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Cronos fundamentals: meet the ecosystem behind the token

Following the new push into the Metaverse, it will be interesting to see how Cronos will affect the current status quo.

Image: Cronos

As interest in cryptocurrency increases, people show an increasing appetite for the CRO token. However, one must first understand the Cronos fundamentals to gauge whether CRO is a worthwhile investment.

There are many things to like about Cronos and where the ecosystem is headed. Let’s dive in and see what the future holds for Cronos.

The Cronos Vision

In February of 2021. the team decided to go through a bit of a rebranding. Its utility token – Coin, or $CRO – was renamed to Cronos, as it is also the utility token for the Cronos EVM Chain.

Through the name change, the team wants to emphasize the decentralized nature of CRO and spotlight the explosive growth of the Cronos ecosystem. 

At its core, Cronos is the next phase to bring billions of users into the Web3 environment. The EVM-compatible chain is designed to benefit the Creator Economy, with a substantial focus on decentralized finance and GameFi.

In addition, the team wants to make Cronos a foundational infrastructure for the Metaverse, thanks to its faster and cheap transactions. That efficient approach also benefits dApps and smart contracts, which become more user- and environment-friendly. 

The technology stack powering Cronos supports the porting of decentralized applications and smart contracts from Ethereum and EVM-compatible chains.

In addition, it is interoperable with the Cosmos ecosystem through Inter Blockchain Communication, enabling developers to tap into two of the biggest ecosystems in the blockchain industry. 

Tremendous Growth Solidifies Fundamentals

Ever since the Cronos chain was deployed, it has seen tremendous user growth. In February, a blog post indicated there were over 350,00 unique wallet addresses performing transactions on Cronos.

That number has risen to over 778,000 today and is on track to hit 800,000 in the coming weeks. In addition, there is a good amount of daily transactions, surpassing 200,000 on most days. 

On the development front, Cronos has attracted dozens of decentralized applications. There are well over 120 dApps to choose from, spanning various industry segments, including digital finance, collectibles, exchanges, gambling, marketplaces, social, etc. 

Although the network’s Total Value Locked has decreased – primarily due to bearish market conditions – Cronos is still home to over $1.85 billion in assets.

There are over 50 DeFi protocols to choose from, with more to be launched in the future. 

Cronos & Expansion Benefits CRO

As $CRO serves as the utility token for the Cronos ecosystem, it will derive value from Cronos’ ongoing growth and expansion.

The compatibility with Ethereum and Cosmos can bring tremendous utility to the $CRO token that goes well beyond the benefits one can unlock through the platform.

Moreover, users can seamlessly move value between the platform and Cronos. 

Within the ecosystem, $CRO is used for payments through the Pay solution, the Chain, and the Visa Card.

It also unlocks passive benefits to those holding larger amounts, including better lending rates, staking rewards, etc. Those who see merit in Cronos’ long-term vision can stake $CRO to support the network and unlock a passive revenue stream from staking rewards.

That staking approach will help them unlock more benefits in the ecosystem, creating a value loop for long-term supporters. 

Following the new push into the Metaverse, it will be interesting to see how Cronos will affect the current status quo.

Its protocol-level interoperability between different networks can help unlock tremendous potential in Web3, as it is one of the better scalable networks out there. 

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.


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