Crypto.com’s Cronos Chain Nears $1B in TVL as Token Jumps 350%
Crypto.com's exchange and token are surging, with TVL approaching $1B.
By: yyctrader •Byte
It’s been a great month for Crypto.com, the world’s fourth largest cryptocurrency exchange.
CRO, the company’s native token, is up 350% in the last 30 days and hit an all-time high of $0.96 on Nov. 24.
The catalyst for the rise? DeFi. The mainnet beta of Cronos, an Ethereum-compatible blockchain, went live on Nov. 8.
Cronos is built on the Cosmos SDK and utilizes a Proof-of-Authority (PoA) consensus mechanism. Being EVM-compatible, it allows for the easy porting of applications from Ethereum. It also supports the Inter Blockchain Communications (IBC) protocol, which provides a bridge to the Cosmos ecosystem.
Total Value Locked (TVL) on Cronos has reached $954M in the two weeks since it launched.
TVL is dominated by VVS Finance, a decentralized exchange (DEX) forked from Pancakeswap, which accounts for $700M, or 73%.
The rapid growth is remarkable given that there is currently no working bridge between Cronos and Ethereum or any other blockchain. Users can only move assets to Cronos from the Crypto.com exchange and the company’s Crypto.org blockchain.
It will be interesting to see if Cronos continues to gain traction once fully integrated with the rest of DeFi. A bridge to Ethereum is expected soon, according to the official bridge website.
Sparing No Expense
Crypto.com has been ramping up its marketing efforts in recent weeks.
In October, it kicked off an ad campaign featuring Hollywood actor Matt Damon.
That was followed by a $700M naming rights deal for Los Angeles’ Staples Centre, which will now be known as the Crypto.com Arena.
Prospective builders on Cronos can apply for grants from a $100M EVM Fund that’s offering up to $1M per project.
Disclosure: The author holds a small position in CRO and is farming VVS tokens.