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Cronos Newsletter (February 2, 2023)
Cronos accelerator program, where to build in Web3
Cronos Labs, the blockchain startup accelerator focused on the development of the Cronos ecosystem, announced the opening of applications for the second cohort of the flagship US$100M-backed Cronos Accelerator Program.
The second cohort of the three-month Accelerator Program is set to commence on 24 April 2023, selected projects will go through a 12-week acceleration program and receive upfront seed funding of USD $30,000. Participants will also have the chance to secure up to US$300K in further seed funding from Cronos Labs, as well as attend mentoring sessions, bespoke masterclasses, and fireside chats with industry experts. Further tailored benefits include marketing and public relations support, strategic advising, auditing support, introductions to the Crypto.com Capital team, and networking opportunities with leading crypto venture capital funds.
Focusing on the priority verticals of DeFi, GameFi, SocialFi, and Infrastructure, the second cohort of the Accelerator Program will be accepting applications from this week onwards until the closing date on 24 March 2023.
For more information, read the full post.
What are the top crypto trends of 2023? What opportunities should builders focus on?
Charlotte Kapoor, head of Innovation Programs at Cronos Labs, shares her perspective.
2023 presents a huge opportunity for founders.
Despite the ongoing market volatility crypto’s core principles remain steadfastly consistent; with the space brimming with long-term builders and real believers. In choppy, bearish markets, the environment is much more conducive to long-term success. Without all of the hype that accompanies bull markets, projects can hone their offerings to achieve genuine product-market fit without any unnecessary noise or distractions. Simultaneously, weak contributors become easier to detect enabling strong products/markets to emerge from the market clutter.
Our current market position is unprecedented, unlike anything crypto has seen in previous winters. In 2015, securing capital was a significant challenge even for many of today’s unicorns, and in 2018, the tanking cost of ETH caused many ICO-funded projects to buckle under financial strain. Today, with battle-tested foundations, reduced valuations, and clear signals in user behavior there is a large amount of dry powder waiting to be deployed. Many brave investors are taking bets on teams with the knowledge their choices could be the next cycle’s winners. Meanwhile, the influx of tech-savvy workers and industry experts to the labor market has stimulated a new talent pool for startups; quick access to this resource and expertise will facilitate unparalleled levels of growth.
If now is the time for building, the question becomes: what should we build?
With so many dynamics at play, it is important to keep an eye on the overarching trends that shape the space. All successful teams, regardless of vertical or purpose, have one common trait — utility. Utility is the driving force of progress and will be a cornerstone for long-term growth. For token-based projects, finding token market fit is king; as token usage increases, so does public interest — creating an upward momentum in value and innovation, and ultimately mass adoption.
The first macro trend is the continued consumer awareness and adoption of crypto for investment and entertainment purposes. According to Crypto.com Research, the global pool of crypto owners has increased by 39% in 2022, reaching 425 million users. The resulting regulatory attention means that decentralized protocols, like Cronos, will need to partner with regulated fiat on/off ramps, like Crypto.com, in order to serve users.
Blockchain quickly becoming an integral part of enterprise business models, is a trend that will continue as the year progresses. Drawing inspiration from established disrupters like Reddit and Nike (>$185mm from digital collectibles and launch of web3 platform, Dot Swoosh) we’ll see a move beyond cash-grab NFTs, with more pilot programs; with brands and institutions looking at real strategic integration into their ecosystems.
As this transition accelerates, more attention will be spent designing interfaces and experiences that are more intuitive and safer for the average user. These collaborations will have an explosion into mainstream relevance, L’oreal’s NYX’s DAO and Starbucks Odyssey loyalty schemes are good examples. Teams should be thinking beyond fungible tokens and building products that support utility in brand building and customer engagement. Enterprise will bring the customers, builders need to bring the tech.
Finally, we expect new business models enabled by the interplay of AI and blockchain and, in fact, AI is one of the key themes of the upcoming Cronos Accelerator program’s cohort. In the footsteps of ChatGPT, broad-scale generative AI promises to revolutionize content creation and empower communities. Hybrid global communities of humans and machines will be able to use blockchain to transact with each other, to attest identities, and to govern themselves and their data. The intersection of these two powerful technologies has become a highly attractive proposition for investors.
… to read further, click here to access the full blog post.
Cronos Safe, the Gnosis Safe multisignature wallet implementation on Cronos chain, has been upgraded to the latest Safe version. Make sure that you use a multi-signature set-up of your choosing for your smart contract’s admin functions.
The latest Cronos Stream, which took place on Youtube and Twitter on Jan 31, 2023, is available for replay on the Cronos Youtube channel. Featuring:
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