Crypto.com is the largest exchange in the world with over 10 million users. They recently built a new blockchain to expand the Crypto.com ecosystem and drive the growth of Defi, GameFi, Metaverse, and more. The ecosystem that I want to mention here is Cronos, a blockchain product that, although newly launched, is developing very quickly. This article will provide basic information about Cronos for you
Cronos development overview
Cronos is an open source, decentralized blockchain by Crypto.com and compatible with the Ethereum virtual machine (EVM) built on Cosmos SDK technology. Transactions on Cronos are done quickly with low fees.
Cronos aims to scale the DeFi, GameFi, and Web3 ecosystems by providing developers with the ability to migrate DApps and smart contracts from Ethereum and other EVM compatible chains, as well as the ability to Interoperability with the Cosmos ecosystem through IBC (Inter Blockchain Communication).
Factors making Cronos development platform so powerful
Ecosystem
Cronos ecosystem has many outstanding products with support features for users.
Cronos AMM DEX projects include:
- VVS Finance: This is a project supported by Particle B, built natively on Cronos. The farming program on this project is up and running and TVL is at $1.3 billion. This is the largest DEX exchange and also the protocol with the largest amount of TVL in the Cronos ecosystem.
- MM Finance: Not only specializes in DEX, but MM Finance also works in various fields such as NFT, Launchpad stablecoin, and Yield aggregator. TVL of this project is kept at 1.12 billion dollars. Despite possessing many innovative features, the transaction fee is only about 0.17%.
- CroDex, CronaSwap, Elk Finance, PhotonSwap, ChronoSwap, Empire DEX, Swapp, Annex Finance: These are also Cronos AMM DEXs but the amount of TVL is relatively small.
- We can see that VVS and MM Finance are the leading DEX projects of Cronos. Although at this point, the AMM DEX segment is no longer attractive because of its low APR and low farming value. However, the top DEXs are still holding their position as the basic piece of this ecosystem.
Bridge
Cronos Bridge is a bridge between Cronos and other blockchains like Terra, Cosmos… This bridge is a completely decentralized protocol built on top of the open source projects of IBC and Gravity Bridge.
- Currently supported networks: Crypto.org, Cosmos, and Terra.
- Currently supported coins: CRO, ATOM, LUNA.
- Currently supported wallets: MetaMask, Keplr, Crypto.com DeFi Wallet.
- In the future, Cronos Bridge will support more Ethereum blockchains and some coins/tokens such as ETH, WETH, WBTC, USDC, USDT, DAI.
NFT & NFT Marketplace development
In the Cronos ecosystem, there are the following NFT projects:
- Mad Meerkat: NFT Market is built by MM Finance.
- EbisusBay: NFT Market belongs to the Cronos ecosystem.
- Cronos Punk: An NFT project on the Cronos system about NFT Punk. At this NFT you can make transactions on CroDex or Ebisubay.
- CRO CROW: NFT sells crows on Cronos. The Mint fee to create 1 crow is 100 CRO.
- Crocos NFT: NFT sells crocodiles, similar to CRO CROW.
- There are also a few projects under development such as Leonium Finance, Hibiki Finance, NFT marketplace by Annex Finance, NFT project built by Cronos World, etc.
Although the NFT projects are not really completed and many projects are still in the preparation stage, you can see that Cronos’ ecosystem is extremely vibrant and diverse.
Although Cronos is a new ecosystem, it still receives a lot of attention from investors. Understanding how assets move into Cronos’ ecosystem will help investors discover many opportunities to generate high returns when approaching projects at an early stage.
Want to know more about Cronos, contact SmartOSC experts!
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