WHAT IS THE CRONOS BLOCKCHAIN?
"La DeFi Crypto.com"
We will see on this page how to use the Cronos blockchain and its DeFi part.
It is important to understand the difference between investing on a centralized exchange platform (CEX), and direct investing on a blockchain.
Presentation of the Cronos network
Crypto.com is a cryptocurrency exchange platform. The Crypto Coin (CRO) is the native token of the Crypto.Com Chain called Cronos, a decentralized and open source blockchain developed by the payment, trading and financial services company Crypto.com.
Crypto.com Chain is one of the series of solutions created by Crypto.com to accelerate the adoption of cryptocurrencies. By protecting the identity of users and giving them back the power over their money. The CRO token serves primarily as a vehicle to power the Crypto.com Pay mobile payment application.
The CRO went live in November-December 2018 and Crypto.com wants to extend the reach of the Cronos blockchain to feed its other products.
CRO owners can stack (staking) their tokens on the Cronos to act as validators to obtain rewards in processing network transactions. Additionally, CRO tokens can be used to pay transaction fees on the Crypto.com Chain.
The fees are very advantageous and the speed of execution of transactions is astounding.
1) The Wallet
How to access Cronos services?
Using a 3.0 wallet with Cronos
Before you can use the Cronos blockchain, you will need to have a web 3.0 wallet. You can use a wallet like MataMask, Trust Wallet etc. MetaMask is very practical and the app has just celebrated its 5 million users.
MetaMask allows you to store tokens on blockchains.
If handling seems complicated to you, you can invest
on Celo more easily from Coinbase or Binance.
2) The Deposit
How to deposit funds on Cronos?
Deposit from a Centralized Exchange (CEX)
On centralized exchanges like Crypto.com , the button to move funds to another network address is often indicated by "Withdraw" or "Withdraw".
Once this button is found, click and double-check the information for the future withdrawal. If the information is correct, validate the transaction and in a few minutes the funds will be in your 3.0 wallet.
⚠️Be careful, however, any address error could result in the loss of funds.
⚠️Some exchanges charge high fees when withdrawing and exiting assets from your account to an external wallet.
✅ Crypto.com and Coinbase allow free withdrawal to the Cronos blockchain.
The operations performed below are on the Blockchain. You will need to have
governance token, to use it as Gas and carry out transactions.
Bridging funds from another blockchain to Cronos
What is a Bridge Crosschain?
The Bridge allows funds to be transferred from one Blockchain to another. For example if you have USDC on Binance Smart Smart , you can send your funds in USDC to the Cronos blockchain. This operation will generally waste you a few tens of seconds.
The principle is based on liquidity pools that guarantee the currency on each side of the network.
I recommend the E vo-defi bridge allowing the movement of funds on blockchains (ETH, BSC, Polygon, Phantom, HECO, HSC) for 0.5% fee. One of the cheapest in the industry and one of the only ones currently available on Cronos.
3) The DEX
The biggest decentralized exchanges of Cronos
Swap from a Decentralized Exchange (DEX)
Sooner or later you will have to use a cryptocurrency swap service, it will be the best alternative to exchange your funds with another currency, almost no transaction fees. The biggest swap service on Cronos is VVS Finance, followed by CronaSwap. Initially, it is an AMM, a protocol allowing users to deposit crypto into liquidity pools and be paid for it.
Use the explorer to verify transactions
The Cronos Scan Explorer is cronos.crypto.org/explorer/
Like any blockchain, all transactions are visible on the explorer. Go to the site with your transaction ID to check its status, you can also check your funds or the number of holders on a contract. Enter what you are looking for in the search bar cronos.crypto.org/explorer/ to get results.