Crypto.com’s Cronos Chain Approaches $1 Billion TVL As Token Jumps 350%

It was a great month for Crypto.com, the fourth largest cryptocurrency exchange in the world. CRO, the company’s native token, has risen 350% in the past 30 days and hit a record high of $0.96 on November 24th.

Cronos’ mainnet beta, an ETH-compatible blockchain, aired on November 8th.

Cronos is built on the Cosmos SDK and uses a Proof-of-Authority (PoA) consensus mechanism. Being EVM compliant, it allows for easy transfer of ETH applications. It also supports the Inter Blockchain Communications (IBC) protocol, which provides a bridge to the Cosmos ecosystem.

The Total Blocked Value (TVL) on Cronos has reached US$954 million in the two weeks since its release.

TVL is dominated by VVS Finance, a decentralized exchange (DEX) forked by Pancakeswap, which accounts for $700 million, or 73%.

The rapid growth is notable given that there is currently no working bridge between Cronos and ETH or any other blockchain. Users can only move assets to Cronos from the Crypto.com exchange and the company’s Crypto.org blockchain.

It will be interesting to see if Cronos continues to gain traction once fully integrated with the rest of DeFi. A bridge to ETH is expected soon, according to official website.

Without saving expenses

Crypto.com has been stepping up its marketing efforts in recent weeks. In October, he started an advertising campaign with Hollywood actor Matt Damon.

This was followed by a $700 million naming rights deal for the Los Angeles Staples Center, which will now be known as the Crypto.com Arena.

Potential builders at Cronos can apply for grants from a $100 million EVM Fund that offers up to $1 million per project.