Note: This article was updated on Nov 4, 2022 to reflect the latest changes.
Hello CROFam,
You all have been asking what is next for Cronos ID.
Our team has been heads down building and today we are excited to share with you details of the $CROID token.
We launched on 25 August 2022 but it seems like it was a long time ago. So let us share with you what we have achieved so far during this short period of time.
✅ Shortlisted and incubated by Cronos Labs
✅ Established partnerships with Ferro Protocol and Tectonic which will be leveraging our notification module to build alerts for their users
✅ Launched Cronos ID Domain services 3rd week of August 2022
✅ Integrated with Crypto.com DeFi Wallet to facilitate methods of purchasing a Cronos ID Domain
This is just the beginning as we build out our foundation. With $CROID, we will bring Cronos ID to the next level.
The following section will share with you the chain of events that will be taking place.
- What is $CROID
- $CROID Token Generation Event
- $CROID Staking and Real Yield
- Cronos ID Rare Domain Sales
What is $CROID
$CROID is Cronos ID’s native governance token to be utilized in Cronos ID’s broader ecosystem.
Within Cronos ID Domains, users will be able to utilize $CROID tokens to purchase 3 and 4-character names at a discounted price.
$CROID Rewards and Burn Mechanisms
$CROID leverages on 2 main methods:
- Rewards Pool (Cronos ID domain holders only). Rewards based on a proportion of the registration fees will be granted to stakers in the form of $CROID.
- Buyback and burn. A proportion of domain registration fees will be used to purchase $CROID for burning.
$CROID Real Yield
Cronos ID aims to democratize protocol revenue to our token holders and ecosystem participants with Real Yield. Beyond that, CROID is bolstered by revenue burn mechanisms, as follows:
- 20% of Revenue is used to buyback and burn $CROID
- 40% of Revenue is shared back to users as staking reward
- 40% of Revenue is sent to Protocol Treasury
$CROID Token Generation Event
Cronos ID will have our Token Generation Event via IGO with our partner DEX VVS Finance. The IGO will take place on 09th Nov 2022 and you can read more about the IGO participation details here.
$CROID Allocation
A total of 1,000,000,000 (1 billion) $CROID tokens will be generated and allocated as follows:
$CROID Staking
Staking will be available in early Nov 2022. There will be 4 maturity vaults with different time periods.
- 1 month
- 9 months
- 24 months
- 48 months
The longer the term of your stake, the higher the APY available. We aim to truly reward holders with us in the long run.
To obtain rewards from staking, you will also need to be a Cronos ID Domain holder. This means you would need to hold a minimum of one (1) Cronos ID Domain in your wallet.
Cronos ID Rare Domain Sales
The Cronos ID rare domain sales (3–4 characters) will go Live in mid-Nov 2022. With $CROID, you can also purchase the rare domain at a discounted price.
Domains Pricing
More than domain services
Cronos ID is a decentralized identity and communication layer built on Cronos. On a broad level, Cronos ID will allow users to send and receive information on-chain, powered by human-readable identifiers.
To achieve this, Cronos ID will be powered by 3 key subprotocols:
- Starting with our Domains, every user will have a unique onchain identity, allowing you to find friends and exchange crypto with ease
- The Notifications service, once released, will help the community keep track of key protocol events, alerts, NFT bids and more — gone will be the days of manually checking your DApps for bids or collateral factors.
Finally, by leveraging Messaging, users and projects will be able to connect and communicate with each other in a closed and verifiable environment.
We are more than domain services. This is the beginning of Cronos ID building out the communication layer for Cronos. For the exact dates of events, stay tuned with us on our socials (Links below).
Note: In order to participate in $CROID staking, users need to hold at least one CRO ID domain minted on Cronos ID. CRO domains minted on CNS or other similar offerings will not be counted as they are stored on a different resolver contract. For more information, please visit our FAQ at this link.
