Exploring the Cronos Ecosystem: Uncovering the Driving Forces Behind Rapid Development

Table of Contents

Overview of Cronos

Cronos is a decentralized and open-source public blockchain by Crypto.com. Built on the Cosmos SDK platform. Cronos is designed to be compatible with the Ethereum virtual machine (EVM). Operated as a sidechain with Crypto.com Chain. By design, Cronos enables application migration and smart contracts. From Ethereum and EVM compatible platforms to Cronos quickly and conveniently. Helps decentralized applications (Dapps) scale easily.

Pieces on Cronos

Overview of the pieces on Cronos that I collected from many different sources. Currently, the total TVL on the ecosystem is at $500M. Ranked 9th in the TVL table of blockchains. Let’s start learning about the Cronos ecosystem with me!

DEX

Cronos currently has a number of notable AMM DEX projects, including:

VVS Finance: This DEX is receiving support from Particle B and is built natively on Cronos. The DEX farming program is live and the TVL of the DEX is at $180M. This is the largest DEX in the Cronos ecosystem and also the protocol with the largest amount of TVL. They implemented the xVVS token (Curve fork model). To increase APR for farmers in the application.
MM Finance: This is not only a DEX project but also works in many different fields such as NFT, Launchpad, stablecoin, yield aggregator. This DEX has many innovative features such as only charging a 0.17% transaction fee.

Other projects like CronaSwap, CroDex, PhotonSwap, Elk Finance, ChronoSwap, Swapp, Empire DEX, Annex Finance. Also AMM DEXs on the Cronos ecosystem. But has a relatively low amount of TVL.

Comment: VVS and MM Finance are currently the two leading DEXs in the Cronos ecosystem. With TVL leading the way and strong support from Particle B. However, it seems that the opportunity in the AMM DEX space in Cronos has decreased. Due to much reduced APR and less profit from farming. However, it is still worth keeping an eye on the top DEXs because they are a fundamental piece of the puzzle in the Cronos ecosystem.

Lending and stablecoins

Cronos currently has a number of notable lending projects, including:

Tentonic Finance: This is a money market application powered by Particle B. Allows users to earn passive income from lending their assets and make quick loans. This is considered the largest money market in the entire Cronos ecosystem.
Savanna Finance: This is a debt protocol application with algorithmic SVN stablecoin product. With current TVL at $300 million. This is a product of the MM Finance team.

Other lending protocol applications include DarkCrypto, Darkness, Annex Finance, Leonium Finance,…

Comment: Lending applications on the Cronos ecosystem are now at the top with full liquidity. Large amount of TVL and support for many asset types. Tentonic Finance is a pioneering project in the lending field. Thanks to the strong support from Particle B. Similar to the VVS Finance project, it has succeeded in the AMM DEX field. The lending puzzle on Cronos is complete. Create favorable conditions for the development of other fields in this ecosystem.

Yield farming

Cronos currently has a number of notable yield farming projects, including:

MM Optimizer: This is a leading yield farm application on Cronos. Built by MM Finance.
Other yield farming applications include: Autofarm, Beefy Finance, Zeus Finance, Crystl Finance, Kafe Finance, Leonium Finance…

Comment: There are many yield farming projects on Cronos, and the leading application is MM Optimizer. A product of MM Finance. MM Finance proves to be an extremely successful application ecosystem with many products. And all products have very good TVL levels. This has made yield farming one of the fastest growing areas. Create favorable conditions for the development of other fields in the future.

NFTs

Cronos currently has many notable NFT projects, including:

Mad Meerkat: NFT Market platform was built by MM Finance.
EbisusBay: NFT market on Cronos, expected to be launched next week.
NFT marketplace built by Cronos World: The project is under construction and not yet operational.
NFT marketplace built by Annex Finance: The project is in development.
Leonium Finance: A project to make NFT Marketplace on the Cronos system, in development.
CRO CROW: Project selling NFTs of crows on the Cronos system, with a mint fee of 100 CRO.
Hibiki Finance: NFT Marketplace on Cronos, not yet operational.
Cronos Punk: NFT project about Punk NFT on Cronos system. It is expected that trading will be possible on CroDex and Ebisubay.
CroPunks: Another Punk NFT project on Cronos.
Crocos NFT: NFT project about crocodiles on the Cronos system.

And there are many other NFT projects…

Comments: Visit pieces NFT on the Cronos system is experiencing its first advances. Even though they are only NFT projects in the form of collectibles, the quality is not high and there are no specific use cases for NFTs. There is also no NFT marketplace that operates stably. But the above NFT projects are making the Cronos ecosystem more vibrant.

Other pieces

Cronos is developing many different pieces in diverse areas, including:

Relaychain: This is a bridge application with a TVL of $35 million, 12 thousand transactions, and supports 7 different chains. Including Ethereum, Polygon, BSC, Avalanche, Heco, Cronos, Polkadot,…
Anyswap: Is a bridge application that connects to nearly 20 chains on the market and is integrating with the Cronos ecosystem.
Cronos Launcher: This is a launchpad application. Support new projects.
Cronos World: This project aims to build an all-in-one platform. Including Crown DEX (AMM DEX), Crownpad (Launchpad), and NFT marketplace. The project has received investments from several different VCs.
Crohm Finance: Is a fork application of Olympus DAO on the system. Although not yet in operation.
Yummy: Is a lottery application on the Cronos system, already in operation but has not attracted many users.
CroShiba, Tendie Fren, Cronos Doge: These are memecoins on the Cronos system with a relatively small marketcap.

Comment: Other pieces of the Cronos ecosystem are appearing rapidly and diversely. Includes bridges, fork applications from famous projects. Memecoins and projects support the development of the ecosystem. Although many projects are not fully operational. But with this development, the Cronos ecosystem will certainly become more diverse and vibrant in the future.

General comments and projections about the Cronos ecosystem

General perception

It seems like the main opportunity in the Cronos ecosystem is focusing on farming on DEXs with APR farming and APY token staking. Although the APR level has decreased significantly. Especially because the price of tokens in the system has decreased. However, TVL levels still remain high.

This can be explained by the CRO token situation. Not only a platform token but also an exchange token. This diversity in token roles can keep the Cronos ecosystem strong. Maintain high TVL. The large capitalization of the CRO token could be an important factor keeping investors and users stable in the ecosystem. Don’t be greatly shaken when the market fluctuates.

Although the APR level has decreased, with the stability of the TVL level and the position of the CRO token. It can be expected that the Cronos ecosystem will continue to attract the community and investors. Especially when other projects and applications in the system are growing. This could open up many new and diverse opportunities in the future as the ecosystem continues to grow.

Forecast

You can compare the Cronos ecosystem to the Binance Smart Chain ecosystem in the period when the yield flow has left. When these exchanges all have an extremely large user file on centralized exchanges.

Because the cash flow has entered the ecosystem once. And for cash flow to continue entering the system, the builders of the ecosystem need new innovations to attract cash flow, or the CEX floor behind is extremely successful in attracting new people into the market through expanding their customer base.

Conclusion

Hopefully through the above article, you will have a more comprehensive view of the Cronos ecosystem. Understand the situation of the segments and start looking for investment opportunities on Cronos Blockchain. What do you think is the next direction of the Cronos ecosystem?