What Is Cronos (CRO)? Price, History & Where To Buy

Cronos coin (CRO), formerly named Crypto.com coin, is the native exchange and utility token of the Cronos chain and crypto.com platform.

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CRO holders also receive exclusive trading features on the crypto.com exchange, but the token is traded on most major cryptocurrency exchanges.

The CRO token has flourished over recent years and has grown to become the 29th largest cryptocurrency with an $1.4 billion market cap.

How Cronos Chain and Cronos (CRO) Token Works

You’ve likely seen Crypto.com somewhere – the exchange has tied up some huge partnerships with major brands, including UFC, Paris Saint-Germain (PSG Soccer Club), Formula 1, and most recently, the 2022 FIFA World Cup in Qatar.

The cryptocurrency exchange was launched in 2016 and has seen extensive growth. It claims to be “the fastest-growing crypto exchange” and has more than 10 million users.

However, there is a lot more to understand about what the Cronos ecosystem represents and how the Cronos chain is interoperable with EVM compatible chains.

It was built utilizing the Cosmos SDK framework, which is the same framework Crypto.com’s core network was also built. It’s essentially a decentralized blockchain that facilitates interoperability and connectivity with parallel blockchains.

Cosmos EVM chain runs alongside the Cronos chain – Cosmos Hub positions itself as layer one that facilitates all blockchain interconnectivity. Cronos EVM-compatible chain is purposefully built with the creator economy in mind. It principally serves as the fundamental infrastructure for DeFi, GameFi, and the emerging development of the metaverse.

Cronos chain provides users with much faster transactions than the Ethereum mainnet and at a much lower fee – this incentivizes decentralized application developers to deploy on the Cronos chain.

Cronos delivers dramatically faster network transactions and is bolstered with the first cosmos EVM chain integration. CRO coins power the ecosystem, and their utility can be likened to how ETH powers the Ethereum ecosystem.

The scalability of Cronos is resultant of the chain being powered by Ethermint – providing interconnectivity between Ethereum’s ecosystem and Cosmos applications. This also lends itself to being optimized for rapid porting and efficiently housing the development of multiple DeFi, Web3, and NFT applications.

 

What Is Cronos (CRO) Used For?

Cronos network is powered by CRO coins used for transactions and interacting with DApps in the Cronos ecosystem.

Smart contracts and DeFi applications all require transactions to be facilitated by ‘gas’ which is exactly the role CRO plays. The’ gas’ is needed to facilitate these actions, much like ETH is the gas required to facilitate actions in the Ethereum ecosystem.

Cronos chain is seen as more efficient by some individuals because the transaction fees are lower, it can massively scale, and it provides developers with an easy-to-use foundation that is secure, cheap, and quick!

Additionally, CRO coin holders (formerly Crypto.com coin) receive exclusive features on the Crypto.com trading platform.

Where To Buy Cronos (CRO) Tokens

Cronos (CRO) is the 29th largest cryptocurrency globally by market cap. The best place to buy it is on Crypto.com.

If you intend on transferring your CRO tokens to a wallet off of the exchange – you can choose to send them to a hardware wallet such as Ledger Nano X or other compatible wallets.

How long has Cronos (CRO) existed?

CRO coin was launched in December 2019. Since its release, it has risen exponentially in price, currently being 44x higher in price compared to its launch price.

The Cronos chain went live in November 2021. Since then, the ecosystem has grown substantially, and the TVL (total value-locked) in the Cronos ecosystem amounts to $4 billion.

What’s controversial about Cronos Chain and Cronos (CRO)?

There is often controversy surrounding any cryptocurrency or crypto project – CRO has also received some skepticism and has had its fair share of controversy. Let’s take a look at the top controversy surrounding Cronos (CRO)

• The Cronos Ecosystem Is Slow To Start – The CRO token has been around for a while, but its utility was limited to mainly trading on Crypto.com. More recently, the Cronos chain was launched, which has provided CRO with additional utility, but many believe that the Cronos chain has come to the party too late.

