The Cronos Mainnet Beta launched on November 8th amidst a flurry of positive price action for CRO token
Launched on November 8th, the Cronos mainnet boosts interoperability between Cosmos and EVM blockchains while improving accessibility for Crypto.com 10 million users. The CRO token has since surged 200% in price.
Following months of testing, the Cronos mainnet beta launched on 8th November. The Cronos mainnet allows developers to instantly port dapps from Ethereum and EVM-compatible chains. Crypto.com, one of the world’s most popular cryptocurrency companies, is a backer of the parallel network crypto.org chain, and now boasts a bridge to the Cronos blockchain. As a result, crypto.com and Cronos’ token, CRO, doubled in price.
Cronos and Crypto.Com
Cronos is the first Cosmos EVM chain for DeFi, NFTs and the Metaverse. A DeFi and decentralized application ecosystem, Cronos provides developers with the ability to instantly port apps from Ethereum and EVM-compatible chains. Ethermint powers the platform, a scalable and high throughput PoS blockchain. Ethermint is fully compatible and interoperable with Ethereum and EVM-compatible chains.
Crypto.com is one of the fastest-growing crypto-ecosystems, recently the number one downloaded app on the Google Play Store. Crypto enthusiasts may recognize this video of Matt Damon, the new face of Crypto.com, showcasing the group’s journey into Web3. Crypto.com is home to exchange, earnings programs, and credit cards.
Cronos is an EVM chain that runs in parallel to the Crypto.org Chain. These two blockchains with different purposes can easily connect with each other. Now that the Cronos mainnet is live, users can easily transfer tokens across the crypto.com app and exchange, crypto.org chain, and Cronos, bringing DeFi and dapps to over 10 million users.
Leveraging the Cosmos SDK, Cronos bakes in interoperability and ease of use. Incidentally, check out DappRadar’s deep dive on Cosmos here. The key takeaway from the mainnet launch is the Cronos Inter-Blockchain Communications (IBC) protocol, which enables interoperability and a bridge to the Crypto.org Chain. Cronos is therefore a link between the Cosmos and EVM ecosystems, including Ethereum, Polygon, and Binance Smart Chain.
In brief, Cronos developers can port their smart contracts from Ethereum and EVM-compatible chains to Cronos without hassle. Furthermore, it’s low cost, high throughput, and fast finality; Cronos processes more transactions per minute than Ethereum. Crucially, due to built-in interoperability, Cronos has the potential to bring dapps to over 10 million retail users.
Since the mainnet launch on Nov 8th, seven DEXes have gone live, while two money markets protocols are launching in the coming weeks. Several NFT projects have launched, with GameFi projects inbound. One of Cronos native AMM DEX, VVS Finance reached $265m TVL within 3 days since launch.
CRO on the move
CRO is the native token of the Cronos platform, powering on-chain transactions with network fees paid in CRO. It’s also the native token of the parallel blockchain crypto.org chain. CRO facilitates transactions and users can stake it to secure the network.
In addition, CRO has a lot of utilities on the Crypto.com service platforms. For example, Crypto.com metal credit card holders can stake CRO for a period of 6 months to gain cashback benefits. While CRO began life as a blockchain utility token on Cronos, it has since evolved into a network fee token, necessary for DeFi features on Cronos.
CRO holders were seriously in the green over the weekend. The token rocketed from $0.2 to $0.4 on the mainnet launch news. According to Crypto.com’s CEO on Twitter, the price jumped thanks to crypto.com and DeFi wallet integration to the Cronos network. CRO hit an ATH on 8th November of $0.42. In view of the Cronos roadmap, there is plenty of gas left in the tank.
Looking forward, a mainnet version of Gravity Bridge will come to Cronos in 2022. CRC-20 to ERC-20 conversions will therefore be possible by January, while the Cronos Bridge will also integrate more IBC channels. As a result, CRO holders can expect more DeFi features–giving the CRO token enough gas to continue powering its rocketship to the moon.
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