Cryptocurrency exchange Crypto.com has launched the mainnet of the Ethereum Virtual Machina (EVM) compatible network Cronos, which aims to “massively scale the Defi [decentralized finance] and decentralized application ecosystem.”
Cronos aims to scale the DeFi and dApp ecosystem by “providing developers with the ability to instantly port apps from Ethereum and EVM-compatible chains,” according to a press release shared with CryptoGlobe. Cronos is set to be the first Cosmos EVM chain built for DeFi, non-fungible tokens (NFTs), and the Metaverse.
The document reads:
With low cost, high throughput, fast finality, and built-in interoperability, Cronos is poised to bring decentralized applications to the 10M+ user base of the Crypto.com ecosystem and beyond.
The network leverages the Cosmos software development kit (SDK) to have built-in interoperability from day one. It’s enabled by the Inter-Blockchain Communications (IBC) protocol and bridges the Crypto.org chain and other IBC-enabled chains, it adds.
The native token of the new Cronos network is the CRO token, which will be used to power on-chain transactions and pay for network fees. The growth of the Cronos ecosystem is set to add additional utility to the token, which over the last 30 days saw its price jump over 110% to a new all-time high close to $0.40.
Being compatible with the Ethereum Virtual Machine means that developers can port their smart contracts from Ethereum and other EVM-compatible networks to Cronos. The network will use the CRC-20 token standard.
As part of Cronos’ growing ecosystem, the Crypto.com team has announced several partnerships have already been formed, including with several network validators, decentralized oracles such as ChainLink, cross-chain bridges, and the Crypto.com app and exchange. The network has also partnered with the Crypto.com DeFi Wallet, Nabox, Trust Wallet, and MetaMask.
The Cronos network is being supported with a $100 million ecosystem grant program provided by blockchain accelerator Particle B. The firm is set to grant up to $1 million to at least 100 different projects committing to building applications and infrastructure on Cronos.
On top of that, a hackathon with a $500,000 prize pool is running until November 24 to reward developers and entrepreneurs who contribute ideals and early-stage projects to the ecosystem.
Finally, Particle B is also sponsoring a Cronos bug bounty program that will award a maximum bounty of $1.337 million to enhance the network’s security.
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Featured image via Cronos’ wesite