Cronos Ecosystem November Update

November 2021 Highlights: We Have Liftoff

Cronos, the EVM chain running in parallel to the Crypto.org Chain, has officially launched its Mainnet Beta on November 8, and we have hit the ground running since day one.

One month into the Mainnet Beta Launch, we have grown very rapidly, notching these milestones:

• Over 5 million total transactions
• Over 186,000 wallet addresses (100,000 wallet address milestone hit on November 25)
• Over 1,700 CRC-20 tokens minted
• 26 validators onboarded
• 51 projects live on Mainnet Beta
• First $1 billion total value locked (TVL) milestone hit on November 30, less than a month after launch. (Current TVL at $1.21B as of December 6)
• 5 protocols with over $20 million TVL
• 1.26 billion CRO bridged from Crypto.org chain to Cronos

We have also created a formidable alliance of blockchain projects that form our Cronos ecosystem, thanks to our partners and supporters:

Snapshot of the Cronos ecosystem projects which went live in November (not an exhaustive list)

New Partnerships and Supporters

The Crypto.com ecosystem has shown their full support for Cronos with the following updates:

• Crypto.com App now supports deposits and withdrawals on the Cronos network. Users can enjoy faster, cheaper, and safer transfers for CRO, ETH, WBTC, USDC, USDT, DAI, SHIB, DOGE and VVS via Cronos
• Crypto.com DeFi Wallet is the first wallet to support Cronos. This support extends to its Wallet Extension service. The wallet has also added three new Cronos tokens and Cronos dApps.
• Crypto.com Exchange is now integrated with Cronos, with deposit and withdrawal support for CRO, ETH, WBTC, USDC, USDT, DAI, SHIB, DOGE and VVS via Cronos

We also acknowledge the proud partners and supporters of the Cronos chain.

• Etherscan creates the CronoScan blockchain explorer for Cronos.
• Math Wallet supports Cronos assets transactions and native dApps. Read the guide here.
• Bison Trails runs validator nodes on the Cronos testnet and mainnet beta to support and enhance the network security and performance.
• Band Protocol deploys decentralised pricing feed on the Cronos testnet with mainnet support launching soon.
• DeBank integrates Cronos chain, supporting onchain analytics of several Cronos DeFi protocols.
• Stakin provides secure validation services on Cronos Mainnet.
• HoDooi.com is bridging its HOD token to Cronos, following a strategic investment from Crypto.com Capital.
• Annex.Finance has launched its DEX Swap Cronos.
• Beefy Finance, Autofarn and Crystl Finance launched their yield optimizer on Cronos.

Technical Development Updates

• Optimized Block Explorer to display real time blocks and transactions promptly.
• Improved Cronos public endpoint infrastructure to handle the growing traffic.
• Fixed multiple issues of the JSON RPC.
• Released new version with node performance optimisations and bug fixes.

Bridge Updates

• Optimised the bridge infrastructure to be more robust.
• Testing the IBC bridge infrastructure for other Cosmos-based chains.
• Preparing the next experimental Testnet with Gravity Bridge enabled.

Community Updates

Cronos Hackathon Deadline Extended to December 8. The very first Cronos Hackathon encourages developers and entrepreneurs to contribute ideas and early-stage projects to the Cronos ecosystem. A total prize pool of USD $500,000 will be awarded to top participating projects in 5 tracks — DeFi, NFT, GameFi, Web3 and Metaverse.

Right now, there are 58 projects submitted for the Hackathon, with more to come as the deadline draws near. Submit your projects now!

Speaking of the Hackathon, Canberk Kandemir, Partnerships Manager at Covalent, talked about Scratch to dApp in a Cronos Hackathon that happened on 11 November. Missed it? Watch it here.

Cronos Bug Bounty Program. Join the program and benefit from a maximum bounty of up to USD 1,337,133.7, sponsored by Blockchain accelerator Particle B, to enhance on-chain security of the Cronos ecosystem. The security campaign launched on November 8, in partnership with Immunefi. Join the program now!

Cronos AMA Sessions. On November 25, we kicked off the Cronos AMA Series — A weekly/bi-weekly AMA on Cronos Twitter Spaces where Ella and Jay from the Cronos Team will be hosting various protocols across the Cronos ecosystem to engage and educate the Cronos community. Read our recap of the first episode here and get ready for our next AMA, this time with Beefy Finance.

Best Practices for DeFi Projects in Cronos. In support of fostering a secure and safe DeFi ecosystem, the Cronos team has compiled a list of best practices to develop secure smart contracts for the Cronos ecosystem. Learn more in this article.

Top 5 DeFi Protocols

• VVS Finance ($1.03 billion TVL) — This simple DeFi platform that offers users a fun way to swap tokens and earn high yields has quickly risen to the top of the Cronos charts.
• Beefy Finance ($124 million TVL) — Since deploying their DeFi auto-compounding platform on Cronos this month, Beefy Finance has created vaults that auto-compound VVS rewards. Talk about Cronos teamwork.
• Autofarm ($74 million TVL) — This DeFi yield aggregator has also jumped in on the Cronos train by offering VVS vaults as well.
• Cronaswap ($61 million TVL) — As a DEX platform for swapping ERC-20 tokens on the Cronos Chain network, Cronaswap makes it easier for DeFi participants to switch networks.
• Crodex ($20 million TVL) — This DEX provides liquidity and enables peer-to-peer transactions on Cronos.

Popular NFT Projects

• Cronos Chimps Club — 10,000 uniquely generated Chimps on the Cronos Chain with various traits that celebrate the different aspects of the Cronos ecosystem.
• CRODrakes — 666 breedable, upgradeable Dragons that live on the Cronos Chain and earn FLAME tokens.
• CronosPunk — A collection of 10,000 algorithmically generated CronosPunk profile pictures on the CronosChain.
• Petite Planets — 200 generation-one Planet NFTs, with elements like royalties set for climate causes and space charities, among others.

Project Spotlight: VVS Finance

VVS Finance (VVS), which stands for “Very, very simple finance,” is designed to be the simplest DeFi platform for users to swap tokens, earn high yields, and most importantly have fun! Its rapid rise in the DeFi charts showcases VVS’ user-friendly DeFi interface with the fast execution and scalability that Cronos offers to DeFi projects. As a result, VVS is inching closer to becoming the first billion-dollar DeFi platform on Cronos. We look forward to more success stories like this one.

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