Cronos is a blockchain that was launched in November 2021 by the cryptocurrency exchange Crypto.com. It is an Ethereum-compatible blockchain built with the Cosmos Software Development Kit (SDK), an open-source framework for creating Proof of Stake (PoS) and Proof of Authority (PoA) blockchains. This enables Cronos to be compatible with both the Ethereum and Cosmos blockchains, making it simple for Ethereum and Cosmos developers and users to migrate their projects or assets to Cronos and vice versa. Additionally, Cronos uses the Inter-Blockchain Communication Protocol (IBC), which allows it to communicate with other blockchains that use the same protocol.
Cronos was built to be scalable and interoperable without sacrificing usability. It also intends to communicate with other blockchains and enable users to transfer assets between Cronos and other blockchains in real time. In other words, a Cronos-compatible blockchain user, such as Ethereum, can transfer tokens and other assets, such as NFTs, from Ethereum to Cronos. They can also use their Cronos tokens on Ethereum.
Cronos' native ERC-20 token, CRO, is required for network transactions. It is also the network's governance token, and it can be used to vote on important proposals that will shape Cronos' future. Furthermore, holding certain amounts of CRO tokens can qualify traders for different fee tiers when trading on Crypto.com.
Cronos has a maximum circulating supply of 30 billion CRO tokens. All the Cronos tokens that will ever be in circulation were created along with the launch of the Cronos blockchain. This means that no new Cronos tokens are being created, and no more can be mined. At the time of writing, there are currently 25 billion CRO tokens in circulation. This represents approximately 83% of the total supply.
While the total supply of CRO tokens was initially intended to be 100 billion tokens, the Cronos team conducted one of the largest token burns in blockchain history ahead of the launch of the Cronos mainnet. In an attempt to further decentralize the Cronos blockchain, 59.6 billion CRO tokens were burnt on February 22, 2021. In addition, another 10.4 billion CRO tokens were locked into a monthly vesting contract. As these tokens are released, they will be automatically burnt.
These sustained token burns aimed to address centralization and supply issues. The CRO token burn brought the circulating supply from a mere 24% up to over 80%, considerably diluting the token supply and allocation. This helps to decentralize the CRO token and reduce the supply. This newfound token scarcity caused a surge in CRO price and brought renewed demand for the token.
The Cronos network is a product of Crypto.com, a centralized exchange operating under Monaco Technologies GmbH, originally founded in 2016 by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao.
The team brings a wide range of experiences from different industries, with a global background from across Europe and China. Before founding Crypto.com, Marszalek had founded an e-commerce firm and a design and manufacturing company focusing on consumer electronics.
Gary Or came from an engineering and computer science background, with over nine years of experience as a full-stack software engineer. Meanwhile, Melo and Bao bring experience from traditional financial and investment industries.
Together, the well-rounded team launched Crypto.com, which led to the further development of the Cronos Blockchain.
Although still relatively young, the Cronos blockchain has seen massive adoption since its launch. According to Cronos Managing Director Ken Timsit, in less than three months after launch, Cronos processed 12 million transactions and had almost $2 billion locked in various services and protocols across the blockchain.
Before you begin trading with OKX, you need to create an account. To buy CRO with your preferred fiat, click "Buy with card" under "Buy Crypto" on the top navigation bar. To trade CRO/USDT, CRO/USDC, or CRO/BTC, click "Basic Trading" under "Trade". Under the same tab, click "Convert" to convert crypto to CRO.
Alternatively, visit our new OKX Crypto Calculator. Select CRO and the desired fiat that you would like to convert to view the estimated live conversion price.