Cronos Ecosystem March Update

Sprinting towards the end of Q1 2022 on a high

March was an extremely exciting month for Cronos. The chain continued its upwards growth momentum and exceeded various key milestones as we proceeded towards the end of the first quarter of 2022.

March Key Statistics

The chain continued its upwards trajectory and exceeded various milestones across multiple core metrics such as TVL, total transactions, and unique users: (Figures below are as of March 31, 2022)

• All-time high TVL of $4.34B on March, 70% increase from Feb
• Over 26 Million total transactions, 44% increase from Feb
• Over 505,000 unique wallet addresses, 25% increase from Feb
• Over 9,000 CRC-20 tokens minted, 90% increase from Feb
• >150 projects live on Mainnet Beta (Feb: 130 projects)
• 12 DeFi protocols with over $20 million TVL (Feb: 9 protocols)
• $220 million IBC 30-days volume in and out of Cronos

Snapshot of the Cronos ecosystem projects as of March 25, 2022. (Courtesy of Cronos News)

Project Launches & Infrastructure Partnerships

Cronos welcomed several notable cross-chain and native projects, as well as tooling and infrastructure partnerships, in February, such as:

Notable Native Projects

• METF, a decentralized exchange traded fund representing assets of the MM Finance ecosystem, launched in early March and hit a TVL of $35M at the end of March.
• Darkness Finance, a multi-fractional algorithmic stablecoin with a stableswap, launched in the middle of March and sat a TVL of $30M at the end of March
• D.G.Pals, a multi-genre Play-to-Earn NFT game, announced their migration into Cronos

Tooling & Infrastructure Partnerships

• Blockscan, a sub-product of Etherscan, supports Cronos. Users can insert an ETH-Hex address and check its activities on other listed networks including Cronos
• Cronos’ proposal on Covalent Governance to support Cronos and bring unified APIs to Cronos on-chain data was passed successfully.

Ecosystem Project Roundup

Multiple NFT and DeFi projects across Cronos made headlines with exciting updates and surpassing key milestones, such as:

NFTs

• EbisusBay surpassed 50M CRO Trading Volume. The marketplace continued it’s >100% M-o-M growth in its trading volume
• Mad Meerkat NFT launched its new Mad Meerkat Treehouse collection and was very well-received by the Cronos community as the collection was fully minted out within minutes of launch.

DeFi

• MM Finance exceeded $1B in record high TVL for the protocol. The decentralized exchange ecosystem managed to double its TVL and achieved record trading volume, breaking into top 5 dexes among all chains for the month of March.
• DarkCrypto exceeded $150M in TVL, establishing itself as a growing ecosystem of dApps within Cronos.
• VVS launched its new xVVS vaults which introduced governance token locking vaults to users of the platform and announced its upcoming IGO with VersaGames.
• Tectonic exceeded $1B in total supply, further entrenching itself as a major money market player.

Ecosystem Initiative

The 2nd batch of the Cronos Ecosystem Grants was announced, featuring 4 protocols across 3 key verticals within the Cronos Ecosystem.

• DeFi: Thetanuts Finance (Multi-chain structured products protocol)
• NFT: Ebisu’s Bay (Cronos NFT Marketplace), Lootex (Multi-chain GameFi NFT Marketplace)
• Community: Cronos News (News & publication platform providing Cronos coverage)

Continued Support From Crypto.com

The Crypto.com ecosystem has continued supporting the rollout of Cronos with more integrations, such as:

• Crypto.com Exchange listed the $MMF on its platform, allowing $MMF token to be seamlessly traded on the exchange.
• Crypto.com Capital invested in D.G.Pals, a GameFi project building out it’s gaming metaverse on Cronos
• Crypto.com DeFi Wallet listed new CRC20 tokens on its platform — $xVVS, $APE, $ALI, $DOT tokens.

Technical Deployment Updates

• Major release of Cronosd ‘v0.7.0-rc3’, a consensus-breaking upgrade based on ‘v0.7.0-rc2’. The new release contains various Ethermint bug fixes.
• Cronos testnet upgrades ‘v0.7.0’, introducing dynamic fee market to support Ethereum’s EIP-1559 transaction format, refactoring the EVM’s stateDB implementation, and preparation for Gravity Bridge implementation support.

Bridge & Solomachine Updates

More tokens were introduced into Cronos, enhancing the variety of tokens available to be utilized across the Cronos DeFi ecosystem:

• Crypto.com App and Exchange announced support for Cronos deposits and withdrawals of Qredo Network $QRDO, ApeCoin $APE, and Alethea AI $ALI tokens
• Crypto.org Chain partnered with Crypto.com to deploy Stellar $XLM and EOSIO $EOS tokens via Cosmos IBC solomachines which are ported to the Cronos ecosystem for dApp adoption
• Undergoing further testing of IBC bridge infrastructure for other Cosmos-based chains

Events in March

Cronos AMA sessions

• Two new episodes of the Cronos AMA sessions. Our weekly/bi-weekly AMA on Cronos Twitter Spaces continues, with Jay from Particle B Team hosting interviews with two more projects. Missed out on these AMAs? You can catch up with the AMA recordings for Single Finance & Cronos Chimp Club.

Cronos Media Coverage in March

• CryptoNews coverage on Cronos — Why Blockchain Interoperability Matters for Web3 Adoption
• NFT News Today coverage on Cronos — 15 Projects That Show How Cronos Is Hot Property For NFTs
• Blockonomi coverage on Cronos — Cronos TVL Continues Expanding: Now Over $2.8 Billion
• ZyCrypto coverage on Cronos — The Top 10 DeFi Protocols On Cronos Blockchain
• Coin Checkup coverage on Cronos — Cronos DeFi Dominance Continues to Rise As TVL Hits Nearly $3 Billion
• Daily Coin coverage on Cronos — Solving The Blockchain Interoperability Dilemma
• Investing Cube coverage on Cronos — How Interoperability Will Spark The Blockchain Revolution

Cronos Project Spotlight: MM Optimiser

MM Optimiser, a Cronos native yield optimizer platform built on top of MM Finance, allows individuals to reap the fruits of compounding without any hassle as the platform calculates the best compounding frequency and automatically compounds users’ tokens. Yield farming profits are auto-compounded into the respective pools, enhancing the ROI for users.

See you next month with another exciting update from the Cronos team.