Cronos is the 5th largest EVM Chain
Even though the Cronos Chain was launched way later than its competitors, the ecosystem is growing extremely quickly, surpassing networks that have been on the scene for much longer and had time to establish themselves.
Cronos Quickly Emerging as an Alternative L1
The Cronos chain has been one of the fastest-growing blockchain networks in the entire Decentralized Finance (DeFi).
The smart contract network by Crypto.com has become the 5th largest EVM-compatible chain in the cryptoverse, as per the total value locked (TVL) data from DeFiLlama.
Currently, the EVM chains that are ahead of Cronos in terms of the TVL are Ethereum, BNB Chain, Avalanche, and Polygon, all of whom have been around in the DeFi markets for longer than the Cronos chain.
Despite the fact that VVS Finance is currently the top protocol in the Cronos ecosystem by TVL, a close look at the top 10 list shows that the Cronos chain is actually dominated by the Mad Meerkat Finance (MMF) ecosystem and its projects like MM Optimizer, Savannah Finance, and Mimas Finance.
As previously reported Web3Wire, Cronos has also entered into a partnership with Chainalysis in April this year to leverage the latter’s renowned statistics and data products. This development will provide an additional layer of security and compliance with regulatory bodies for the CRC-20 tokens, the native token standard of the Cronos blockchain.
What is Cronos:
Cronos is an Ethereum compatible layer-1 blockchain network built on the Cosmos SDK technology. The network was designed to scale the Decentralized Finance (DeFi) and user base of the Decentralized Applications (dApps) by enabling developers to instantly port dApps and assets from other layer-1 blockchain networks like Ethereum Solana BNB Chain, and Terra. Since the mainnet went live in November 2021, the network has over 200 partners and 450k plus Web3 users in less than five months. Similar to how the BNB Chain is maintained and created by the Binance exchange, the Cronos chain has been created and is run by the Crypto.com exchange.
Since we already know that the Cronos network is evolving, we know that the network does not have an IDO platform (except CRODO), and CRODO is the first IDO platform on the Cronos network, respectively, the CROD token will grow because it will host various IDOs, in my opinion this is a very promising token, personally I will keep it in my portfolio. All profit!
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