Cronos refers to both a layer 1 blockchain and its native token, which share the same name. The token is specifically recognized by its ticker, $CRO. Cronos layer 1 is developed by Crypto.com.
You can buy CRONOS ($CRO) at Bitrue.
Cronos L1 Blockchain
Cronos is a leading Ethereum-compatible layer 1 blockchain network, developed using the Cosmos SDK. It is supported by Crypto.com, alongside over 500 app developers and partners. The Cronos ecosystem currently spans an impressive user base of over 80 million people globally. Cronos mission centers on simplifying and securing Web3 adoption for the next billion crypto enthusiasts, with a keen emphasis on decentralized applications across DeFi, NFTs, and GameFi sectors.
Shortly after its debut in November 2021, Cronos secured a top 10 ranking in total value locked (TVL) among all blockchain chains. Today, it boasts over 1 million users and hosts more than 500 dApps. Transaction fees on Cronos are settled using its native token, Cronos ($CRO), recognized as a blue-chip cryptocurrency.
The growth and development of the Cronos ecosystem are propelled by Cronos Labs, the blockchain's dedicated startup accelerator.
Cronos and IBC
Cronos boasts Inter-Blockchain Communication (IBC) capabilities, enabling seamless interaction with other Cosmos-based chains that support IBC (such as Cosmos Hub, Osmosis, and Injective). This feature facilitates effortless asset transfers between these ecosystems, enhancing the versatility of Cronos-native assets. Additionally, it allows Cronos to accommodate native tokens from other IBC-enabled chains, significantly broadening its interoperability and utility.
Cronos is a Closed-source Blockchain
Cronos is different with most layer 1 blockchain. Cronos is a closed-source blockchain that aims to provide an array of decentralized financial services on a single platform, contrasting with Ethereum's open-source, fully decentralized nature that encourages external development.
Cronos Crypto Token ($CRO)
$CRO is the native token of a Cronos Chain that is designed to fuel the ecosystem's applications, CRO facilitates transactions and operations within its proprietary network. Cronos token is central to the platform's operations, supporting a range of functionalities from payment processing to access decentralized finance (DeFi) solutions and non-fungible tokens (NFTs).
Unlike some other crypto tokens, CRO is not minable due to its specific design, protocols, and the consensus mechanism it employs. The inception of CRO was driven by the ambition to make crypto accessible to a broad audience, aiming to hasten the global shift towards digital currencies. This vision led to the creation of a blockchain that caters to the decentralized demands of various users, including investors, traders, and businesses, without relying on forks from existing blockchains.
Initially introduced as MCO to reflect the Crypto.com original name, Monaco, the token was rebranded to CRO following the transition to CRO Protocol Labs. The token's primary use is within its native blockchain environment, underscoring its integral role in the platform's diverse service offerings.
CRO's blockchain, known for using a proof-of-stake consensus mechanism called Tendermint, emphasizes efficiency and security, with new blocks generated approximately every five seconds. This design underscores the platform's commitment to providing a robust infrastructure for its digital currency and the broader ecosystem it supports.
Cronos Price Analysis & Statistics
Currently, $CRO is priced at around $0.16, the highest level since mid-2022. In 2021, CRO almost hit $0.90 but it only touched $0.89 briefly and started to tumble like every crypto token in 2021.
CRO is up 100% from a month ago. Over 75% of the gain happened in the last two weeks, where Bitcoin successfully broke the $60,000 level.
The next major resistance for CRO is between $0.20-$0.23, if CRO successfully passes the $0.23 level, the next resistance level will be between $0.45-$0.5.
Cronos Token Statistics:
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Market Cap: $4,246,172,529
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Fully Diluted Valuation: $4,794,392,897
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24/hr Trading Volume: $143,271,499
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Total Value Locked: $3,561,292
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Circulating Supply: 26,569,615,512
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Total Supply: 30,000,000,000
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