Alternative smart contact platforms have dominated the market as Ethereum is facing scalability and higher transaction fees issue. New Addition on this list is Cronos Chain. Cronos Chain developed by one of the largest cryptocurrency platform crypto.com. The cronos chain’s ecosystem has been growing rapidly since the launch of the mainnet.
Cronos is one of the up-and-coming blockchain ecosystems in the decentralized finance space. The network represents over $2.4 billion in Total Value Locked (TVL) across 44 protocols. More importantly, some of these protocols bring innovative services, products, and ideas to the DeFi industry.
What is Cronos?
Cronos is an Ethereum Virtual Machine (EVM) chain and will run parallel to the Crypto.org Chain. Cronos (CRO) is the native cryptocurrency token of Cronos Chain — a decentralized, open-source blockchain developed by the Crypto.com. Crypto.com is one of the leading crypto payment, trading and financial services company.
Cronos Chain’s mainnet beta went live on Nov. 8, 2021, and is built on the Cosmos SDK, utilizing a proof-of-authority (PoA) consensus mechanism. Ethereum Virtual Machine (EVM) compatibility means that the thousands of DApps built on Ethereum can be ported on to the Cronos Chain. Furthermore, it also supports the Inter Blockchain Communications (IBC) protocol, which allows it to bridge to the Cosmos ecosystem of DApps.
Cronos Chain blockchain features:
Enable Smart Contracts: Developers can build faster dApps on Cronos to process more transactions per minute.
EVM Compatibility: Cronos can support any dApp or smart contract running on Ethereum or any EVM compatible blockchain to enjoy faster and cheaper transactions.
Interoperability: Built for NFTs, Metaverse, GameFi, and Web3.0, Cronos is the first Cosmos EVM Chain for DeFi, NFTs, and Metaverse. Scale DeFi and DApp ecosystem.
Cronos-chain is the newest smart contract platform in the crypto space. Despite the recent launch, growth in total value locked (TVL) has skyrocketed, reaching a high of over US$2.4B in less than 4 months. This could be partly attributed to the Particle B $100M CRO EVM fund, which incentives developers to build on Cronos. Bridge between Ethereum and Cosmos is expected to come in the near future. In this artical we’re going to discuss about top 5 DeFi, NFT, metaverse project built on cronos chain – you should know for explore cronos ecosystem & find out new investmeant opportunity for greater return.
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1. VVS Finance (VVS)
The VVS Finance is the leading DeFi application on the Cronos chain today. Its Total Value locked has surpassed $1.4 billion, an increase of over 21% in the past month. The platform’s simple interface anyone can access and use to swap tokens and earn high yields makes the platform so appealing. Additionally, VVS Finance provides clear incentives for long-term value creation and strongly emphasizes security and governance.
Users of VVS Finance can instantly swap tokens at low fees and slippage. Moreover, they can provide liquidity to collect transaction fees and earn VVS rewards by leveraging their LP tokens. Additionally, users can stake VVS to receive more tokens, creating passive revenue streams on top of one another.
2. MM Finance (MMF)
As the second-biggest DeFi project on Cronos chain by Total Value Lock, MM Finance represents over $376 million in Total Value Locked. The AMM (Automated Market Maker) DEX lets users explore trading and swapping, yield farming, and NFT opportunities. Additionally, the platform prides itself on low trading fees and introducing the first Protocol Owner Liquidity concept to its DEX.
Like VVS Finance, MM Finance users can tap into multiple revenue streams by providing liquidity and staking crypto assets. In addition, its launchpad lets users participate in upcoming token sales, creating an option to diversify a portfolio with ease. Moreover, the Mad Meerkat NFTs, native to MM Finance, offer holders a boost in farming rewards. These NFTs can be bought and sold on the MMF Marketplace for $MMF tokens, adding another utility layer to the DEX’s native asset.
3. Tectonic (TONIC)
Like other blockchain ecosystems, some projects on Cronos will explore cross-chain solutions. For Tectonic, with over $312 million in TVL, the objective is to become a cross-chain money market for earning passive yield and accessing instant-backed loans. Asset holders can begin generating passive yield through attractive APY’s through a dynamic rate based on market demands. All earnings can be accessed immediately.
Those with idle crypto assets can leverage Tectonic to acquire instant loans, with funds usable across DeFi and NFT projects in the Cronos ecosystem. The Tectonic team will introduce an insurance fund in a future protocol iteration. That fund will ensure undercollateralized loans are properly liquidated.
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4. CronosChimp Club
As NFTs become more popular on the Cronos network, there will be a wider variety of collections. For example, CronosChimp Club spans 10,000 Chimps with various traits, each of which celebrates the different aspects of the Cronos ecosystem. The collection currently has a price floor of 895 CRO and a total volume of over 14 million CRO.
As the project evolves, NFT holders will gain access to exclusive virtual and real-world drops and access previews of upcoming collaborations with celebrities and designers. Ultimately, the Chimp Metaverse will be developed, with a more expansive roadmap to follow.
5. Ebisu’s Bay
There is a first-mover advantage for Ebisu’s Bay, which is the first NFT marketplace built on th Cronos technology stack. Like other NFT marketplaces, users can buy, sell, and trade non-fungible tokens to their heart’s content. The marketplace has proven rather popular, with over 18.1 million $CRO in volume across nearly 27,000 sales. Moreover, there is a healthy amount of active listings, showcasing the NFT potential on Cronos.
Additionally, users can acquire NFT drops at steep discounts and a 50% cut on service fees if they own an Ebisu Bay’s Founding Member NFT. These NFTs can be minted on demand for a price of 200 CRO. A total of 10,000 founding member NFTs can be minted, and one-third of the supply is in circulation today. Extra benefits include access to beta features and an on-chain referral system.
6. CRODEX
CRODEX, the most advanced and widely used Decentralized Exchange on Crypto.com’s Cronos Chain. CRODEX crossed over $20 million TVL on it’s platform. This DEX provides liquidity and enables peer-to-peer transactions on Cronos.
CRODEX aims to be a complete trading ecosystem, covering all aspects of DeFi. It’s also provide NFT staking and Launchpad for upcoming cronos based project. Also features Professional-grade historical price charting and real-time order book data. The first NFTs with use cases in the CRONOS network: Stake your NFTs at CRODEX dApps to unlock unique features.
7. CronaSwap
CronaSwap is a premier AMM DEX of Cronos chain. As a DEX platform for swapping ERC-20 tokens on the Cronos Chain network, Cronaswap makes it easier for DeFi participants to switch networks. Like other
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The views and opinions expressed by the author mentioned in this article, are for informational purposes only, and we do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss do your own research Before any investment or consult with your personal financial advisor.