Cronos Chain’s TLV Reaches $2.4B as Crypto.com Rebrands CRO
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Cronos Chain’s TLV Reaches $2.4B as Crypto.com Rebrands CRO

Cronos chain has grown by about 2.5x over the last three months, despite uncertain market conditions.
Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

Crypto.com Coin (CRO), the native token of Crypto.com Chain and the Cronos EVM Chain, has rebranded to Cronos (CRO). The name change aims to highlight the explosive growth of the Cronos ecosystem while also reflecting the decentralized nature of CRO.

TVL on Cronos Grows Despite Uncertain Market Conditions

In a recent Medium post, the Cronos team unveiled that Crypto.com Coin (CRO) changed its name to Cronos (CRO) in a bid to recognize the explosive growth of the Cronos ecosystem. “The Cronos ecosystem represents the next major phase in the adoption and utilization of Web3 by hundreds of millions of users,” the team said.

According to data by DeFi Llama, Total Value Locked (TVL) on Cronos currently stands at around $2.4 billion. In comparison, TVL on Cronos was $1 billion in December 2021, which means that the network has grown by about 2.5x in less than three months. 

As of now, the top five DeFi protocols on Cronos chain in terms of TVL are VVS Finance (VVS), MM Finance (MMF), Tectonic (TONIC), MM Optimizer (MMO), and Beefy Finance (BIFI).

VVS Finance is by far the largest protocol on Cronos, garnering a TVL of around $1.4 billion. Furthermore, MM Finance and MM Optimizer have gained the most over the past week, increasing their TVL by 46% and 56% respectively.

Cronos’s remarkable growth is particularly interesting given the overall uncertain market conditions. It is also worth noting that the bulk of their TVL comes from their Crypto.com users. This implies that more new entrants have their first DeFi experience on the Cronos chain.

Moreover, currently, there is no bridge to facilitate the transfer of capital from other layer-1 blockchains like Ethereum to Cronos. Those interested in moving the capital to Cronos need to use either the Crypto.com App or the Crypto.com Exchange as a bridge. Therefore, it is fair to expect that another wave of capital would flow into Cronos as soon as an official bridge linking Ethereum to Cronos opens up.

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What is Crypto.com’s Cronos Chain?

Cronos is an Ethereum Virtual Machine (EVM)-compatible blockchain built on Ethermint, a proof-of-stake blockchain that runs on the Cosmos SDK. The chain was designed to “support the Creator Economy with applications such as DeFi and GameFi, ultimately serving as a foundational infrastructure for the Metaverse,” according to an official Medium post

Launched in November 2021, Cronos aims to deliver dramatically faster and cheaper transactions than rival L1 blockchains, bringing more users to decentralized applications (DApps) and smart contracts. The chain also supports the rapid porting of DApps and smart contracts from Ethereum and other EVM-compatible chains, as well as interoperability with the Cosmos ecosystem via IBC (Inter Blockchain Communication).

Meanwhile, investors are ostensibly not impressed by the news as CRO is currently in the red. CRO is trading at around $0.45, down by over 2.5% over the past 24 hours. However, it has performed better than the broader crypto market, which is also in the red. At the time of writing, top cryptocurrencies like Bitcoin, Ethereum, and BNB are each down by over 4%. 

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What do you think the future holds for Crypto.com’s Cronos chain? Let us know in the comments below. 

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