The native asset of Crab Network (Canary Network of Darwinia) CRING is now CRAB
We’re excited to announce that CRING will now be known as CRAB, tabled by Democracy Proposal#11 and Democracy Proposal#13.
The CRAB ticker more easily identifies CRAB as the native token of Crab Network. Crab is the canary network of Darwinia. The positioning of Crab is similar to Polkadot’s Kusama Network. Expect Chaos is a reasonable expectation.
Crab Network will distribute CRAB as an incentive to the participants of Staking. The process of Staking can also be understood as the POS mining process, where the miner obtains Staking energy by staking tokens. This name makes it obvious to anyone and Darwinia is committed to ensuring a canary network having real economic incentives and massive gaming theory testing, not just working a test net.
To encourage users to make long-term commitments, users can choose to lock CRAB for 3–36 months in the process of Staking, and the system will offer a CKTON token as reward for users participating in Staking.
Crab provides an entrance to the Polkadot ecology for projects that have been deployed on public blockchains such as Ethereum and BSC. Crab’s DVM is compatible with the Ethereum virtual machine and supports DApps such as Defi and NFT, which can be easily migrated to Polkadot. Crab Network can bring users a very high-quality experience, including micro transaction fees and ultra-fast transaction confirmation speed.
While most consumers can access different blockchains today, the same cannot be said of interoperability. Blockchain projects without a parachain slot do not have access to the Kusama and Polkadot ecosystem. Crab Network will play a pivotal role in helping that and making Substrate to Substrate bridges (Darwinia <> Crab bridge is under the final test) to welcome more projects to the Polkadot ecosystem.
We’re at the beginning stages of an open Web3.0 world. The adoption of CRAB will drive greater efficiency and interoperability for consumers and the community.
