What is Cronos Chain?
You may have heard of the popular crypto exchange Crypto.com. This platform offers trading and DeFi (Decentralized Finance) services to users and they are well known for their popular crypto Visa debit card product. Since early 2021, they have made tremendous progress in terms of adoption, in part due to their high profile marketing initiatives such as their sponsorship of UFC, the 2022 FIFA World Cup, and Formula 1 to name but a few. Crypto.com already has over 10 million users, which they see as just the beginning of a journey towards onboarding 1 billion global users.
Cronos is the first blockchain network that operates with both the Ethereum and Cosmos ecosystems, supporting DeFi, NFTs and the Metaverse. Cronos chain runs in parallel with the Crypto.org Chain which is a fully decentralized, open source blockchain with high speed and low fees.
Cronos is a sidechain powered by Ethermint, a high-speed, proof-of-stake blockchain built on the Cosmos SDK, which is EVM (Ethereum Virtual Machine) compatible. It aims to massively scale the Web3 user community by providing builders with rapid porting of apps, smart contracts and assets from Ethereum and EVM-compatible chains. Built with IBC protocol, Cronos allows for interoperability and bridging to the Crypto.org Chain and interoperability with other IBC-enabled chains such as Cosmos Hub and Terra.
Bridging selected assets on Cronos is very easy. There are a number of options including their Crypto.com app and DeFi wallet, Cronos web app, and the Crypto.org desktop wallet. The Cronos.org website contains detailed information on using each of these options.
With a current TVL (Total Value Locked) of $3.4 billion, Cronos is already making a considerable impact on the DeFi sector, offering investors a new playground to earn yield, while enjoying low transaction fees and high transaction speed.
Cronos’s base settlement currency is $CRO which is the native token of its parallel blockchain, the crypto.org chain.
The $CRO Token
$CRO is the native currency that powers the Crypto.com ecosystem with the following utility;
- Payments: Crypto.com Pay, Crypto.org Chain and Visa debit card.
- Trading: Crypto.com App & Exchange.
- Financial services: Crypto.com staking rewards, Crypto.com Visa debit card rewards (earn CRO rewards based on card type and transaction volume) and Crypto.com Defi Swap.
Current Market Cap: $10.5 billion
Circulating Supply: 25.2 billion tokens
Maximum Supply: 30.2 billion tokens
The $CRO token can be purchased on the Crypto.com exchange and leading exchanges such as Coinbase, FTX and Uniswap.
Must read: CRO staking, is it worth it?
Wallet Support
In order to store, send or receive $CRO tokens, wallet support is available with the Crypto.com DeFi wallet, Crypto.org Chain desktop wallet, Metamask, MathWallet and Trust Wallet.
The $CRO token is also supported by Ledger.
Ecosystem Tokens
VVS Finance ($VVS)
Also known as ‘Very, Very Simple Finance’, VVS was launched in November, 2021 and is the largest project on the Cronos network with a TVL of $1.34 billion. The platform is an AMM (Automated Market Maker) DEX (Decentralized Exchange) and offers a token swap service along with liquidity farming and staking pool options. The platform has a very clean, easy-to-use interface which…
