Cronos token (CRO) is a digital token that was released by the open-source decentralized platform Crypto.org running on the DeFi blockchain Crypto.org Chain. Being the first network interoperable with both Ethereum and Cosmos blockchains, the platform provides the ground for DeFi, NFTs, and Metaverse technologies.
After the launch on November 8, 2021, the Cronos chain experienced spectacular traction resulting in the creation of a massive ecosystem. At this, the platform was included in the list of top 10 blockchains by TVL (total value locked) thanks to the incredible growth of the facility. Thus, more than 4 billion USD was locked in the blockchain within 4 months only. At the time of writing, with more than 200 dApps established on the platform, the network continues to expand. According to the report released in April 2022, the customer base of the Cronos network covered 450,000 people, including NFT and DeFi users.
Crypto.com, the company standing behind the platform, was launched in 2016. This is one of the largest cryptocurrency exchanges in the world, with a daily volume of 3.3 billion USD on average at the time of writing. In November 2021, the platform launched its own decentralized open-source blockchain the Crypto.org Chain which, in turn, issued the token Crypto.org Coin (CRO) fueling the blockchain. The coin was later rebranded as the Cronos token.
Cronos is an open-source platform with easy-to-use functionality. The service was created for easy portability of Ethereum products, so it can operate with Ethereum-based apps and EVM-compatible chains in a quick and flawless manner. Cronos was designed to support the DeFi ecosystem with dApps and GameFi apps, which make up the infrastructure of the Metaverse.
The development of the ecosystem is quite intensive. The network continues to expand reaching its goals in core metrics such as total value locked (TVL, total transactions, number of unique users). Thus, the TVL of the platform exceeded 4,3 billion USD in March 2022 having increased by 70% within a single month. In the same timeframe, the number of unique wallet addresses increased by 25%.
At the time of writing, there are about 200 projects on the mainnet (beta version) of the platform. Also, 12 DeFi protocols are deployed on the Cronos network. According to the information given on the official website, the user base of the community exceeds 10 million users. At this, the team of the platform calls it the most rapidly-growing global user base.
The Cronos platform uses a scalable consensus mechanism and proof-of-authority (POA) consensus protocol, which is well protected by the activity of numerous validators. The benefits of the Cronos ecosystem include such features as EVM compatibility and, consequently, support of Ethereum smart contracts, scalability, and interoperability. The network is able to process more transactions than Ethereum per minute which makes the system faster, greener, and less expensive when smart contracts are executed. What’s more, the system employs the Inter Blockchain Communications (IBC) protocol that delivers interoperability and bridge to the Crypto.org Chain as well as other IBC-enabled chains, for instance, Cosmos Hub. Since it is aimed at the enhancement of interoperability between blockchains, it is often selected by decentralized gaming developers.
On April 6, 2022, Chronos released Cronos Play, which is a suite of tools and services for developers. The comprehensive package features a modular structure serving to streamline the development of gaming and GameFi apps on the basis of the Cronos ecosystem. Cronos pursues its own strategy for mass adoption of cryptocurrencies, and Cronos Play is one of its essential parts.
On April 8, 2022, the platform launched the IBC bridge with the Akash chain to alleviate cross-chain AKT token transfers. The process went smoothly since the Akash chain is an EVM-compatible chain built with Cosmos SDK. The unique positioning of Cronos with respect to Ethereum and Cosmos ecosystems gives exceptional capabilities to the platform and improves its interoperability. Thus, the IBC protocol used by the platform enabled the launch of 4 bridges: with Crypto.org, Cosmos Hub (ATOM token), Terra (LUNA token), and, ultimately, Akash (AKT token).
On April 20, 2022, Cronos Lab was introduced by the platform. Actually, the team introduced only the name of the brand which was previously known as Particle B. It is Cronos Web 3 startup accelerator and ecosystem development fund that was launched in November 2021. In addition, the platform founded the CRO EVM Fund with the goal to support promising projects financially. The team states that the fund offers up to 1 million USD per project.
In February 2022, Crypto.org Coin was rebranded to Cronos with a token ticker CRO. Since the asset is a utility token of the Cronos EVM Chain and Crypto.org Chain, it caused some confusion among users. To make things clear, rebranding was initiated. Reportedly, the goal of rebranding was to simplify the processes for common users.
Cronos supports such wallets as Crypto.com DeFi wallet, Crypto.org Chain Desktop Wallet, MetaMask, MathWallet, Nabox, TrustWallet, and ImToken.
Cronos team and partnerships
Ken Timsit is one of the key persons in the company as he takes the position of Managing Director of the Cronos chain and Particle B. Previously, he worked as Sales and Marketing leader at Consensus. Particle B runs a 100 million USD fund that was launched in May 2021 to support projects developed on the basis of Cronos.
Chainalysis, the blockchain intelligence firm, is one of the key partners of the project. The platform concluded the partnership with the company in April 2022 to enable real-time transaction monitoring tools for the CRO token and CRC-20 tokens based on the Cronos network. The integration is considered to be another milestone in the process of development and institutional adoption of the Cronos blockchain and assets deployed on it. The integration was introduced to identify high-risk transactions to be able to report suspicious activity without delay.