Feb. 2022, Vincy

Data Source: Footprint Analytics - Cronos Dashboard

Since its launch in June 2016, Crypto.com has been at the center of the media spotlight.

A series of actions have been carried out in the past year, including burning about 70 billion coins before launching the mainnet Crypto.org Chain in March 2021CRO(Platform Token) circulation, launching side chainsCronos, and bought the naming rights of the NBA Lakers home court for 20 years with US$700 million, which made its CRO price rise many times and opened up its popularity to the public.

But the good times didn't last long. On January 17, it was revealed that the network was under attack, and users lost about 35 million US dollars, which caused the price of CRO to fall again and again.

After being attacked, Crypto.com’s ecological vision, Token CRO and Cronos are still expected?

About Crypto.com

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Screenshot Source - crypto.com Website

Benefits of CRO for users

The original Token issued by CRO for Crypto.com has a total supply of 100 billion before burning, and the current circulation is more than 25.3 billion. The platform provides a variety of services that are basically completed by CRO, including applying for a CRO Visa charge card, pledge, Crypto Earn (locking coins to earn interest), liquidity mining, and buying and selling NFT.

CRO has the following prominent functions:

• Visa debit card: Users pledge a certain amount of CRO, and can apply for different levels of Visa cards after 180 days of pledge. 1% to 8% CRO rewards will be returned immediately for eligible transactions after consumption.

• Locking coins to earn interest: It is similar to traditional bank fixed deposits, but the income obtained by Crypto Earn is much higher than that of banks. Depending on the amount of CRO pledged, you can enjoy a deposit interest rate of 10% to 14%.

• Pay transaction fees: CRO can be used as payment fees within the Crypto.com exchange and receive fee discounts. Compared to Ethereum fees, Crypto.com will be lower.

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CRO price trend has undergone three major changes

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Footprint Analytics - CRO Price

Three main events affected its price movement:

① Before March 2021, Crypto.com will burn 70 billion CROs to prepare for complete decentralization, and also increase the circulation rate of CROs from 24% to 83%. On the 25th of the same month, Crypto.com launched the main network Crypto.org Chain. Prompted CRO from $0.16 to $0.26, an increase of 62.5%.

② In November 2021, Crypto.com launched the EVM compatible chain Crons and cooperative marketing with various teams and stars, and spent another 700 million to buy the 20-year naming rights of the Staples Center in the NBA. Let the CRO price push to an all-time high of $0.9. Compared with the beginning of January 2021, the increase is 1451%.

③ In mid-January 2022, Crypto.con was exposed to a cyber attack, and users lost nearly 35 million US dollars. The platform has repaired the vulnerability and compensated all affected users. It was originally expected that the price of CRO could break through 1 USD/coin, but after being attacked, it fell again and again to 0.4 USD.

Therefore, even if Crypto.com gains popularity through the destruction mechanism and marketing cooperation, once there is a problem with the security of funds, the currency price will be affected to a certain extent.

What is the impact of the side chain Cronos after the currency price drops?

On November 8, 2021, Crypto.com launched its own Ethereum-compatible chain Cronos, which is a sidechain of Crypto.org, and both are running simultaneously.

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Footprint Analytics - TVL of Cronos

In addition, Cronos, which has not been online for more than 4 months, has ranked among the top 9 public chains on the entire network. It can be said that it is particularly important to launch a public chain that is cheaper than Ethereum and has a faster transaction speed. At present, there are 41 protocols on the Cronos chain, and the largest proportion of Cronos TVL isVVS Financeimage description

Footprint Analytics - Top 10 TVL Rankings

Footprint Analytics - Cronos TVL by Protocols

All in all, it’s been five and a half years since Crypto.com was launched, while the mainnet and sidechains only went live after the DeFi boom. If Cronos can be launched earlier, according to the current TVL growth trend, it may be better than other public chains such asTronSummarize

Summarize

The attack on Crypto.com made its CRO currency price in a downward trend, while the TVL of the side chain Cronos has not been affected yet. The Crypto.com team also moved quickly to fix the bug, compensate lost users, and hopefully regain user trust.

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This article is contributed by Footprint Analytics community.

The above content is only a personal opinion, for reference and communication only, and does not constitute investment advice. If there are obvious understanding or data errors, feedback is welcome.

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This work is original by the author, please indicate the source for reprinting. Commercial reprinting needs to be authorized by the author, and those who reprint, extract or use other methods without authorization will be investigated for relevant legal responsibilities.