Cronos is an open source and decentralized public blockchain of Crypto.com. It is built on top of the Cosmos SDK and facilitates interoperability between the Cosmos platform and the Ethereum virtual machine platform. Cronos accomplishes this task using Ethermint (a blockchain architecture built on top of the Cosmos SDK that is PoS and compatible with EVM).
Cronos works to scale Crypto.com's DeFi and Web3 ecosystems , by providing developers with the ability to easily migrate applications from Ethereum to Cronos. Cronos' focus is on enabling developers to easily migrate their smart contracts and DApps from Ethereum and EVM compatible blockchains to the Cronos system. Importantly, these conversions are low-cost and fast by integrating the communication protocol between the blockchains.
Highlights of the Cronos project can include the following main ideas:
– Compatible with EVM: Cronos is a Proof of Stake (PoS) consensus blockchain built on Cosmos SDK compatible with EVM. It allows for relatively high scalability and customization. With EVM compatibility, developers can build the same way they do on Ethereum and benefit from the same tools and applications.
– Cronos uses CRO which is the native token of Blockchain: Cronos can process more transactions per minute than Ethereum, making smart contracts execution faster, cheaper and greener. Cronos does not use a new token, but always uses Crypto.com's native currency, CRO. This greatly enhances the application scope of CRO (like Binance's BNB coin).
– High Interoperability: The Inter Blockchain Communications (IBC) protocol allows Cronos interoperability and connectivity with the Crypto.org chain and other IBC-enabled chains (e.g. Cosmos Hub).
– The support of CEX exchange ranked 4th in the top 10 in terms of capitalization and total trading volume (according to Coingecko report): Crypto.com. Founded in 2016, today, it serves more than 10 million customers. Some of Crypto.com's products include: Crypto.com Visa Card, Crypto.com exchange, DeFi Crypto.com wallet, platform for NFT collection and trading.
– 100 million USD EVM Fund: Projects developed on Cronos have support from the CRO EVM Fund worth 100 million USD, the amount of funding for every project can be up to 1 million USD.
– Became the top 10 among the chains with the highest TVL after 1.5 months of Mainnet launch.
In the simplest terms, Cronos exists to operate adjacent to the Crypto.com blockchain. Crypto.com allows developers to instantly migrate their DApps from Ethereum and EVM compatible blockchains to Cronos. Using Cronos, Crypto.com users can now take advantage of faster, cheaper and safer transfers of crypto assets, including: CRO, ETH, WBTC, USDC, USDT and TOUGH.
Developers and users should rest assured that Cronos is always up to date. This helps Cronos deliver the most up-to-date features and fixes from the Cosmos SDK and has the ability to connect to other Cosmos chains easily.
Bridge of Cronos
Currently users can transfer assets between Crypto.com App, Crypto.com Exchange, Cronos Bridge Webapp, Crypto.com Defi Wallet and Crypto.org Chain Desktop Wallet.
Wallet (Wallet)
The wallet platform on Cronos can use Cronos CLI or MetaMask, AlphaWallet.
The Roadmap of the Cronos project is as follows:
The team will continue to work to further improve and optimize the network infrastructure and work towards the full mainnet launch. Some of the jobs include:
Development team
Investors
To further support the Crypto.org ecosystem, the Seed B blockchain accelerator announced the CRO EVM Fund that will grant up to $1 million per project, totaling $100 million to at least 100 projects committed to building Build applications on Crypto.org Chain.
Particle B founder Gary Or adds: “EVM support makes launching super easy. Projects can rely on us more than the initial capital. As a founder and CTO, I deeply understand the ongoing support startups need. We will work closely with the companies in our portfolio as we connect and build the Crypto.org Chain ecosystem together.”
Partner
Cronos has a large number of partners. Some of their key partners are in the areas of infrastructure, validators, blockchain analytics, and risk management.
CRO is the payment token of Crypto.com, which is also the native token of Cronos.
Cronos token details:
Token allocation is as follows:
The Cronos Token (CRO) has the following main functions:
Currently, the CRO token is widely available on many major exchanges in the market.
Ways to farm in the Cronos ecosystem:
DEX
VVS Finance and CronaSwap are both offering very strong liquidity mining programs for users in the system, with relatively safe farm pairs such as CRO-BTC, CRO-ETH, stablecoin pairs, etc. with relatively high APY (average in 300% or more). After farming out project tokens like VVS or CRONA, users can take away stakes in the auto compound pool with extremely high APY.
Yield Optimizer
Yield farming projects have begun to appear and are mainly a collection of farms in DEX exchanges in the ecosystem. This is also a good source of farms with relatively high APR in pool farms.
Cronos is the first Cosmos EVM chain for DeFi, NFTs and Metaverse. It aims to massively scale the DeFi and decentralized application ecosystem, by providing developers with the ability to instantly migrate applications from Ethereum and EVM-compatible chains. With low cost, high throughput, fast completion rates, and built-in interoperability, Cronos is poised to bring decentralized applications to the Crypto.com ecosystem's more than 10 million user base, and more than that.
In any market, user pool is very important and Crypto.com already has a huge user base. Therefore, the upcoming direction of this exchange will be to bring that number of users to DeFi on Cronos through many different campaigns.
Cronos works for the sake of scaling Crypto.com's DeFi and Web3 ecosystems. These are two important areas in an ecosystem and have grown quite rapidly in recent times. Moreover, with the farming model that brings huge profits to the users, it is certain that Cronos will continue to thrive in the future.
You can follow more project information here:
Website | Twitter | Telegram | Discord | Github | Medium
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