  Although the chain offers lower fees and fast transactions – it is against multiple blockchains doing the same thing and even better in many cases.

 

How many Cronos (CRO) tokens are there?

At the time of writing, Cronos has a circulating supply of 25.26 billion tokens (83% of the total supply).

The total supply of Cronos (CRO) is 30.26 billion.

Can Cronos (CRO) be mined?

You can’t mine Cronos (CRO). Individuals can’t mine CRO regardless of their mining rig.

Additionally, users can participate in DeFi applications that can generate revenue, such as staking, lending protocols, and liquidity mining.

What is the market cap of Cronos tokens (CRO)?

The market cap of Cronos (CRO) is:

Cronos (CRO) market cap = total amount of coins in circulation x current market price of CRO

Cronos (CRO) Market Cap = 25,260,000,000 x $0.44 = $11.14 billion (18th largest market cap)

The market cap fluctuates according to circulating supply and market price.

 

Biggest Competitors Of CRO

Cronos (CRO) has performed significantly well over recent years, but the crypto market is saturated with high-quality projects. CRO has recently acquired additional utility since it developed the Cronos chain, but the utility token of Crypto.com still has some stiff competition.

Crypto.com has tied up some major partnerships globally, and its platform continues to grow exponentially, but its biggest rival is Binance.

Binance is the largest crypto platform globally, and its native utility token (BNB) currently has the 4th largest market cap of all cryptocurrencies.

Its native BNB chain is also home to an enormous ecosystem of DApps and protocols that benefit from a cheap, fast, and extremely secure blockchain.

BNB chain currently facilitates millions of transactions daily, and the Binance crypto exchange has supported as many as 1.4 million transactions per second.

For Cronos to become as influential as its competitors, it needs to increase user adoption and ramp up developers building and deploying DApps in the Cronos ecosystem.

What are the future plans for Cronos Chain and CRO Token

Cronos is looking to keep expanding utilities and grow its ecosystem significantly. It currently has a TVL of $4 billion, but this is almost 30x smaller than the TVL of Ethereum’s ecosystem, which is $121 billion.

Going forward, Crypto.com aims to cement more partnerships with formidable companies and brands – the continued exposure to the brand will likely help with user adoption and the continuous growth of the Crypto.com platform.

The Cronos chain will position itself in the DeFi, GameFi, and metaverse sectors to ensure it keeps up with competing blockchains, remains attractive to developers, and attracts users to the ecosystem.

The benefit of EVM compatible chains and the integration with the first cosmos EVM chain is already a positive sign toward rapid growth and development in the crypto space.

It will allow Cronos to massively scale applications and transactions across the Cronos network, providing developers with a fundamentally optimized blockchain with a foundational infrastructure that caters to their needs.

Pros and Cons of CRO Token, Cronos Chain, and Cronos Ecosystem

Pros:

• Crypto.com Major Partnerships – Crypto.com has tied up some of the biggest crypto partnerships in the space. It has partnered with UFC, Formula 1, and PSG Football Club and even managed to become the sponsor for the 2022 FIFA World Cup in Qatar. These partnerships help drive user adoption and comprehensive growth of the platform, sequentially assisting the CRO to token be seen and traded by more people.
• Cronos Is Cheaper and Faster Than Ethereum Blockchain – Cronos chain may be relatively new, but it has performed exceptionally well compared to slow giants like the Ethereum blockchain.

  Cronos network can facilitate cheaper, faster, and more transactions than the Ethereum blockchain. It will likely face more challenges as more users join the network and DApps are deployed, but to date, it has performed significantly well.

• EVM Compatible – Ethereum blockchain apps can successfully interoperate with the Cronos blockchain thanks to technological advancements.

 

Cons:

• It Has Started Late – The Cronos chain only went live in late 2021, and it’s up against the stiff competition. It may be performing relatively well now, but it is still relatively tiny compared to larger ecosystems like Ethereum, Polkadot, and Avalanche.

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