Exchange of cryptocurrencies Cronos, an Ethereum Virtual Machina (EVM) compatible network, has launched its mainnet, with the goal of "massively scaling the Defi [decentralized financial] and decentralized application ecosystem."
According to a press release shared with CryptoGlobe, Cronos seeks to extend the DeFi and dApp ecosystem by "offering developers with the opportunity to rapidly migrate programs from Ethereum and EVM-compatible chains." Cronos will be the first Cosmos EVM chain to support DeFi, non-fungible tokens, and the Metaverse.
The following is an excerpt from the document:
Cronos is ready to offer decentralized apps to the Crypto.com ecosystem's 10 million+ users and beyond, thanks to its low cost, high throughput, speedy finality, and built-in compatibility.
The Cosmos software development kit (SDK) is used to ensure that the network has built-in compatibility from the start. It uses the Inter-Blockchain Communications (IBC) protocol to connect the Crypto.org chain to other IBC-enabled chains, according to the company.
The CRO token, which will be used to power on-chain transactions and pay network fees, is the new Cronos network's native token. The Cronos ecosystem's expansion is expected to give the token more use, as its price has risen over 110 percent in the previous 30 days to a new all-time high at $0.40. Developers may move their smart contracts from Ethereum and other EVM-compatible networks to Cronos since it is compatible with the Ethereum Virtual Machine. The CRC-20 token standard will be used by the network.
The Crypto.com team has announced various agreements as part of Cronos' developing ecosystem, including with network validators, decentralized oracles like ChainLink, cross-chain bridges, and the Crypto.com app and exchange. The Crypto.com DeFi Wallet, Nabox, Trust Wallet, and MetaMask have all joined with the network. Particle B, a blockchain accelerator, is supporting the Cronos network with a $100 million ecosystem funding program. The company plans to award up to $1 million to at least 100 separate teams that commit to developing Cronos-based apps and infrastructure.
Furthermore, through November 24, a hackathon with a $500,000 prize pool is taking place to reward developers and entrepreneurs that contribute early-stage projects and ideas to the ecosystem. Finally, Particle B is supporting a Cronos bug bounty program with a potential prize of $1.337 million to help improve the network's security.
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