What is Cronos ($CRO)?

In this article, we’ll be jumping into one of the most interoperable blockchains known as Cronos, the network created by Crypto.com, the revolutionary CEX on the mission to onboard the next billion users to the world of crypto and DeFi.

Let us begin.

What is Cronos?

Cronos, which first launched in 2021 strives to become the most scalable and interoperable blockchain ecosystem in existence. The Cronos network was created by Crypto.com, a leading centralized exchange with over 100M users, across 90 countries and eight years of existence in the market.

The Cronos network s a hub of three powerhouse blockchains. First, is the Layer 0 Cronos Proof-of-Stake (PoS) network powered by the Cosmos SDK, primarily used for super-speed transactions and NFTs. This network is the foundation of the entire Cronos ecosystem.

Second is the Cronos Layer 1 Proof-of-Authority (PoA) blockchain built using the Cosmos SDK. The Cronos Layer 1 is EVM-compatible enabling users to explore an expansive ecosystem of over 500 dApps ranging from DEXs to GameFi protocols, Cronos EVM has it all.

Third is the newest addition to the ecosystem known as Cronos zkEVM, the Ethereum Layer 2 network powered by the ZK stack (zkSync). Cronos zkEVM will share all the benefits of every ZK chain including the same Ethereum bridge, liquidity and even users!

Cronos Ecosystem

Cronos utilizes both the powers of the EVM and IBC to create the most interoperable ecosystem that spans every corner of Web3 andDeFi. Cronos has achieved over 150M settled transactions with an estimated 2M unique wallet addresses.

Cronos ($CRO) Token

Powering both the Crypto.com CEX and the entire Cronos ecosystem is the ultimate utility token, $CRO which is used to pay for transaction fees on the Cronos Layer 1 and is also used for staking, governance and even to purchase an exclusive Crypto.com Visa Debit Card!

Conclusion

The Cronos network has immense potential to become a leading DeFi network due to its mothership, Crypto.com which owns the sports and entertainment centre of the world, the Crypto.com Arena in Los Angeles, California. They were also once an official sponsor for the 2022 FIFA World Cup in Qatar and have recently onboarded the Real Slim Shady, Eminem to promote the Crypto.com centralized exchange.

As more people become aware of cryptocurrencies and blockchain technology through the magnificent marketing and outreach of Crypto.com, we could potentially see a huge spike in users entering the Cronos blockchain ecosystem.

According to CoinMarketCap, at the time of writing, $CRO is trading at a price of $0.088 with a market cap of $2.36B, ranking it the 38th largest crypto by market cap. In the previous bull run of 2021, $CRO achieved an ATH of over $0.96, almost exceeding the dollar mark. As more users onboard Crypto.com and discover the potential of the Cronos blockchain ecosystem, $CRO could very well exceed previous ATHs and break that $1 price point.

It will be exciting to see how high $CRO can run in the coming bull run as it covers almost every narrative in crypto including Layer 1, Layer 2, interoperability, CEX, payments and much more. The question is, does $CRO have what it takes to flip $BNB?