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Competing for Ethereum's overflow value! Crypto.com to launch "Cronos," a compatible public chain, in October.

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Competing for Ethereum

In Taiwan, Crypto.com announced earlier that its EVM-compatible chain Cronos mainnet will go live on 10/19, and initiated a $1,000 Bitcoin giveaway campaign. Meanwhile, governance proposals for the upgrade of the Crypto.org mainnet have also begun voting recently.

Crypto.org Chain

Crypto.com launched the mainnet Crypto.org Chain in March this year. In fact, as early as last year, the official claimed that in preparation for the mainnet and to maximize the functionality on the chain, they had already integrated the existing dual currencies MCO and CRO into a single token, CRO.

However, in an era where public chains are rising, Crypto.org struggled to break through in the market without any advantages. As a result, the official decided to develop a public chain compatible with EVM, named Cronos, to further attract vast resources such as Ethereum developers and DApp migrations.

EVM-Compatible Chain Cronos

Cronos is built using the Ethermint programming language, which is developed by the cross-chain protocol Cosmos using the Ethereum smart contract language Solidity.

Therefore, Cronos can interact with Crypto.com's mainnet Crypto.org, as well as other public chains integrated with IBC such as Cosmos, Terra, through the cross-chain communication protocol IBC within the Cosmos ecosystem.

Moreover, being EVM-compatible may further allow Cronos to capture the overflow value from Ethereum. The official announcement clearly expressed the intention to expand the DeFi ecosystem:

Cronos offers developers the ability to quickly migrate DApps from Ethereum and other EVM-compatible chains, with the hope of massively expanding the DeFi ecosystem.

Native Token CRO

After consolidating into a single token in August last year, CRO briefly hit a new high of 0.19 and then declined. Although it reached a new high of 0.27 USD in the first half of this year due to the bull market, compared to many projects with skyrocketing prices, the increase in CRO seems to have not "impressed" holders. This may also increase investors' expectations for its performance in the second half of the year.

Additionally, both Crypto.org Chain and Cronos settle transactions using CRO as the settlement token, and the funds for both mainnets come from the accelerator "Particle B."

Note: Gary Or stepped down as CTO of Crypto.com at the end of last year and fully devoted himself to the accelerator Particle B.

CRO Daily Chart 2020/08~2021/09

Crypto.org Mainnet Upgrade

On 9/8, the official announced the start of the governance proposal vote for the second phase upgrade "Draco II" of the Crypto.org mainnet, scheduled to end at 7:00 pm on 9/22 Taiwan time. If the proposal is approved, the upgrade will take place at block height 2472800.

To celebrate the launch of the EVM-compatible chain Cronos mainnet, Crypto.com will select 1,000 users who complete the mission and gift them $1,000 in Bitcoin. The mission conditions are as follows:

  1. Retweet the announcement
  2. Reply to the tweet and tag 5 friends
  3. Follow @Cronos_Chain and @Cryptocom
  4. Include "#CRO" in your Twitter bio

The event will end at 9:00 pm on 10/19 Taiwan time.