The Cronos network, a Cosmos-based EVM-compatible chain, has seen a massive surge in its native token CRO over the weekend. The token gained over 60% in the past seven days, outperforming most of other cryptocurrencies in the top 100 by market cap. CRO is now ranked 29th with a market cap of close to $3 billion by the time of this writing.
What is driving CRO’s explosive growth? There are several factors that contribute to the bullish momentum of the token. One of them is the launch of Cronos mainnet beta on November 8, which marked a significant milestone for the project. The mainnet beta enables developers to deploy and run Ethereum-compatible smart contracts and dApps on Cronos, with low fees and high scalability.
Another factor is the strong support from the Crypto.com ecosystem, which is one of the largest and most comprehensive platforms in the crypto industry. Crypto.com has over 10 million users and offers a range of products and services, such as a crypto app, exchange, wallet, card, DeFi wallet, NFT marketplace, and more. Crypto.com is also the main sponsor of Cronos, providing financial and technical assistance to the project.
Furthermore, Cronos has been attracting a lot of attention from the DeFi and NFT sectors, as it offers a fast and user-friendly environment for innovation. Cronos has already integrated with several leading DeFi and NFT projects, such as Chainlink, Band Protocol, SushiSwap, Aave, Compound, OpenSea, and more. Cronos also has a $100 million fund to support developers and projects building on its network.