Cronos may be a confusing term since it denotes a few different phenomena in the crypto market. On the one hand, it is the name of the blockchain. On the other hand, it defines the native coin that drives Crypto.com, one of the most popular exchange systems. When it comes to the staking of cryptocurrency, the symbol to look for will be CRO.
It was officially established on November 8, 2021. Its consensus mechanism is of a PoA (proof-of-authority) character and is based on the Cosmos SDK. Users of Crypto.com can benefit from using this coin and receiving extra crypto coin rewards, discounts, and a variety of other privileges. Its circulation supply has surpassed 87%. The total maximum supply is slightly more than 30.26 billion coins.
It is better to consider this asset a crypto token, namely, an ERC-20 one, rather than a traditional stablecoin. Its value depends not on the fiat currency but on factors like market dynamics and demand-to-supply ratios. On the contrary, its efficiency on the platform is similar to stablecoins — rewards with the best crypto stablecoin interest and discounts on trading fees, to mention a few.
With up-market scalability and interoperability as its top priorities, this blockchain seeks to integrate seamlessly with the larger cryptocurrency ecosystem. It enhances its efficiency as a payment for staking tokens, lending, and other financial services.
As the blockchain, it is a great canvas for developers to establish new fiat-backed stablecoins and benefit from communitive-driven governance mechanisms. It guarantees a high-end compatibility with Cosmos and Ethereum blockchains.
