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Cronos (CRO)

Cronos is a blockchain ecosystem that supports decentralized finance (DeFi), gaming, and Web3 applications. It leverages interoperability with Ethereum and Cosmos networks and features multiple chains, including Cronos EVM and Cronos zkEVM. The $CRO token is used for transactions and staking within the ecosystem. ^[1]

Overview

Cronos is a decentralized, open-source, public blockchain known for its high speed, energy efficiency, and low transaction fees. It supports the creator economy with Web3 applications like DeFi and GameFi and aims to serve as the foundation for an open metaverse. Cronos’ ecosystem includes three chains: Cronos EVM (Ethereum-compatible and Cosmos SDK-based), Cronos POS (a Cosmos-based chain for payments and NFTs), and Cronos zkEVM (a high-performance Layer-2 secured by Ethereum). Transactions use $CRO, Cronos' native currency. ^[2]^[3]

The Cronos network is built on Ethermint with the Cosmos SDK. It supports the Inter-Blockchain Communication (IBC) protocol, enabling interoperability with Ethereum, Cosmos, and other chains. This setup allows users to bring assets from these chains into Cronos, utilizing smart contract protocols and the broader Ethereum application ecosystem. Using a Proof of Authority (POA) consensus mechanism that balances decentralization with scalable, eco-friendly processing, Cronos aims for high transaction throughput, fast finality, and low fees. This approach offers a more cost-effective and carbon-neutral alternative to Ethereum’s mainnet, enhancing accessibility for decentralized applications and smart contracts. Developers have additional support through Cronos Labs, a Web3 accelerator and ecosystem development fund focused on advancing DeFi, GameFi, and Cronos’ growth. ^[2]^[3]

Cronos POS

Cronos POS Chain is a Cosmos SDK-based blockchain used primarily for $CRO staking and powers several Crypto.com applications, including Crypto.com Pay. The chain is designed to support fast transactions and serves as a public blockchain, facilitating global transactions between individuals and businesses. Transaction fees on Cronos POS Chain are paid in $CRO. Cronos POS Chain also aims to advance cryptocurrency spending in everyday settings, addressing limitations of traditional payment systems and existing blockchains that have not delivered a secure, scalable, decentralized solution for crypto payments. ^[4] wiki

Cronos zkEVM

In December 2023, Cronos Labs launched the Cronos zkEVM Chain public testnet, a zero-knowledge (ZK) Layer-2 blockchain developed in partnership with Matter Labs (zkSync team), and engineering teams from Crypto.com, VVS Finance, Fulcrom Finance, and Veno Finance. This testnet, built using the ZK Stack, is a key step toward scalability and broader adoption within the Cronos ecosystem. ^[5]

The key features of Cronos zkEVM include integration with the Cronos user and developer ecosystem and using zkCRO (a liquid-staked version of $CRO) as the gas token. The network leverages a zero-knowledge proof system for cost-efficient scalability on Ethereum security, joining other prominent ZK chains in advancing Ethereum scalability. Additionally, it supports a "triple yield" concept within DeFi, combining yield-bearing cryptocurrencies, DeFi returns, and loyalty points alongside native account abstraction for gasless transactions. ^[5] wiki

zkCRO

zkCRO is the native gas token of the Cronos zkEVM blockchain, created by Veno Finance and backed by LCRO. Each zkCRO token represents $CRO staked on the Cronos POS chain. The zkCRO/CRO exchange rate adjusts over time to reflect staking rewards or any slashing events on the Cronos POS chain. To obtain zkCRO, users deposit CRO on Ethereum via the Cronos zkEVM Bridge, receiving zkCRO as a yield-bearing token that appreciates relative to $CRO through accrued staking rewards. Deposited CRO is staked as LCRO on Cronos POS, with LCRO bridged to Cronos EVM via IBC. This setup provides immediate liquidity, allowing users redeeming zkCRO to access LCRO without waiting through a 28-day unstaking period, with an option to sell LCRO in existing liquidity markets. Furthermore, 50% of validator rewards from LCRO are distributed to VNO depositors on Cronos EVM, and LCRO includes an insurance feature against slashing penalties. ^[6]

Cronos Labs

Cronos Labs is the Web3 startup accelerator and ecosystem development fund for Cronos, supporting the growth of decentralized finance (DeFi), gaming, and related applications within the Cronos ecosystem. Originally known as “Particle B,” Cronos Labs manages a $100 million fund to advance the ecosystem and foster innovation among Web3 startups that leverage Cronos’ open-source, EVM-compatible blockchain built on the Cosmos SDK. ^[7]

Features

Crono Play

The Cronos Play Gaming SDK enables integration between gaming platforms and the Cronos network, allowing for enhanced player experiences. Through Cronos Play, developers can connect games to Cronos networks, incorporate in-game NFT functionality, and support authentication through various crypto wallets. Currently compatible with Unity, Unreal, and C++, the SDK is planned to expand to additional game engines. ^[8]

CRO

wiki
Cronos (CRO) is the utility token of the Crypto.com platform, used to pay fees and reduce transaction costs. Users can stake CRO for higher cashback, discounts, and exclusive rewards. CRO also unlocks decentralized finance (DeFi) features within the Crypto.com ecosystem and serves as gas fees for transactions on the Cronos Chain. Additionally, CRO is a store of value linked to the platform's success, making it a central token within the Crypto.com ecosystem. ^[9]^[10]

Cronos uses a deflationary tokenomics model, regularly burning a portion of its tokens to decrease overall supply and create scarcity, which helps sustain the token's value over time. Crypto.com reports that 20% of CRO used for transaction fees on the Crypto.com Chain is burned, along with a portion of revenue from the Crypto.com Visa Card program. ^[9]^[10]