How Cronos gained $1 billion+ TVL in a month


Cronos is a brand new chain whose TVL reached $1.5 billion on December thirteenth, only one month since its Nov. 8 mainnet beta launch. 

Cronos isn’t any new crypto undertaking—it’s Crypto.com’s answer to offer decentralized purposes to its 10 million customers and past, considerably rising the DeFi and DApp ecosystem. 

Constructed on the Cosmos SDK, builders will be capable to migrate their DApps and good contracts from Ethereum and EVM-compatible chains to the Cronos quicker and cheaper than earlier than.

Cronos Knowledge

Ranging from $4.8M, Cronos’ TVL noticed a 3125% development to its peak of $1.5 billion inside 35 days. 

 

Footprint Analytics: Cronos TVL
Footprint Analytics: Cronos TVL

The worth of Crypto.com’s token CRO had an insane surge in November to about $0.95, primarily due to aggressive promoting, earlier than dropping to $0.52 on December 18th.

Footprint Analytics: CRO Price
Footprint Analytics: CRO Value

The primary class for tasks on Cronos is DEX and yield, however the incentive plans, such because the CRO EVM Fund, purpose to draw a better variety of tasks.

Footprint Analytics: TVL categories
Footprint Analytics: TVL classes

The TVL is dominated by VVS Finance, a DEX, and CronaSwap, additionally a DEX. In accordance with Footprint Flash, the TVL of VVS Finance hit an all-time excessive on Dec. 13 with a TVL of $1.12 billion.

 

Footprint Analytics: Proportion of DEX TVL
Footprint Analytics: Proportion of DEX TVL
Footprint Analytics: VVS Finance TVL
Footprint Analytics: VVS Finance TVL

What drove Cronos’ development?

Cronos acquired $100 million from blockchain accelerator Particle B’s Ecosystem Grant Program, establishing the CRO EVM Fund to assist builders and companions.

Cronos additionally introduced a $500,000 prize pool for the Cronos Hackathon, which goals to encourage builders to submit early-stage tasks and concepts to the Cronos ecosystem within the areas of DeFi, NFT, GameFi, Web3, and metaverse.

Formidable model promotion

Crypto.com has spared no expense in promotion, embarking on an aggressive model promoting technique. In June, System 1 introduced Crypto.com as a long-term companion. In October, ​​Crypto.com rolled out a world model marketing campaign supported by a number of latest sponsorship bulletins. In November, the Staples Middle grew to become often called Crypto.com Enviornment.

Developer-friendly ecosystem

  • EVM compatibility: Constructed on Ethermint, Cronos helps the speedy launch of DApps and good contracts from EVM-compatible chains.
  • Scalability: Cronos can course of extra transactions than Ethereum, making it quicker, cheaper and user-friendly.

Cronos additionally has a span crew of hundreds of employees and a well-established ecosystem.

Abstract

Crypto.com has created a one-stop platform for crypto. It has every thing a crypto beginner or native would need in a platform. Buying and selling in spot and derivatives, centralized and decentralized finance, NFTs, point-of-sale options, and staking incentives are all out there. 

Because of this, Cronos can also be on an uptrend, locking in $1.29 billion in TVL inside a month, based on information from Footprint Analytics. 

Nevertheless, Cronos isn’t succeeding on identify recognition alone, but additionally gives an ecosystem and incentives which might be extremely efficient in luring builders.

Knowledge Supply: Cronos Dashboard

This report was delivered to you by Footprint Analytics.

What’s Footprint

Footprint Analytics is an all-in-one evaluation platform to visualise blockchain information and uncover insights. It cleans and integrates on-chain information so customers of any expertise stage can shortly begin researching tokens, tasks and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anybody can construct their very own personalized charts in minutes. Uncover blockchain information and make investments smarter with Footprint.

Posted In: Evaluation, DeFi
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