Crypto services firm Crypto.com announced the launch of Cronos mainnet beta yesterday, making it the first Cosmos EVM chain for supporting DeFi, NFTs, and the metaverse.
https://t.co/vCNztABJoG Wallet Extension now supports Cronos Mainnet Beta! Connect your DeFi Wallet with DApps on Cronos via the browser extension 🔗
Other new features
🔄 Network switching
🖥 Balance, network, and wallet details display
— Crypto.com (@cryptocom) November 9, 2021
Cronos can massively scale the DeFi and decentralized application ecosystem by providing developers with the ability to instantly port apps from Ethereum and EVM-compatible chains.
With low cost, high throughput, fast finality, and built-in interoperability, Cronos is poised to bring decentralized applications to the 10 million user base of the Crypto.com ecosystem and beyond.
Leveraging Cosmos SDK, Cronos has built-in interoperability from day one. Its Inter-Blockchain Communications (IBC) protocol enables interoperability and bridging to the Crypto.org Chain and other IBC-enabled chains (e.g. Cosmos Hub). Cronos is uniquely positioned linking the Cosmos ecosystem and EVM ecosystem.
CRO is the native token of the Cronos platform, powering on-chain transactions with network fees paid in CRO. The growth of the Cronos ecosystem will bring additional utility to the CRO token with its existing use cases in the Crypto.org chain and Crypto.com ecosystem.
What Cronos does?
Cronos Mainnet is shipped with the Ethereum Virtual Machine that can execute user-submitted smart contract codes. It is compatible with the EVM on Ethereum which means developers can port their smart contracts from Ethereum and EVM-compatible chains to Cronos without hassle.
“We are using the latest Cosmos SDK v0.44 family and the IBC v1 family. This makes Cronos offer the most up-to-date features and fixes from Cosmos SDK and can potentially connect with other Cosmos chains at ease,” said Crypto.com in a statement.
The token standard on Cronos is CRC-20. At launch, users could bridge selected tokens from Crypto.com App and Exchange by simply selecting Cronos network when depositing and withdrawal, and from Crypto.org chain to Cronos via
For users that are bridging CRO from Crypto.org to Cronos, the Cronos Bridge will be available from day 1 for users to do so. The Cronos bridge supports fast, secure, and low-cost transfers between the Crypto.org chain and Cronos chain.
Disclaimer: Crypto.com is an advertising partner of CryptoSlate.