Crypto.com Coin (CRO) Rebrands to Cronos
Following Binance renaming its blockchain network, Crypto.com has also followed suit as it announced that its coin would now be known as Cronos.
CRO is now Cronos
According to the network, the name change reflects the decentralized nature of the CRO token and the massive growth of its ecosystem. CRO is the utility token of Cronos EVM Chain and Crypto.org Chain.
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The Cronos Chain is an EVM-compatible chain and was launched in November 2021. The chain is Web3 oriented and was built for the creator’s economy. It supports DeFi, and GameFi dApps; analysts have also described it as a foundational infrastructure for the metaverse.
Cronos Chain is on Ethermint and supports porting of smart contracts and decentralized apps from Ethereum and all EVM compatible chains.
It offers cheaper and quicker transactions than the Ethereum mainnet, making it a better option for several users. It’s also interoperable with the Cosmos ecosystem.
The growth of Cronos has been driven by user adoption. It has over 350,000 unique wallets connected to it, and 120 decentralized applications have been built on it.
Cronos Wants to Dominate DeFi TVL
With a community roadmap for 2022, the network aims to be one of the top 5 public blockchains by TVL by the end of the year. It has already devised a way to do this: providing better infrastructure for developers, better interoperability, and expansion of its DeFi, Metaverse, GameFi, and NFT ecosystems.
Available data from DeFiLlama shows that the total value of assets locked in the chain has an ATH of around $2.5 billion, though the figure is now currently around $2.4 billion.
Already, the team has set aside $100 million to fund projects on the chain. Particle B’s ecosystem fund is available for developers who want to build on Cronos and get exposure to Crypto.com users.
It’s unlikely that the rebranding of the token name will have any significant effect on the price action. Similar to what Binance did with BNB, this move only disassociates Crypto.com from the token.
As of press time, the CRO token has lost over 3% of its value within the last 24 hours and it is currently exchanging hands for $0.45.