Cronos Ecosystem December Update
December 2021 Highlights: A Growing Ecosystem
On its second month of Mainnet Beta, Cronos saw its ecosystem grow rapidly, with more than 100 projects across various verticals live on Mainnet Beta.
In addition, Cronos continued growing further, as it nears $2 billion in total value locked (TVL), just a month after securing its first billion on November 30, 2021. (Figures below are as of January 5, 2022.)
- Record-high $1.95B in TVL on December 29 (TVL increased further to as much as $1.99B on January 5)
- Over 9.9 million total transactions
- Over 327,419 wallet addresses
- Over 2,700 CRC-20 tokens minted
- 26 validators onboarded
- >100 projects live on Mainnet Beta
- 7 protocols with over $20 million TVL, up from 5 last month
- 1.8 billion CRO tokens bridged from Crypto.org chain to Cronos
New Partnerships and Supporters
The Crypto.com ecosystem has continued supporting the rollout of Cronos with more integrations such as:
- Crypto.com DeFi Wallet, the first non-custodial wallet to support Cronos, and the Crypto.org Chain Desktop wallet have launched dApp browsers. It allows users to connect with dApps without having to leave their wallets.
- Meanwhile, Crypto.com Pay now supports the Cronos network from any wallet. Through this integration, users can pay using CRO, ETH, and USDC on Cronos. More tokens will be supported soon.
Cronos also welcomed several notable cross-chain & native projects in December, such as:
Notable Cross-chain projects:
- KyberSwap, a dynamic market maker and DEX aggregator that alows users to swap any token via multiple DEXs with the best rates.
- Bogged Finance, a multichain DEX aggregator with plans to launch limit orders, stop losses features on Cronos in the near future.
- DEXTools, a provider of data analysis tools for DeFi users.
- Annex.Finance, a DEX and borrow lending protocol native on BSC and Cronos.
- EntropyFi, creator of yield-amplifying prediction games with the target to launch on Cronos mainnet beta in early Feburary.
- ThetaNuts Finance, which makes automated yield generating vault strategies implemented on cross-chain structured products.
- Apeboard, a cross-chain DeFi dashboard.
- Band Protocol, a cross-chain decentralized oracle, who started their Testnet integration in December and is nearing Mainnet launch.
- ImToken, a non-custodial wallet has launched full support for the Cronos Network, allowing users to interact with Cronos based dapps and manage their Cronos assets all from one place
Notable Cronos Native Projects
- Tectonic, a Cronos native borrow lending protocol launched with over $500M in assets supply and over $300M in assets borrowed
- MM Finance, a DEX which offers NFT staking to boost farming yields and a launchpad for new projects to launch
- Mimas Finance, a Cronos native borrow lending protocol featuring the team behind Tranquil Finance from Harmony
In addition, we welcome Stakin as a new validator on Cronos through a new strategic partnership.
Technical Development Updates
- Launched the Cronos Developer Series, a series of step-by-step tutorials of deploying your dApps on Cronos.
- Added into Map of Zones, allowing users to track and visualize Cronos inter-blockchain communication (IBC) activities.
- Release of Cronos binary v0.6.5 which covered key bug fixes and performance improvements
Bridge Updates
- Activated the Cronos-ATOM IBC bridge, which facilitates inter-chain ATOM transfers through an IBC channel between Cronos and Cosmos Hub.
- $25 million worth of ATOM was bridged over from Cosmos Hub to Cronos since the Cronos-ATOM IBC bridge went live.
- Conducted tests on IBC bridge infrastructure for other Cosmos-based chains.
Community Updates
Cronos Ecosystem Grants Launch. This program aims to support early-stage projects on Cronos by bootstrapping initial product development and providing technical support. Aside from milestone incentives, the program also provides technical, marketing, and venture capital networking support. Go to this website for more details.
Four New Episodes of the Cronos AMA Sessions. Our weekly/bi-weekly AMA on Cronos Twitter Spaces continues, with Ella and Jay from Particle B Team hosting interviews with four more projects. Missed out on these AMAs? You can catch up with the AMA recordings for Beefy Finance, CRODEX, Kyber, and MM Finance.
Ecosystem Project Roundup
Project Highlights
Tectonic surpasses $500 million in total supply. Just one week after its launch as a money market, Tectonic recorded more than $500 million in total supply and $314 million in total borrowings.
VVS Finance TVL passes $1.3 billion. The DeFi platform hit its first billion-dollar milestone in early December. VVS has locked in more than $1.3 billion in digital assets by the end of the month.
MM Finance launches Cronos DeFi Incentive Program. Weeks after the launch of its solutions on Cronos, MM Finance is now helping new projects in onboarding to Cronos through a new $1 million incentive program.
Project Spotlight: Tectonic Finance
Tectonic Finance is a cross-chain money market for earning passive yield and accessing instant backed loans. Crypto assets deposited into Tectonic earn attractive APYs based on a dynamic rate according to market demands. Earnings are available immediately with no lockup. Since its launch in December, Tectonic quickly climbed the Cronos DeFi protocol charts, securing $500M in total supply in just one week.
See you next month with another exciting update from the Cronos team.
