Despite the difficult conditions in the market, the Total Value Locked (TVL) of Cronos continues making a new TVL milestone by surpassing $2.8 billion in March 2022.
The new record also once again positioned Cronos as one of the very few chains that remained fairly resilient and kept its TVL on an upward trajectory.
Cronos TVL Continues Breaking Records
After its record-high at about $2.5 billion in TVL on 15 Feb 2022, the chain has recently announced a higher record TVL at $2.81 billion on 13 March 2022.
On 8 November 2021, Crypto.org introduced the Cronos Chain which is an Ethereum-compatible blockchain network built for the creator’s economy. It is designed to support applications such as DeFi and GameFi as well as serves as a foundational infrastructure for the Metaverse.
Cronos Chain is on Ethermint which is based on the Cosmos SDK, the chain not only supports porting of DApps and smart contracts from Ethereum and other EVM-compatible chains but also interoperability with the Cosmos ecosystem via Inter Blockchain Communication (IBC).
Because Cronos offers cheaper and quicker transactions than the Ethereum mainnet, it proves itself a better option for several users through more friendly dApps and smart contracts and environment.
In addition, it’s also interoperable with the Cosmos ecosystem.
Since its launch, it has continued to recognize the explosive growth of the Cronos ecosystem which has been driven by user adoption. More than 400,000 unique wallet addresses performed over 18 million total transactions on Cronos.
Also, over 130 dApps builders have chosen Cronos as a home for their projects.
The Multi-chain DeFi management platform Krystal DeFi has integrated its SmartSwap feature natively on Cronos. Its SmartSwap feature is sourcing liquidity from 8 different Cronos DEXes.
As the Total Value Locked (TVL) of #Cronos increases, so does its TVL dominance 📈
— Cronos News 🪐 (@NewsCronos) March 14, 2022
The Stats Look Amazing
DappRadar, a platform providing dApp metrics, has also integrated with Cronos and is currently tracking Cronos dApps. The platform provides useful metrics such as volume, user wallets, transactions, and balance for user reference.
To date, over 4,700 CRC-20 tokens have also been minted. In Feb 2022, the chain hit 9 protocols with over $20 million TVL increased 2 protocols than January.
The Crypto.com ecosystem has continued supporting Cronos with more new integrations such as the integration of Crypto.com Price with Cronos NFTs to launch the 30 NFT collectibles on Cronos.
Users now also are able to easily view, send, receive, and share NFTs on the DeFi wallet after Cronos NFTs are integrated with Crypto.com DeFi Wallet.
Also in Feb 2022, Crypto.org has announced that the utility token of the Crypto.org Chain and the Cronos EVM Chain, CRO, formerly known as Crypto.org Coin, has been re-branded to Cronos.
Cronos 2022 Roadmap
According to its Community Roadmap for 2022, it wants to make the network into the list of the top 5 public blockchains by TVL by the end of the year.
To reach this, Cronos will focus on expanding the ecosystem in DeFi, NFT/Gamefi, and Metaverses dApps with better infrastructure and SDK support for developers.
Increasing transaction throughput (TPS) through breakthrough database optimization, as well as blockchain connectivity and interoperability with secure and decentralized bridges with Ethereum and Cosmos chains is also happening.
Currently, to support further development of projects on Cronos, there’s a US$100 million ecosystem fund available for developers to apply and the ability to access Crypto.com’s global user base of over 10 million.
More About Cronos Chain
Cronos is the EVM compatible chain that runs in parallel to the Crypto.org Chain. Cronos is designed to massively scale the Chain DeFi ecosystem by providing developers the ability to port apps from Ethereum and EVM-compatible chains.
With more connections, more devs and users can unlock value across the entire DeFi ecosystem. Cronos’ base payment currency is CRO, which is also the native currency of the Crypto.org Chain.