepare for official Mainnet upgrade in Q4/2022
Besides the Official Mainnet, Cronos is making efforts to research and deploy two important technologies: Cronos Roll-up and Cronos Next Level. If successful, these two technologies will help increase transaction speed as well as optimize usage according to the needs of each Dapps in the ecosystem.
Core Team
- Kris Marszalek | Co-Founder & CEO: Experience in building, operating and managing businesses. Kris used to work as CEO at Ensogo, Founder of BEECRAZY (acquired by iBuy Group for 21 USD in 2013).
- Rafael Melo| Co-Founder & CFO: Possess 15 years of experience in the financial field. Rafael was formerly the CFO of Ensogo with an outstanding record of successfully calling for strategic investment from VIPSHOP (NYSE: VIPS) and raising more than 50 million Australian dollars from Fidelity, Goldman Sachs and BlackRock.
- Gary Or | Co-Founder & Founder Particle B: Has more than 9 years of full-stack programming experience (RoR, Elixir, Golang), famous for his understanding in the field of Machine Learning and AI.
- Bobby Bao | Co-Founder & Head of Cooperative Development: Has extensive experience working in the investment banking field. Bobby has held many different positions such as development director at Ensogo, investment banker at China Renaissance, Deloitte, and Merrill Lynch.
Investor
Cronos received direct investment $500M from Crypto.com to develop blockchain and the ecosystem within.
Tokenomics
Overview information about Cronos token
Similar to BNB Chain and Binance, Cronos also uses the same token $CRO with the Crypto.com exchange
- Name: Cronos
- Ticker: CRO
- Blockchain: Ethereum
- Standard: ERC-20
- Contract: 0xA0b73E1Ff0B80914AB6fe0444E65848C4C34450b
- Type: Utility.
- Maximum arc: 100,000,000,000
- Total supply: 30,000,000,000 CRO (Crypto.com burned 70 billion CRO, reducing total resources to 30 billion CRO)
Token Allocation
- Secondary Distribution &Launch Incentive: 30%
- Network Long-term Incentives: 20%
- Capital Reserve: 20%
- Ecossystem Grants: 20%
- Community Development: 10%
Token Use Case
As the common token of Crypto.com and Cronos exchanges, CRO is used to:
- Payment, trading and financial services on the Crypto.com exchange.
- Stake CRO directly at Crypto.com Chain or on the Crypto.com exchange to receive rewards.
- Reduce transaction fees on Crypto.com when staking CRO or choosing CRO as the payment currency.
Exchanges
Currently, you can trade CRO at many exchanges such as: Crypto.com, OKX, Coinbase, MEXC, Bitget, KuCoin, Gate.io,…
Cronos Information Channel
- Website: https://cronos.org/
- Twitter: https://twitter.com/cronos_chain
- Telegram: https://t.me/Cryptoorg_Chain_Announcements
- Medium: https://medium.com/cronos-chain
- Discord: https://discord.com/invite/pahqHz26q4
Summary
Hope this article helps you understand What is Cronos? pieces of the puzzle in this ecosystem as well as the future development direction of this blockchain.
From my personal perspective, choosing a safe direction when there is the success of BNB Chain and Binance as a guarantee, along with great advantages both in terms of finance, users and partners. With the relationship from Crypto.com, Cronos possesses abundant resources to break through in the next growth cycle of the market.
Please follow Weakhand to update information about Cronos and the Crypto market as soon as possible!
