Cronos is a new chain whose TVL reached $1.5 billion on December 13th, just one month since its Nov. 8 mainnet beta launch.
Cronos isn’t any new crypto project—it’s Crypto.com’s solution to provide decentralized applications to its 10 million users and beyond, substantially growing the DeFi and DApp ecosystem.
Built on the Cosmos SDK, developers will be able to migrate their DApps and smart contracts from Ethereum and EVM-compatible chains to the Cronos faster and cheaper than before.
Starting from $4.8M, Cronos’ TVL saw a 3125% growth to its peak of $1.5 billion within 35 days.
Footprint Analytics: Cronos TVL
The price of Crypto.com’s token CRO had an insane surge in November to about $0.95, mainly because of aggressive advertising, before dropping to $0.52 on December 18th.
Footprint Analytics: CRO Price
The main category for projects on Cronos is DEX and yield, but the incentive plans, such as the CRO EVM Fund, aim to attract a greater diversity of projects.
Footprint Analytics: TVL categories
The TVL is dominated by VVS Finance, a DEX, and CronaSwap, also a DEX. According to Footprint Flash, the TVL of VVS Finance hit an all-time high on Dec. 13 with a TVL of $1.12 billion.
Footprint Analytics: Proportion of DEX TVLFootprint Analytics: VVS Finance TVL
What drove Cronos’ growth?
Cronos received $100 million from blockchain accelerator Particle B’s Ecosystem Grant Program, establishing the CRO EVM Fund to help developers and partners.
Cronos also announced a $500,000 prize pool for the Cronos Hackathon, which aims to encourage developers to submit early-stage projects and ideas to the Cronos ecosystem in the areas of DeFi, NFT, GameFi, Web3, and metaverse.
Ambitious brand promotion
Crypto.com has spared no expense in promotion, embarking on an aggressive brand advertising strategy. In June, Formula 1 announced Crypto.com as a long-term partner. In October, Crypto.com rolled out a global brand campaign supported by several recent sponsorship announcements. In November, the Staples Center became known as Crypto.com Arena.
EVM compatibility: Built on Ethermint, Cronos supports the rapid launch of DApps and smart contracts from EVM-compatible chains.Scalability: Cronos can process more transactions than Ethereum, making it faster, cheaper and user-friendly.
Cronos also has a span team of thousands of staff and a well-established ecosystem.
Crypto.com has created a one-stop platform for crypto. It has everything a crypto newbie or native would want in a platform. Trading in spot and derivatives, centralized and decentralized finance, NFTs, point-of-sale solutions, and staking incentives are all available.
As a result, Cronos is also on an uptrend, locking in $1.29 billion in TVL within a month, according to data from Footprint Analytics.
However, Cronos isn’t succeeding on name recognition alone, but also offers an ecosystem and incentives that are highly effective in luring developers.
Data Source: Cronos Dashboard
This report was brought to you by Footprint Analytics.
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Posted In: Analysis, DeFi
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