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What is Cronos? All you need to know about CRO Token

Many people are becoming familiar with Cronos from Crypto.com, one of the largest centralized exchanges. Cronos is currently building their infrastructure and ecosystem at an amazing growth rate. Have you ever been curious about its rapid growth?
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vytran
5 min read
Published Dec 10 2021
Updated May 15 2024
what is cronos

What is Cronos?

Cronos is an EVM compatible sidechain running in parallel with the Crypto.org Chain. Before launching Cronos, the Crypto.com ecosystem encompasses the Crypto.com chain and Crypto.com centralized exchange.

cronos website
Cronos Website

To see the relationship between Cronos and Crypto.org, let's look at this simple comparison:

If Binance has Binance Chain and Binance Smart Chain (EVM-compatible).
Then Crypto.com has Crypto.org chain and Cronos chain (EVM-compatible).

Cronos is running on a Proof of Authority (PoA) consensus algorithm and is powered by Ethermint - a PoS chain interoperable with Ethereum. It aims to massively scale the Chain DeFi ecosystem, by allowing developers to rapidly port apps & smart contracts from Ethereum and other EVM-compatible chains.

Cronos's Core Features

EVM-compatible: With Ethermint, Cronos can support any smart contracts, DAOs or Dapps deployed on Ethereum.
Scalable: TPS on Cronos is higher than that of Ethereum. Therefore, Cronos is faster & cheaper to execute smart contracts.
Interoperable: IBC is a protocol that allows interaction between blockchains and will help Cronos to interoperate and bridge to the Crypto.org Chain, and other IBC-enabled chains, such as Cosmos Hub.
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Easy deployment: Users can follow the deployment instruction to quickly deploy Cronos network for any purpose.

Detailed Information about CRO coin

CRO Token Metrics

Token Name: Cronos
Ticker: CRO
Blockchain: Cronos
Token Standard: CRC-20
Contract: Updating...
Token Type: Utility and Governance
Total Supply: 30,263,013,692 CRO
Circulating Supply: 25,263,013,692 CRO
CRO Token Allocation

CRO Token Allocation

CRO coin only distributes to the secondary market. It means CRO has no pre-sale, no public sale.

CRO Token Use Case

CRO is a utility token of the Crypto.com chain, Cronos and the Crypto.com exchange. Crypto.com uses CRO in all aspects of their ecosystem, including:

Payments: Crypto.com Pay, Crypto.org Chain and Visa Card.
Trading: Crypto.com App & Exchange.
Financial services: Crypto.com Earn, Crypto.com Credit & Crypto.com DeFi Swap.

One can say that CRO is widely used in the Crypto.com ecosystem and it continues to grow the utility by being a native token on Cronos.

How to buy CRO Token

You can buy the CRO Token through these exchanges:

DEXs: Coin98 Exchange, Uniswap, SushiSwap,...
CEXs: Crypto.com Exchange, Coinbase Exchange, Houbi Global,…

You can also swap and buy CRO Token directly at the Coin98 Exchange interface at the end of this article! Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,...) through intuitive and simple interfaces.

How to store CRO coin

You can store CRO on the Coin98 Super App or the Coin98 Extension Wallet by following these steps::

Step 1: Open the application, at the homepage click the Wallet icon → Cronos Wallet.

Step 2: Choose Receive.

Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.

Team, Investors, and Partners

Team

Kris Marszalek - Co-Founder & CEO: Before, Kris has been a founder in the tech space 3 times before
Rafael Melo, CPA - Co-Founder & CFO: Rafael has 15+ years of experience in finance, he was a CFO at Mobile Payment Solution
Gary Or - Co-Founder & Founder of Particle B: Hacker, Product Designer, Entrepreneur, 9 years of full stack engineering experience (RoR, Elixir, Golang)
Bobby Bao - Co-Founder & Head of Corporate Development: Leader of corporate development efforts in Asia. Bobby is deeply connected within the blockchain industry in the region. Named to the 2018 Forbes’ 30 Under 30 List.
cronos team
Core Builders

Investors

Updating...

