Cronos (CRO) formerly Crypto.org Coin
Table of Contents
About CRO
“Cronos is the first EVM-compatible layer 1 blockchain network built on the Cosmos SDK, backed by Crypto.com, Crypto.org and more than 250 app developers and partners. Our mission is to make it easy and safe for the next generation of crypto users to adopt Web3, with a focus on DeFi and GameFi.”
Cronos (CRO) is the native token of the Crypto.org Chain. It was renamed from ‘Crypto.org Coin’ in February 2022. The re-branding reflects the decentralization of the coin and tremendous growth of Cronos ecosystem.
Cronos Labs
Cronos Labs is the ecosystem investment fund, web3 start-up accelerator and incubator of Cronos chain.
Multi-network
CRO is an example of a multi-network token. It is supported by:
- Ethereum’s ERC-20 standard
- Ethereum hosts ERC-20 CRO and its addresses commence with ‘0x’
- Crypto.‌com’s native Cronos Chain
- Cronos Chain is home to Native CRO and its address format starts with ‘cro’
- Cronos Mainnet
- Cronos Mainnet is home to Cronos CRO and, because it is Ethereum-compatible, its address format also starts with ‘0x.’
Platform token for Crypto.com App and Crypto.com Exchange
CRO is the platform token for Crypto.com App and Crypto.com Exchange. Owning CRO gives users various benefits on the above-mentioned platforms.
Key Metrics
- Total Value Locked (TVL): US$ 4.00B [Apr 2022]
- total number of wallet addresses: 533,801 [Apr 2022]
Milestones
- Cronos Launches $100M-backed Cronos Accelerator Program to Support Ongoing Ecosystem Building [Jun 2022]
- primarily focus on advanced DeFi, Web3 Gaming & Metaverse, and Infrastructure & Tooling.
- funded by the $100 million Cronos Labs Ecosystem Fund.
- Ledger Live supports Cronos [Mar 2022]
- Cronos’ mainnet beta [Nov 2021]
- Cronos is the EVM sidechain running in parallel to the Crypto.org Chain
- will enable developers to port dapps from Ethereum and other EVM-compatible chains at low cost, bringing them to the Crypto‌.com ecosystem and its more than 10 million users.
- Start trading on Coinbase Pro [3 Nov 2021]
Tokenomics
- [22 Feb 2021]: 70 billion CRO to be burned
- 59.6 billion to be burned on 22nd Feb, 2021.
- 10.4 billion currently locked in a smart contract and will be burned monthly, as it gets unlocked.
- This will increase the circulating supply of CRO from current 24% to over 80%.
Notes
4 types of CRO
There are different CRO tokens residing on different blockchains. Visit this article to learn more details.
- ERC-20 CRO: This version of CRO lives on Ethereum and allows you to easily swap it with major tokens on the Ethereum blockchain.
- Crypto.org CRO: The native token of the Crypto.‌org Chain, this version powers Crypto.‌com’s payment solutions. You can also stake it to support the blockchain.
- CRC-20 CRO: Found on the Cronos blockchain, this version allows you to interact with popular DeFi projects in Cronos like VVS Finance and Ferro Protocol.
- Wrapped CRO: You use WCRO to interact with smart contracts and dapps, which you can’t with CRC-20 CRO or Crypto.org CRO.