Overview of Crypto.com EVM Compatible Chain Cronos Ecological Landscape: The Next Potential Public Chain?
Written by: angelilu
Cronos is an EVM (Ethereum Virtual Machine) compatible chain launched by Crypto.com, built on Cosmos SDK technology, providing developers with the ability to instantly port applications and encrypted assets from other chains, while benefiting from its high throughput and low transaction Fees provide new options for the development of projects such as DeFi, NFT, and GameFi.
Cronos established the Cronos Ecosystem Grants Program in December 2021 to lead initial product development and provide funding, technical and marketing support for Cronos' early projects, now completethird batchCronos ecosystem funding, including Web 3.0 games, NFT, DeFi and other categories, promotes the development of the Cronos ecosystem.
The Cronos mainnet has been live since November 2021, with over 200 partners and over 700,000 DeFi and NFT users. Today Cronos has reached block height2,693,800Upgrade (5:22, May 10, Beijing time) to v0.7.0 "Huygens", the upgrade includes node storage performance, the goal is to increase the chain capacity by 2 times within a few weeks after the upgrade, and will introduce dynamic transaction fees, This fee will automatically increase or decrease based on network utilization.
Cronos ecological feature project
In the early days of the Cronos ecosystem, there were very few projects migrating from other chains, mainly Cronos native projects, of which DEX accounted for the highest proportion, and other DeFi projects such as lending and stable coins also began to deploy early. Although the number of NFTs is small, after the development of NFTs in other mature public chains has a reference value, NFTs that entered early adopt a long-term development route, and the long-term empowerment of NFTs is planned in the roadmap.
VVS Finance
VVS Finance is the application with the highest TVL in the Cronos ecosystem. It is a decentralized exchange for automatic market making (AMM), integrating trading, pledge, and liquidity mining. Among them, the trading sector is Bling Swap, and users need to pay a 0.3% transaction fee, which is shared by liquidity providers and the VVS platform. The pledge section Crystal Farms supports LP token holders to obtain more rewards by staking tokens.
In addition, the IGO mechanism of VVS Finance also provides token sales for new projects on Cronos, the most recent of which isCronosLiquidity Pledge AgreementArgo, successfully raised $3 million at a price of $0.05 per token.
MM Finance
MM Finance is a decentralized exchange for automatic market making (AMM) on the Cronos chain, with a transaction fee of 0.17%, and also includes a yield optimizer, NFT, Algo stable currency, and Launchpad.
attackattack, hackers exploited a DNS vulnerability to steal over $2 million in CRO tokens from users. However, the project party has fully compensated the lost users after sorting out the records on the chain.
Tectonic
Tectonic is a Cronos ecological lending platform, powered by TONIC governance tokens, the funds deposited by users are provided to borrowers as liquidity, and borrowers can borrow at variable interest rates. Tectonic’s smart contracts adjust these rates based on the utilization of each market.
DarkCrypto
https://www.darkcrypto.finance/
DarkCrypto Finance is an algorithmic stablecoin linked to the Cronos token CRO. DarkCrypto is a multi-token protocol consisting of three tokens, namely the algorithmic token DarkCrypto (DARK) linked to CRO, DarkCrypto Shares (SKY) and DarkCrypto Bond (LIGHT), when the network expands, users can buy SKY to inflate DARK. When the network shrinks, users can purchase LIGHT, and LIGHT can be exchanged for DARK during the network deflation phase.
Mimas Finance
Mimas Finance is an algorithmic money market and liquidity staking protocol on the Cronos blockchain. powered by the Harmony blockchainTranquilBuilt by the same team behind , it enables users to offer and borrow assets while receiving or paying interest in a completely permissionless and decentralized manner. The loan interest is set according to market demand, and the loan is over-collateralized to ensure solvency.
Crodo
CrodoIt is a multi-chain IDO platform based on the Cronos network, which provides a system for dividing participants by level to solve the problem of even and fair distribution of tokens in the pool.
Cyborg Swap
CyborgSwap is an NFT-oriented DEX on the Cronos chain. Users can trade and pledge NFTs owned by multiple Cronos projects. According to its roadmap, it plans to launch a CyborgSwap incubator for the Cronos NFT project, a cross-chain DEX, an NFT market, a P2E racing game, a CyborgSwap virtual world, etc. in 2022.
Cronos Chimp Club
Cronos Chimp Club is a series of 10,000 NFT chimpanzees generated on the Cronos chain. The metadata of all Cronos Chimps is stored on Arweave. The current floor price is 760 CRO.
Crocos NFT
Cross-chain bridge
Cross-chain bridge
Cronos Bridge
Cronos Bridge is a decentralized bridging service officially launched by Cronos. It currently supports the asset bridging services of Cosmos, Terra, Akash and Cronos, and will support the bridging between Ethereum and Cronos in the future.
Multichain
https://anyswap.exchange/#/router
Multichain (formerly Anyswap) is a decentralized cross-chain swap protocol based on Fusion DCRM technology with automatic pricing and liquidity systems. Anyswap supports the swap between tokens on any blockchain that uses ECDSA or EdDSA as the signature algorithm.
EvoDeFi
EvoDeFi is a cross-chain bridge that supports multiple chains. The cross-chain method uses smart contracts to lock existing tokens and mint new tokens on the target blockchain. When new tokens are to be exchanged, the same amount of tokens on the original chain Coins will be unlocked. Support token transfer between Ethereum, BSC, Fantom, Heco, Avalanche, Arbitrum, Tron, Cronos, Solana, Polygon, Moonriver, OKex, Tron, Bitcoin.
NerveNetwork
NerveNetwork is a cross-chain DeFi solution that supports asset transfers across multiple networks including Cronos, in addition to providing tools to create liquidity mining and increase liquidity.
Connext
AnnounceAnnounceIntegrating Cronos enables users to instantly transfer assets between the 11 chains it supports and Cronos, and users can also log in to the Cronos ecosystem directly from other L2 and sidechain systems to avoid paying additional Gas fees.
Other high TVL projects in the Cronos ecosystem
Cronos is still in the early stages of development. At present, most of the projects with the highest TVL in the ecosystem are DeFi projects. According to DeFiLlama data, in addition to the above projects, the top 20 TVL projects on Cronos include MM Optimizer, Annex, Darkness, Beefy Finance, and Single Finance , Autofarm, METF Finance, CronaSwap, Crodex, Crystl Finance, CGX Finance, Crodex, Crystl Finance, CGX Finance, Agile Finance, EmpireDEX, and PhotonSwap Finance.
The biggest label of Cronos is the strong endorsement of Crypto.com. As a mature trading platform, Crypto.com ranks 11th in CoinMarketCap. Its payment system supports quick website installation and accepts cryptocurrency payments. It also supports VISA payment cards. It has built a bridge between encryption and the traditional world, so it is worth thinking whether Cronos will copy the development path of BNB Chain and become the next potential public chain?
