Cronos Ecosystem February Update
February 2022 Highlights: Resilience Despite Macro Headwinds
February 2022 Highlights: Resilience Despite Macro Headwinds
On its fourth month of Mainnet Beta, Cronos continued its momentum and exhibited strong growth despite macro headwinds.
February Key Statistics
Despite rocky conditions marketwide, the Total Value Locked (TVL) of Cronos continued its upward trajectory, surpassing the $2.5 billion mark in the mid of February. This positioned Cronos as one of the very few chains that remained fairly resilient despite uncertain macro conditions and kept its TVL upward trajectory. (Figures below are as of February 28, 2022).
Record-high $2.56B in TVL on February 16 (January: $2B TVL)
Over 18 million total transactions (January: 12M)
Over 400,000 unique wallet addresses (January: 350,000 addresses)
Over 4,700 CRC-20 tokens minted (January: 3,500 CRC-20 tokens)
>130 projects live on Mainnet Beta (January: 120 projects)
9 protocols with over $20 million TVL (January: 7 protocols)
2.3 billion CRO tokens bridged from Crypto.org chain to Cronos (January: 2 billion CRO)
Snapshot of the Cronos ecosystem projects as of February 24, 2022. (Courtesy of Cronos News)
New Partnerships and Supporters
The Crypto.com ecosystem has continued supporting the rollout of Cronos with more integrations such as:
Crypto.com Price has integrated Cronos NFTs, featuring the top 30 NFT collectibles on Cronos
Crypto.com DeFi Wallet has integrated Cronos NFTs, allowing users to easily view, send, receive, and share NFTs on the DeFi wallet
Project Launches
Cronos also welcomed several notable cross-chain and native projects, as well as tooling and infrastructure partnerships, in February, such as:
Cross-chain Projects
Krystal DeFi, a Multi-chain DeFi management platform, has integrated its SmartSwap feature natively on Cronos. Its SmartSwap DEX aggregation feature is currently sourcing liquidity from 8 different Cronos DEXes.
DappRadar, a platform providing dApp metrics, integrates with Cronos and is currently tracking Cronos dApps. The platform provides users with useful metrics such as volume, user wallets, transactions, and balance.
Cronos’ proposal on Aave Governance to deploy Aave V3 on Cronos was passed successfully via Aave’s Snapshot.
Native Projects
Savanna Finance, a tomb fork offering an algorithmic token pegged to $MMF, launched in early February and currently sits at a TVL value of over $80M.
Tooling & Infrastructure Partnerships
Defiyield.App, a cross-chain asset management dashboard, supports Cronos and allows users to monitor Cronos assets together with other cross-chain assets.
Cronos PR Coverage in February
Cronos took the spotlight in a Delphi Digital February research report, highlighting the chain’s resilient TVL despite a stagnating market.
Sunny Aggarwal, the co-founder of Osmosis Zone, highlighted the active contributions by the Crypto.org chain team to the Cosmos ecosystem
Coingape coverage on Cronos — Crypto.com-supported Cronos Blockchain Is Everyone’s Secret Favorite DeFi Chain
Coincodex coverage on Cronos — Cronos DeFi is a Sleeping Giant
Blockonomi coverage on Cronos — 5 Popular DeFi & NFT Projects on the Fast-Growing Cronos Chain
Bridge & Solomachine Updates
Crypto.com App and Exchange support Cronos deposits and withdrawals of DeRace $DERC and Pendle Finance $PENDLE tokens
Crypto.org Chain partnered with Crypto.com to deploy Polkadot $DOT, Cardano $ADA, and Dappradar $RADAR tokens via Cosmos IBC solomachines which are ported to the Cronos ecosystem for dApp adoption
Undergoing further testing of IBC bridge infrastructure for other Cosmos-based chains
Technical Deployment Updates
Major release of Cronosd ‘v0.7.0-rc2’, a consensus-breaking upgrade based on v0.7.0-rc1.
Cronos testnet upgrades and fee market introduced to the Cronos testnet
Release of Cronos Mainnet v0.6.7 upgrade
Ecosystem Initiative Updates
Crypto.org officially rebrands “Crypto.org” $CRO token to “Cronos”, reflecting the decentralization of the coin and tremendous growth of Cronos ecosystem.
Ken Timsit, Managing Director of Cronos & Particle B, took a spotlight at the ETHDenver conference sharing about the topic of Cross-Chain Connectivity for L1s. Watch the recording here.
Cronos co-hosted Multichain Carnival during ETHDenver with IndexZoo, together with Near, Harmony, and DeFiner.
A new article on the Cronos Developer Series, featuring a guide for developers to create and deploy an NFT collection on Cronos.
Community Updates — Cronos AMA sessions
Two new episodes of the Cronos AMA Sessions. Our weekly/bi-weekly AMA on Cronos Twitter Spaces continues, with Jay from Particle B Team hosting interviews with two more projects. Missed out on these AMAs? You can catch up with the AMA recordings for Defiyield.App and TUSD.
Ecosystem Projects Roundup
NFTs
EbisusBay surpassed 25M CRO Trading volume, with a >100% increase in M-o-M trading volume.
Agora launched their marketplace token $AGO, introducing trading rewards and the distribution of marketplace revenue to stakers.
Mad Meerkat NFT surpassed 10M CRO in trading volume and announced their new collection, Mad Meerkat Treehouse.
DeFi
MM Finance exceeded $500M in record-high TVL for the protocol
MM Optimizer (MMO) exceeded $200M in TVL, entrenching itself as the prominent yield optimizer on Cronos
VVS implemented an innovative Smart LP removal feature to help users combat Impermanent Loss effectively
Tectonic surpassed $800M in total supply and introduced $TONIC staking, an upcoming module to come in March 2022.
Community
TheCronicle News announced their #ProjectCROllaboration initiative, inviting Cronos projects to post news and articles on their website
Project Spotlight
Single Finance, a multi-chain leverage yield farming protocol, offers USD-based capital-protecting pseudo-market-neutral strategies for leveraged yield farmers on Cronos. On the 14th of Feb, Single announced the launch of its Cronos LP Time machine feature, a database that provides Performance analytics of liquidity pools. Single Finance strategy vaults are set to go live by Q1 2022.
See you next month with another exciting update from the Cronos team.