Cronos Garnered $1 billion In TVL In One Month: Report

Crypto.com’s solution for decentralized apps Cronos garnered $1 billion in TVL in one month as we can see more in the analysis in today’s crypto latest news.

Cronos is the new chain that had a TVL of $1.5 billion one month after its 8 mainnet beta launch. Cronos is not a new project actually, it is the Crypto.com solution for decentralized applications to more than 10 million users and beyond with a stable growing Defi ecosystem. Built on the cosmos SDK, the developers can migrate their DApps and smart contract from Ethereum to EVM-compatible chains to the Cronos much faster and cheaper.

📈TOP 10 Chains by TVL Growth in 2021

👉https://t.co/gjKPmOazyB pic.twitter.com/di5PG2tXM4

— CryptoRank Platform (@CryptoRank_io) December 29, 2021

Starting from $4.8 million, Cronos’ TVL saw a 3125% growth to its peak of $1.5 billion in 35 days. The price of the Crypto.com token CRO had a huge surge in November to $0.95 because of the aggressive advertising before dropping to $0.52 with the main category for projects on Cronos being yield and DEX but the incentive plans like the CRO EVM fund aims to attract a bigger diversity for the projects. The TVL is dominated by VVS Finance which is a DEX as well and CronaSwap. According to the reports, the TVL of VVS Finance hit a new high on December 13 with a TVL of $1.12 billion but what exactly is behind Cronos’ growth?

Cronos recieved $100 million from blockchain accelerator Particle B’s Ecosystem Grant Program and established the CRO EVM Fund to help the partners and developers. Cronos also announced a $500,000 price for the Hackathon which aims to encourage the developers to submit early-stage projects and ideas to the ecosystem in the areas of DeFi, NFT, and Web3. Crypto.com spared no expenses in the promotion and embarked on a heavy advertising strategy. Formula 1 announced Cryptocom as a long-term partner and it even rolled out a global brand campaign that is supported by a few recent sponsorships announcements. Later in November, the Staples Center got its new name, the Crypto.com Arena.

Cronos also has a span team of thousands of staff and a really good-developed ecosystem. Crypto.com created a one-stop platform for crypto and has everything that a crypto native would want in a platform. Trading in spot and derivatives, NFTs, centralized or decentralized finance are all available. As a result, Cronos is on an uptrend as well and locked in $1.29 billion in TVL in one month.