Instantly port dapps from Ethereum and EVM-compatible chains
While Cronos currently is running a testnet version now, it will launch its mainnet on the 19th of October. The Ethereum Virtual Machine (EVM) compatible Cronos mainnet will allow developers to instantly port dapps from Ethereum and EVM-compatible chains.
Dapps can instantly port to Cronos from any Ethereum and EVM-compatible chains, with support from the $100 million CRO EVM fund and exposure to the Crypto.org community including Crypto.com’s worldwide user base of over 10 million. Additionally, the Cronos Hackathon will take place from the 24th of September to the 24th of November. Developers from around the world are welcomed to submit blockchain projects built on Cronos. For more information and to apply click here.
Cronos is an EVM chain that is running in parallel to the Crypto.org Chain. Which powers the Crypto.com app and centralized exchange. It has been designed to scale the decentralized finance (DeFi) ecosystem. The platform is powered by Ethermint, which allows quick porting of applications and smart contracts from Ethereum and EVM-compatible chains.
Cronos’s base currency will be CRO, which is the native token of the Crypto.org chain. A token that is currently inside the top 50 cryptocurrencies ranked by market capitalization. CRO already has several use cases inside the Crypto.com application. With well over 100,000 active account holders, 2 million blocks processed, and 3.8 million transactions completed. It’s a healthy ecosystem to enter.
Perhaps more importantly, Cronos can process more transactions per minute than Ethereum, making it faster, cheaper, and greener to execute smart contracts. A benefit seen this year as networks outside Ethereum flourished in the DeFi sector. The environment can provide a good foundation for dapps, and dapp developers looking to offer their users fast transactions with fair costs. For example, out of the already 1700 DeFi and exchange dapps tracked by DappRadar, at least 30% would be eligible to switch without much hassle.
Cronos is integrating with Band Protocol’s oracle solution to provide external data for the dapps on Cronos. This is a two-way integration in which Band Protocol includes the Cronos price feed as one of their data sources, whilst Cronos integrates price feeds from Band Protocol. Band Protocol oracles have been battle-tested by time and are currently securing over $8 billion in total value. Band Protocol, like Cronos, built its blockchain on the Cosmos SDK which will be able to relay data across different blockchains, including those built on the Cosmos SDK. This could enable a seamless transition for DeFi, and other dapps built on Cronos using price feeds from Band Protocol to function if they are to migrate.
Build on Cronos
Cronos wants to offer developers three ingredients: an easy-to-use platform to launch their projects, access to a growing, global user base, and up to $1 million in funding per project from Particle B. Cronos launched its testnet on July 20th, 2021, and the mainnet launches on October 19th. They are still onboarding dapp developers. Projects can instantly port their dapp from any Ethereum and EVM-compatible chains with support from the fund.
Recently, the platform announced its first hackathon. An open call to all developers and cyber security experts to battle it out for a $500,000 prize pool courtesy of Particle B. The hackathon features 5 core tracks for exploration: DeFi, NFTs, GameFi, Web 3, and the Metaverse. To get more information and register for the hackathon click here.