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Cronos AMA Series | Ep. 1 Recap: Cronos Chain Team
TL;DR is below, for all you busy people.
TL;DR is below, for all you busy people.
AMAs often feature a lot of knowledge and alphas. To prevent these from getting lost into oblivion, I will be jotting down an AMA recap weekly. Do follow me on Medium to get the latest updates!
Kicking off the Cronos AMA Series
Last night we kicked off the Cronos AMA Series — A weekly/bi-weekly AMA on Cronos Twitter Spaces where Ella and I from the Cronos Team will be hosting various protocols across the Cronos ecosystem to engage and educate the Cronos community.
As community growth is of massive importance to the growth of any blockchain, this initiative aims to achieve two key goals:
Community Education. We‘ve noticed that many users on Cronos are very new to the world of Crypto revolving around DeFi, NFTs, GameFi, and so on. Hence, we want to bridge this knowledge gap through inviting projects across multiple verticals (Decentralised Exchanges, Money Markets, Yield Optimisers, NFTs, Gaming) to share about their projects and to provide new users with an overview of the core building blocks of the Cronos Ecosystem.
Community Engagement. We aim to frequently engage and grow the Cronos community so that no one is left behind as the Cronos ecosystem expands. Any new crypto user on Cronos can seamlessly join the community and quickly ramp up on fundamental crypto knowledge. Crypto, after all, is an endless rabbit hole of knowledge and new innovation. Users can keep up to date about the latest happenings on Cronos by tuning into our Cronos AMA sessions.
Ep.1 Cronos Chain Team — AMA Summary
Summary of what went down during the AMA last night. A recording will soon be available on Cronos’ Twitter.
In the first episode of the Cronos AMA Series, we hosted Leslie and Calvin from the Cronos Chain team. Leslie is the Lead of Developers Relations of Cronos (the guy you see 24/7 on Cronos Discord) while Calvin is the Technical Lead of Cronos.
Question #1: How is Cronos different as compared to Ethereum and other EVM blockchains?
Cronos is one of the very few chains that exist at the intersection of Ethereum and Cosmos: Cronos is an EVM chain built on the Cosmos SDK, allowing the chain to exist in the intersection of the Cosmos ecosystem and the Ethereum ecosystem and enjoy the benefit of both ecosystems.
Cronos has fast finality and transactions are low cost: Cosmos SDK is an open-source blockchain framework, powered by the tendermint consensus engine. This allows for instant finality allowing for transactions to be confirmed in a few seconds and at very low cost as compared to Ethereum.
Cronos embraces multichain interoperability: Users will be able to have seamless digital assets transfers across other Layer 1 and Layer 2 EVM chains and within the cosmos ecosystem through Inter-Blockchain Communication (IBC)
Cronos has Inter-Blockchain Communication (IBC) capabilities: IBC allows cronos to communicate with other Cosmos based blockchains This enables interoperability with other Cosmos based chains that are IBC enabled as well (Cosmos Hub, Osmosis, Terra, Injective, etc.), allowing for ease of transfer of assets across them. This further expands the utility of Cronos native assets to other ecosystems and enables Cronos to support native tokens from IBC-enabled chains.
Cronos is energy efficient and has low carbon footprint: As compared to Proof of Work (PoW) blockchain, Cronos is 90% more energy efficient as compared to other PoW blockchains
Question #2: How is Cronos related to Crypto.org Chain and Crypto.com?
Asset transfers can seamlessly happen between Cronos and Crypto.org Chain using Cronos Bridge: Currently, users can seamlessly transfer CRO from Crypto.org Chain to Cronos using the Cronos Decentralised Bridge which utilises IBC. As both chains grow, a greater variety of assets can be transferred across both chains.
Cronos and Crypto.org Chain supports different smart contract execution and languages: Compared to Crypto.org Chain, Cronos is EVM compatible and support solidity smart contract execution. Crypto.org Chain will be implementing Cosmwasm smart contract execution in the future, targeting Go and Rust developers. Cronos is more targeted towards Solidity developers who have prior experiences in building on Ethereum or other EVM chains and wants to build decentralised applications on Cronos using Solidity.
Crypto.com is a strong supporter of the Cronos ecosystem, where its suite of products are seamlessly integrated with Cronos. New DeFi users can easily on-ramp from Crypto.com onto Cronos: Despite Cronos and Crypto.com being independent entities, Crypto.com offers a lot of support and resources to the Cronos ecosystem. Crypto.com suite of products such as the App, Exchange, and Non-custodial DeFi Wallet are currently supporting Cronos. Users can seamlessly bridge assets over from the Crypto.com App and Exchange over to Cronos. Crypto.com Non-custodial DeFi Wallet will soon support many more assets that are available on Cronos as well.
Question #3: We are 2 weeks into the mainnet launch, how has the chain performance been?
