Panoramic view of Cronos ecosystem that is flourishing

• What is Cronos?
• Cronos . Ecosystem
• Pieces in Cronos
• New updates in the Cronos . ecosystem
• Evaluation of the Cronos . ecosystem
• summary

What is Cronos? 

Cronos is a decentralized public blockchain by Crypto.com and built on top of the Cosmos SDK. Additionally, Cronos uses Ethermint, a blockchain architecture built on top of the Cosmos SDK, to bring EVM compatibility to the Cronos platform.

Therefore, developers can easily move smart contracts and DApps from Ethereum and EVM to Cronos quickly and at low cost. This helps propel Crypto.com's DeFi and Web 3.0 ecosystem to grow.

On November 8, 2021, Cronos officially launched the Mainnet Beta version. On December 21, 2021, Cronos achieved the following achievements:

• The project has more than 5 million total transactions, reaching 186,000 wallet addresses participating in the Cronos platform.
• More than 1,700 CRC-20 standard tokens are minted on the Cronos platform.
• 26 validators are integrated into Cronos.
• 51 projects launched on the Cronos Mainnet Beta.
• TVL reached US$1.68 billion on December 25, 2021. Before that, the project's TVL hit the US$1 billion mark less than a month after launching the Mainnet.
• Over 1.26 billion CRO moved from Crypto.org chain to Cronos.

Cronos . Ecosystem

Pieces in Cronos

DEX floor projects

VVS Finance: This is the largest DEX exchange in the Cronos ecosystem and is supported by Particle B. VVS Finance is built purely on the Cronos blockchain with a TVL volume that has reached 1.32 billion USD (data recorded). received on January 3, 2022).

CronaSwap: This is a decentralized exchange platform for exchanging ERC-20 tokens built purely on the Cronos network. On January 3, 2022, TVL recorded US$75 million. This is also the 2nd largest DEX in the Cronos ecosystem.

CroDex: A decentralized exchange (DEX), providing liquidity and enabling peer-to-peer (P2P) trading on Cronos with TVL recorded at over US$10 million (January 3, 2022). .

PhotonSwap: Unlike the AMM DEX mentioned above, PhotonSwap also provides a launchpad called DexPad. However, the TVL of this exchange was only recorded at more than 1.7 million USD on January 3, 2022.

In addition, Elk Finance, ChronoSwap, Swapp, Empire DEX, Annex Finance are also DEX projects in Cronos ecosystem. However, the TVL of these projects is quite low, ranging from 1 million USD or less.

In general, the top DEX exchanges of the Cronos ecosystem such as VVS Finance and CronaSwap all have liquidity mining programs with relatively high APY to attract users. Thereby, opening up passive investment opportunities for many people during the gloomy period of the cryptocurrency market.

Lending & stablecoin projects

Tentonic Finance, Annex Finance, Leonium Finance are all Lending Money Market applications in the Cronos ecosystem, not yet launched and in the process of development. These projects all create opportunities for users to increase profits by lending idle assets and making loans quickly. 

Lending projects in the Cronos ecosystem are very few and no applications have been put into operation. Of the three projects mentioned above, Tentonic Finance is probably the most notable project when it receives the support of Particle B similar to VVS Finance - the leading project in the AMM DEX segment of Cronos. 

Yield farming projects

Beefy Finance is a decentralized multi-chain profit optimization platform (Multi-Chain Yield Optimizer). The project to deploy the DeFi auto-compounding platform on Cronos with Vaults is rewarded with VVS (token of VVS Finance). Currently, Beefy Finance has a TVL of US$1.17 billion, and a TVL of US$93 million on the Cronos ecosystem (January 3, 2022).

Crystl Finance is a decentralized Yield farming platform on Cronos and Polygon with a TVL of over 6 million USD (January 3, 2022). Crystl Finance offers a variety of crypto pairs that make it easy for users to farm and receive relatively high APY interest up to 14,000%/year. 

Autofarm is DeFi Yield Aggregator participating in Cronos ecosystem by providing Vaults with total TVL of this project is 345.6 million USD, TVL on Cronos ecosystem alone is 58.97 million USD ( January 3, 2022).

Kafe Finance, Zeus Finance are also in the same segment as Crystl Finance. However, the TVL of these two projects is relatively low, fluctuating at less than 2 million USD and nothing outstanding.

Leonium Finance: This project to make Yield Farming Aggregator is built purely on Cronos but has not been put into operation and is under development.

Yield Farming projects have started to appear and have pool farms with relatively high APR. However, investors need to learn carefully about the project before conducting Farming on these projects. Because most of the above projects do not know the identity of the construction team as well as whether the project has been audited or not. 

NFT projects

The NFT projects in the Cronos ecosystem mainly provide a trading market for NFT assets. Prominent projects include EbisusBay, CRO CROW, Hibiki Finance, CroDex...

