Today, Coin98 will show you how to:
- Purchase and store CRO.
- Transfer funds to the Cronos blockchain by transferring CRO coins from an exchange (CEX) or using a cross-chain bridge.
- Seek Investment Opportunities on Cronos.
Let's jump right into the Cronos Blockchain!
Cronos is an EVM-compatible sidechain running in parallel with the Crypto.org Chain. Cronos Chain is somehow similar to Binance Smart Chain, where it has developed from a CEX to a blockchain. Currently, Cronos is running on a Proof of Authority (PoA) consensus algorithm and is powered by Ethermint, a PoS chain interoperable with Ethereum.
Similar to other blockchains, to participate in DeFi on Cronos, you also need the native token of the corresponding chain for a fee, also known as "gas fee" (the fee you need to pay to the network).
The gas fee gwei level on the Cronos is currently around $11.07/transaction. So, to make transactions, about 1000 CRO (~$0.17) can go a long way.
Step 1: Prepare tokens
Since the majority of CEXs currently support CRO, you have complete freedom to choose where to make your CRO purchase(s). The most popular Cronos-supported exchanges include Coinbase, Crypto.com, KuCoin, and Gate.io.
In the following section, I'll go into details on which exchange you should use to purchase CRO.
Step 2: Prepare your CRO wallet to store tokens
It is necessary to have a non-custodial wallet after you buy tokens on CEXs to store tokens and interact with DeFi. At this time, many different wallets, including the Coin98 Super App, can store CRO coins.
Following these simple steps, you can store CRO and other Cronos tokens on Coin98 Super App.
- Step 1: Click on the Cronos wallet on the main screen.
- Step 2: Select "Receive".
- Step 3: Copy the wallet address or scan the QR code address and send your assets to this address
Step 3: Transfer tokens from other Blockchains to the Cronos Blockchain
After buying CRO and having a Cronos wallet (Cronos), you can participate in events or skin in the game in the Cronos Ecosystem, such as joining lending, yield farming or staking activities on this chain.
Typically, there are 2 methods for transferring tokens to the Cronos Blockchain.
- Option 1: Buy CRO Coins from CEXs and transfer them to a Cronos-supported wallet.
- Option 2: Convert tokens from other blockchains to the Cronos blockchain using a Cross-chain Bridge, then trade on DEXs.
To make it easier for you to visualize, I'll walk you through the process for the two methods listed above.
Option 1: Buy tokens on CEXs & withdraw to a Cronos Wallet
Transfer and withdrawal fees will vary depending on the exchange. If you want to transfer your assets, you should pick the CEX that is most convenient for you to use. I'll recommend a few popular exchanges here, such as Coinbase, KuCoin, Huobi, Gate, Crypto.com etc.
To begin with, you'll need USDT or USDC stablecoins in order to purchase. US dollars (USD) or other currencies in your country can be used to buy USDT if you don't have any stablecoin yet.
Now that you already have USDT, you can purchase CRO directly from any exchange, such as Coinbase, Kucoin, Gate, etc. and transfer the tokens to the Coin98 Wallet by doing as follows:
- Step 1: On any CEX, use USDT to purchase CRO.
- Step 2: Transfer CRO to the Cronos wallet through your Coin98 wallet address.
Option 2: Use Cross-chain Bridges to transfer tokens to Cronos
As Cronos has just been built for such a short time, Cronos Bridge is one of the best options to transfer assets to and from the Cronos blockchain. The bridge, however, only supports users to deposit/withdraw CRO between Crypto.org and Cronos.
To transfer Cronos Tokens from Crypto.org to Cronos, do as below:
Step 1: Click “Connect Wallet”.
Step 2: Select Crypto.org as the From chain, then select Cronos as the To chain.
Step 3: Enter the trading amount on the “Amount” box, the bridge fee will be automatically calculated accordingly, then click “Transfer asset”.
Step 4: A transaction confirmation will be sent to your wallet. Click “Confirm”, then wait untill it has done.
Step 4: Add tokens to Coin98 Super App
Because CRO is the native token of the Cronos blockchain, it will be displayed by default in multi-chain wallets. If you need to add another token to this multichain wallet, follow these steps:
Step 1: On the homepage, select More → Custom Tokens.
Step 2: Fill in the following information:
- Select the Blockchain.
- Enter Contract Address (the contract address of the token)
- Token name
You can check this information on block explorers.
You only need to select the Blockchain and enter the Contract Address of the token you want to add to the wallet. The remaining data will automatically be updated after you enter the correct contract address.
In case the system fails to extract the data, you can manually fill in the remaining data into the required cells.
To finish adding tokens, select “Create” and you're done.
Step 5: Transfer Cronos tokens from Coin98 Super App
To transfer tokens from a decentralized wallet to another, follow these simple steps. I'll show you how to transfer CRO from your mobile wallet.
Step 1: Click the Cronos wallet.
Step 2: Choose Send.
Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section on the main interface, then select the Cronos wallet you want to send from.
- The gas fee for each transaction is paid with CRO, approximately 0.11 CRO.
- The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
Skin in the game with Cronos blockchain
Although the Cronos blockchain has just been built in Q3 2021, it is now one of the most rapidly-developing ecosystems. Cronos is expected to have a blooming year in 2022 as many missing pieces of the whole infrastructure have gradually been filled.
Keeping an eye on this ecosystem will give you many opportunities to skin in Cronos, as you will be updated with the most recent significant changes in each network.
Learn more: Cronos Ecosystem Overview
Disclaimer: The information in this article is provided solely for informational purposes and should NOT be considered as investment advice. Investing in cryptocurrencies involves a high level of risk, and you should only invest what you are willing to lose.
Farming is a method of providing liquidity for AMMs in order to receive rewards. Farming produces much higher profits than lending and staking, but there is a risk of impermanent loss.
CronaSwap is the first decentralized exchange platform on the Cronos blockchain to offer the lowest transaction fees (0.25%). Users can swap CRC-20 tokens easily on the Cronos Chain network that guarantees superior speed and much lower network transaction costs.
Farming on CronaSwap currently has an APR in the range of 10 - 25%. Users can take full advantage of the tokens here.
If you're interested in learning more about the Cronos blockchain and the investment opportunities it offers, I recommend checking out this article. Hopefully, this will be beneficial to you!
I've shown you how to transfer coins to the Cronos blockchain in order to skin in the game.
If you want to read more about how to transfer tokens to different blockchains in the market, this series will be helpful for you: How to transfer tokens
Hopefully, after reading this article, you will have a better understanding of the DeFi market and find the best ways to maximize your profits.