February 18, 2021 — Crypto.org today announced that “Crypto.org Coin” ($CRO), the utility token of the Crypto.org Chain and the Cronos EVM Chain, has been re-branded to Cronos ($CRO). The new name properly reflects the decentralized nature of CRO and recognizes the explosive growth of the Cronos ecosystem. The Cronos ecosystem represents the next major phase in the adoption and utilization of Web3 by hundreds of millions of users.
Live since November 2021, Cronos is a EVM-compatible chain designed to support the Creator Economy with applications such as DeFi and GameFi, ultimately serving as foundational infrastructure for the Metaverse. Cronos delivers dramatically faster and cheaper transactions than Ethereum mainnet, making decentralized applications (DApps) and smart contracts more user and environment friendly.
Built on Ethermint which is based on the Cosmos SDK, Cronos supports the rapid porting of DApps and smart contracts from Ethereum and other EVM-compatible chains, as well as interoperability with the Cosmos ecosystem via IBC (Inter Blockchain Communication).
In three months since go-live, Cronos has seen explosive growth.
User adoption has surpassed expectations, with more than 350,000 unique wallet addresses performing transactions on Cronos:
Over 120 Dapp builders have chosen Cronos as home for their projects, spanning all categories of DApps.
With the growth of the Ecosystem, transaction volume and TVL (Total Value Locked) are on the rise, reaching 15+ million and US$2.5 billion respectively.
Over 3,500 CRC-20 tokens have been minted since November 2021.
To support further development of projects on Cronos, developers can apply for funding from Particle B’s US$100 million ecosystem fund and also get access to Crypto.com’s global user base of over 10 million.
The Cronos Community Roadmap for 2022 aims to propel Cronos to the Top 5 of public blockchains by TVL, and includes: rapid expansion of the ecosystem in DeFi, NFT/Gamefi and Metaverses Dapps with at-scale infrastructure and SDK support for developers, significant increase in transaction throughput (TPS) through breakthrough database optimization, stronger blockchain connectivity and interoperability with secure and decentralized bridges with Ethereum and Cosmos chains.