In addition, this ecosystem also has a number of Punk NFT projects such as Cronos Punk, CroPunks, Cronos Chimps Club, CRODrakes and Crocos NFT… The NF collections of these projects can be traded on CroDex and Ebisubay.

Although the NFT segment in Cronos' ecosystem is quite active, NFT Marketplace projects are not really stable and NFT's application utility is just for collection. 

Other pieces

The bridge array in the Cronos ecosystem has appeared many prominent names. Among them is RelayChain, a relatively new bridge application that has achieved impressive numbers: TVL is $35 million, has done over 12,000 transactions and is supporting 7 different chains including Ethereum , Polygon, BSC, Avalanche , HECO, Cronos, Polkadot … In addition, AnySwap, EvoDeFi and Cronos Bridge are also bridge applications that support Cronos ecosystem.

For storage wallets, the Cronos ecosystem has gathered familiar names such as MetaMask, Nabox, Trust Wallet, Crypto.org Chain, Crypto.com DeFi Wallet and MathWallet .

In the future, the Cronos ecosystem will have other pieces such as Oracle with the participation of Chainlink , Band Protocol… In the Gaming segment, there will be 3 projects, namely Crypto Creatures, GemsLab, Duelist King.

New updates in the Cronos . ecosystem

Partners and Supporters

The Cronos ecosystem has received full support from Crypto.com with the following updates:

Crypto.com exchange currently supports deposits and withdrawals on the Cronos network. Users can transfer assets such as CRO, ETH, WBTC, USDC, USDT, DAI, SHIB, DOGE and VVS to Cronos quickly and with relatively low transaction costs.

The Crypto.com DeFi Wallet also supports the Cronos platform. Users can now store tokens of projects in the Cronos ecosystem easily.

Some new partners

Cronos' infrastructure also receives a lot of support from partners such as:

• Bison Trails runs Validator nodes on the Cronos Testnet and Mainnet Beta to support, improve performance, and secure the network.
• Band Protocol implements a decentralized pricing feed on the Cronos Testnet.
• DeBank integrates Cronos Chain, which supports On-chain analysis of several Cronos DeFi protocols.
• Etherscan created CronoScan blockchain explorer for Cronos, users can easily access the On-chain information of this ecosystem.
• DEXTools has integrated Cronos Chain in v1.23.

In addition, projects in the Cronos ecosystem also have the following new updates:

• Annex.Finance has launched the Cronos Swap DEX and allows users to participate in Leding on Cronos and earn interest in stablecoins.
• Autofarm and Crystl Finance have launched their profit optimization tool on Cronos.
• Math Wallet supports Cronos asset transactions and native DApps.
• HoDooi.com is moving HOD tokens to the Cronos network following a strategic investment from Crypto.com Capital.

Technical development update of the Cronos . platform

In order to provide developers with the best blockchain platform, Cronos has also made the following technical updates to upgrade itself:

• Cronos Block Explorer is optimized to show blocks and transactions in real time.
• Cronos infrastructure is improved for the fastest transaction processing speed.
• Cronos has also fixed many JSON RPC issues.
• Cronos has released a new version with node performance optimization and has fixed a system error on the network. 
• Cronos has also improved Bridge Infrastructure performance.
• Cronos is testing Bridge Infrastructure IBC for other Cosmos-based chains to scale.
• The platform is preparing the next test of Gravity Bridge. 
• Finally, the project launches IBC between Cronos and Cosmos Hub to facilitate the transfer of ATOM tokens in the most decentralized way. 

Community updates and incentives

Cronos hosts a Bug Bounty program with a maximum bounty of $1,337,133, sponsored by Particle B, to enhance the on-chain security of the Cronos ecosystem. This program was launched on November 8, 2021, in cooperation with Immunefi. 

Evaluation of the Cronos . ecosystem

In general, other pieces of the Cronos ecosystem have appeared relatively fully, but most of the projects have not been put into operation and are in their infancy. However, projects that belong to some basic pieces such as AMM DEX, Yield Farming, and storage wallets have gone live and achieved other impressive numbers. 

This shows that, in the coming time, when the projects belonging to other pieces of the puzzle are completed, the Cronos ecosystem will certainly be extremely vibrant. Because investors have shown positive reactions through projects that have been completed and put into operation of this ecosystem.

In addition, if Binance Smart Chain has the backing of Binance's user file, Cronos will also get backing from Crypto.com. The next thing that Crypto.com can support is bringing its user base to Cronos' DeFi world through various campaigns. This opens up many opportunities to increase profits for investors if they can find potential projects in this new ecosystem.

summary

The above is an overview of the development of the Cronos ecosystem. Compared to new blockchain platforms such as NEAR Protocol, Harmony, Celo, etc., Cronos is still primitive and needs a lot of time to catch up with the development speed of those ecosystems. But this is also an opportunity for many investors to achieve high profits when approaching projects at an early stage. In turn, investors need to research carefully before investing in any project because in the early stages the risk is very large.

You may be interested: Instructions for adding a Cronos network to Metamask

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