Crypto.com Jumps into the Defi + NFTs Game with the Launch of their Mainnet in March

in LeoFinance4 months ago

I received a notification from my crypto.com app this morning announcing they were burning 70bn CRO tokens, of which 59.6bn CRO TODAY, 22 february 2021.

59.6bn CRO represents 59.6% of its total supply of coins, so that will definitely shake up the tokenomics of CRO.

At the time of writing this post, CRO is up 87%+ intraday, and keeps climbing, during a very red market day otherwise.

image.png
Screenschot from the announcement post

What are these burns preparing?

As you saw in the title, they are preparing the launch of CRO's mainnet on March 25th, as announced also today.

Crypto.org Chain is a public, open-source and permissionless blockchain - a decentralized network designed to be a public good that helps drive mass adoption of blockchain technology. Following more than 2 years of research and development, 2 testnets (Thaler and Croeseid) and a successful Mainnet Dry-Run Competition (Crossfire), the Crypto.org Chain is now ready for launch. Over 3,000 validator applications from all around the world were received during the Crossfire Mainnet Dry-Run where more than 275 million transactions were processed in four weeks. We expect hundreds of validators participating at Mainnet launch. Millions of individual users may also contribute to network security via Delegated Proof of Stake model by simply using our DeFi Wallet.

So CRO mainnet will be DPOS, something we are very familiar with.

I also learned from this PR announcement from December last year, that their mainnet will either work on the Cosmos Netork or is a fork of it.

Croeseid, the latest testnet, features a new codebase based on the Cosmos SDK and has achieved great success with 50+ validators deployed and over 800,000 transactions processed.

This, for me, is another of those moments - being in the right place at the right time. Even without having a clue about their intentions, because I didn't follow their news.

Posted Using LeoFinance Beta

Sort:  

What incredible news to see first thing in the morning. This is exciting. I'll have to read up more on Cosmos. I have to wonder how DPOS will affect the tokenomics of CRO. It encourages hodling. But, unlike Hive, which offers greater rewards and influence, I have to wonder what CRO will offer. Eventually, I think I might be inclined to operate a CRO node.

Posted Using LeoFinance Beta

I'll have to read up more

Yup, so do I. This news hit me out of the blue, and it shouldn't have, because they've been working on it for two years and testing it for a few months also.

And to think CRO was trading at below 6 cents not too long ago. Probably this only kick started the rally because not enough people know about it or understand what's going on yet.

Posted Using LeoFinance Beta

You may be right, it may be a kick start. One hindrance many tokens have is that they don't have a business use. Developers are left to come up with ideas and build things on their own. In this case, CRO is providing payment rails and other support to make it easy to get set up. And if COSMOS is interoperable, like they claim, CRO may be well-positioned for retail transactions.

On the other hand, Visa and Mastercard may have other plans that could derail CRO serving as the back end to commerce transactions.

On the other hand, Visa and Mastercard may have other plans that could derail CRO serving as the back end to commerce transactions.

They already have their own Visa debit cards, and I don't think they'll give up this partnership, at least for a while.

Crypto doesn't have penetration into the regular retail spendings on its own yet, so unless it will have at some point, these partnerships with Visa or Mastercard gives crypto access to their massive networks. True, that happens after crypto is exchanged to USD or whatever the base currency of the card is, but it is still a gateway which didn't exist a few years back.

Posted Using LeoFinance Beta

That's interesting!

Posted Using LeoFinance Beta

That's what I thought too.

Posted Using LeoFinance Beta