Partners

Cronos has a large number of partners. Some of their crucial partners are in Infrastructure, Validators, blockchain analytics and Risk Management fields.

cronos partners
Cronos' Partners

Other prominent names include: Huobi Pool, Chainalysis, Validation Capital, and 10+ other partners.

Roadmap and Updates

Updates: Let’s look at the four stages Cronos has gone through to assess its development period.

July - August 2021

Introduced Cronos and the testnet.
Announced the $100M fund to support developers building on Cronos.
First partnered with Chainlink and Band Protocol oracles.

September, 2021

Announced Cronos Hackathon with a $500,000 Prize Pool including DeFi, NFT, GameFi, Web3, Metaverse aspects.
Introduced VVS finance, the first AMM on Cronos.

October, 2021

Launched Cassini - the Cronos Incentivised Testnet with a $300,000 Prize Pool.
Held live Speak Session with well-known developers and staff from Cronos’ partnership network, such as Chainlink, Band, Cosmos, Enjin,...

November 2021

Introduced Tectonic, the first money market on Cronos.
Cronos Mainnet Beta went live.
Introduced the Cronos Bug Bounty Program with a nearly $1.4M Prize Pool.
DeFi legos are initially porting to Cronos such as Beefy Finance, Debank, autofarm.network, Crystal Finance, Annex Finance...

Next stage

Bridging Cosmos assets to Cronos.
Rolling out Gravity Bridge.
Cronos Upgrade.
cronos roadmap

As can be seen, Cronos is hustling to expand the network. It quickly announced the $100M Fund to support developers after releasing the testnet.

Within only three months, Cronos announced $500,000 in value for the Cronos Hackathon, followed by $300,000 in value for the Cronos Incentivised Testnet, and $1.4M for the Cronos Bug Bounty Program. It is clear that the team cares about network security and the incentive scheme, which aims to encourage as many developers as possible to come to this chain.

This strategy worked. Although Cronos has just been introduced for five months, it is now ready to adopt the DeFi protocol and welcome users as well as the money flow. Cronos chain was built at a breakneck pace, implying that Crypto.com had long planned to build their own blockchain.

Is CRO a good investment?

CRO & BNB tokens comparison

Because of its efficiency and numerous usage in the Binance ecosystem, BNB can be considered a standard exemplar for other CEX tokens. Binance has made an attempt to offer as much value to BNB as possible in order to increase the BNB buy demand.

Turning back to CRO, it is also backed by the second largest centralized exchange in terms of market capitalization (currently $14B according to Coingecko). Cronos might benefit from the Crypto.com user base, which has more than 10M+ customers to help kickstart Cronos in its early stage.

cronos ranking
Cronos Ranking

Moreover, by using only CRO in all the aspects of the Crypto.com ecosystem, this alone sets CRO tokens apart not only as a store of value but also with various use cases.

However, having many use cases is one thing. Another thing is we should observe how the Crypto.com ecosystem operates and what their strategies are, such as marketing, partnership, etc. to help steer the future of Cronos, the Crypto.org chain and Crypto.com CEX. It will take time for sure.

$100M Ecosystem Grant Program

From the beginning, Cronos received a $100M Ecosystem Grant Program named Particle B to support developers and partners. Particle B will grant up to $1M per project to at least 100 projects committing to build applications, toolings and infrastructures on Cronos.

This incentive program not only activates Cronos but also encourages developers to come to Cronos and build their products.

cronos tvl
Cronos' Total Value Locked (Updated 27th November, 2021)

Another notable milestone is that, in just two weeks, Cronos has reached 1M+ transactions with $700M+ TVL. It's a good start, and we can see that Cronos has a lot of potential for growth in the future. Let’s see whether or not they are becoming the second BSC!

Similar Project

Binance Smart Chain: A notable exemplar for Cronos. The BNB token is used for both the network and the Binance Centralized Exchange. Its market capitalization is only behind BTC & ETH and it is also the third largest coin in the market.