Very positive chain key metrics:
In 2 weeks there already has been:
>2.3m transactions on Cronos
>100k active addresses already on Cronos
>100k transactions & estimated ~1 billion CRO went through the IBC Bridge between Crypto.org chain and Cronos
Strong wave of ecosystem projects:
AMM DEX: ~10 AMM DEXes are running on Cronos
Yield Optimiser: 3 cross-chain Yield Optimisers fully deployed on Cronos, with a couple more coming
Money Market: 2 Money Market projects are coming in December
NFT: >5 NFT projects have already launched, many more in the pipeline
Gaming: 2 Gaming projects are coming to Cronos soon, many more in the pipeline
Question #4: What are the type of grants/incentives available to developers? How can they apply?
Cronos Hackathon: Developers can take part in the Cronos Hackathon which has been extended till the 8th December 2021. Developers stand a chance to win an award from the Hackathon.
CRO fund for ecosystem development: 2 major parts to this fund:
Grant Program targeted at early stage DeFi projects that is aimed to help the team bootstrap their projects to MVP level and get them ready to their fundraising stage. The grant aims to target infrastructure tooling projects as well. Grant ticket size will be up to $50k.
TVL-based DeFi Incentive Program targeted at quality mid-size projects on other chains. The program is designed with the goal of attracting organic Total Value Lock (TVL) and drive long term ecosystem growth rather than mercenary capital. Specific awards amount will be tied to certain weighted average TVL and comes with a vesting period.
Official information about these programs will be announced in the coming weeks.
Question #5: What are you most excited about regarding the future of Cronos?
Calvin: Cronos roadmap towards embracing multi-chain interoperability. Further expansion of IBC bridge to more cosmos blockchains and supporting more cosmos based assets.
Ella: The growth of new users coming to Cronos, onboarding users who have never heard of DeFi onto Cronos.
Leslie: To accelerate the adoption of Crypto, have . Gaming and Metaverse on Cronos will be coming and super excited about that.
Jay: Really excited about IBC and how Cronos can integrate with other cosmos-based chains such as Terra, Cosmos Hub, and Osmosis.
Question#6: Is Cronos going to have a wallet apart from Metamask?
Ella: Yes, Crypto.com Non-Custodial DeFi Wallet and Crypto.org Chain Desktop wallet are currently supporting Cronos. Multiple dApps have integrated and are planning to integrate with them. There are multiple 3rd party wallets that will be supporting Cronos soon as well.
Question #7: Will there be any integrations between Cronos NFT and Crypto.org Chain NFT and have the NFTs showcased in an all-in one wallet?
Leslie: Crypto.org chain currently is using a different NFT module as compared to the typical ERC-721 NFT standard. However, we foresee at the end of the day they will speak the same language and will be able to be seamlessly transferred from one chain to another. The Crypto.com DeFi wallet already supports both ERC-721 NFTs and Crypto.org Chain NFTs.
Calvin: The Crypto.org Chain Desktop wallet currently supports Crypto.org Chain NFTs as well.
Question #8: When will Cronos integrate with other exchanges such as Kucoin and Huobi?
Leslie: CRO is currently listed on many other exchanges. We foresee as Cronos gets more mature, more exchanges will begin to support Cronos and onboard tokens of major projects on Cronos.
Question #9: Will we see a launchpad on Cronos?
Ella: There are multiple decentralised launchpads that have already deployed on Cronos. DexPad is one of them. VVS finance will soon be having its own “IGO” launchpad platform.
Question #10: What is(are) your favourite project(s) so far?
Ella: Loving the Cronos Chimps!
Jay: Really like multiple NFT projects such as Cronos Chimps, Petite Planets, Crocos, and Crocows. Personally very excited about the future of GameFi on Cronos as well.
Question #11: What external blockchains are Cronos currently prioritising in terms of integrations
Ella: We welcome projects from all chains and aren’t really prioritising projects coming from Chain A as compared to Chain B. In terms of ease of deployment, projects coming from EVM chains will be able to have a smoother integration and deployment onto Cronos.
Jay: With Cronos being IBC enabled, partnerships and integrations with Terra protocols will definitely be a possibility.
Leslie: IBC will allow for much more integration and create more use cases with cosmos-based applications such as Band Protocol. We are still super early.
Kicked off Cronos AMA Series as part of an initiative to educate and engage the Cronos Community.
Episode 1 featured the Cronos Chain Team.
Topics covered include what makes Cronos unique from other EVM chains, the relationship between Cronos, Crypto.org Chain, and Crypto.com, the chain performance across the past 2 weeks, grants program that are available, and more.
We will be posting a recording of the AMA on Cronos twitter soon. Summary of key points are written above.
In the upcoming episodes of the Cronos AMA Series, we will be hosting various Cronos projects such as DEXes, Yield Aggregators, Money Markets, NFTs, Gaming projects, and more. Do not miss out!
Follow Cronos Twitter to keep up to date on the latest happenings across the Cronos ecosystem.
Cronos AMA Series Ep.1 Speakers Twitter Profiles