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The Cronos ecosystem is quickly rising the rank of the DeFi ladder. For a network in live beta for just four months, it has achieved milestone after milestone. Moreover, the network has various technical benefits and is supported by Crypto.com, one of the biggest household names in the cryptocurrency industry today.
Cronos By Crypto.com
Cronos is not a new network developed by a team of anonymous developers. Instead, it is a network developed by the Crypto.com team. It features the CRO token that users have grown accustomed to, but the move to a native chain rather than Ethereum makes sense. In addition, Cronos is much faster and cheaper to use, whereas Ethereum is nearly always congested and relatively expensive.
Although the network is in live beta, it notes active development across various industry segments. Additionally, the chain is Web3 oriented and will facilitate the creator’s economy. To date, there have been multiple successful DeFi protocols, NFT projects, and dApps on Cronos, with more to come in the future. It is an ecosystem that appeals to many types of developers, creating new opportunities for cross-chain exploration.
Thanks to several dozen decentralized applications and over 350,000 unique connected wallets, Cronos continues to build momentum. Moreover, the association with the Crypto.com brand unlocks many marketing opportunities. Crypto.com is on an aggressive marketing campaign, becoming the title sponsor of sports arenas and stadiums, broadcasting advertisements on TV and billboards, and sponsoring Formula 1, to name a few things.
All of those efforts can bring a bigger spotlight to the Cronos network. Moreover, there is a strong roadmap in place for 2022, with a strong focus on expanding the community. Thanks to a strong infrastructure for developers and better interoperability than most networks, Cronos is well-positioned to experience ongoing growth throughout 2022 and beyond.
DeFi Momentum Keeps Swelling
The appeal of Cronos is outspoken where decentralized finance is concerned. For a network that is live just over four months, it has noted explosive Total Value Locked growth. Rising from under $300 million to $2.46 billion in quick succession is impressive for any network. Moreover, Cronos’ TVL rose by over 25% in the past month, confirming users have a keen interest in the several dozen DeFi protocols on this network today.
Leading the pack are VVS Finance ($1.4 billion), MM Finance ($385 million), and Tectonic ($310 million). In addition, the ecosystem is home to cross-chain DeFi protocols, including Beefy Finance, Autofarm, and others. Providing a varied ecosystem spanning trading, swapping, lending, borrowing, yield farming, NFTs, and other concepts will help the network solidify its position in the decentralized finance world.
There is no shortage of new DeFi protocols on this Crypto.com-supported network either. Despite its strong growth, the network has nearly two dozen protocols with under $1 million in Total Value Locked. Of course, not every project can be successful in this space, but it is good to see a growing diversification of options to explore. Competition leads to innovation in every industry.
Conclusion
The growing popularity of the Crypto.com-supported Cronos ecosystem is intriguing. Its success in DeFi confirms the network provides any benefits both users and developers have been looking for. Additionally, a growing variety of decentralized finance protocols gives users more options to tap into [passive] DeFi revenue streams.
As the network is still in the early stage of development, all eyes will be on the 2022 roadmap. The Crypto.com-supported network is EVM-compatible and interoperable with Cosmos, creating numerous cross-chain opportunities. Additionally, the focus will shift to more wallets, DApps, and connectivity while venturing into gaming and interchain accounts throughout the year.
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