Crypto.com - Cronos DeFi - How to prepare, fund and connect a Cronos Wallet

Crypto.com - Cronos DeFi - How to prepare, fund and connect a Cronos Wallet

By skcrypto | Crypto in Practice | 24 Nov 2021


Hi! So you're new to DeFi and you want to give it a try.

You look at the new Cronos Chain, but you don't know where to begin.

Take a look down here!

Cronos Chain


The first thing you need is a Cronos Wallet.

The main concept you need to know is that the Cronos Network is an EVM-compatible network, so your wallet will follow the same rules of Ethereum wallets. Actually it will also appear like an Ethereum wallet itself: it will show in Hexadecimal format (it will start with "0x").

You can even use your own Ethereum address actually. All you have to do is to configure your wallet so it switches from the Ethereum network to the Cronos network.


But let's make a step back now.

You need an Ethereum compatible wallet.

Which wallet should you choose?

Metamask logo

 

The easiest way is to use Metamask. It's a browser based wallet which offers key advantages:

  • It's browser based: it will allow you to connect very easily and very fast to DEX platforms, by activating it on the DEX app webpage
  • It's non-custodial: you will be the only owner of the secrect keys, if you follow the rules to keep them safe
  • It's safe: it is used by millions of people and it receives great reviews everywhere
  • It's very easy and fast to set-up if you follow one of the tons of tutorials available.

To install and configure your Metamask wallet I suggest you to follow the Binance tutorial, a safe and authoritative source. The chapters you need are "Install Metamask" and "Initialize the Wallet" but take a look at the whole guide. Obviously you can choose whatever tutorial you prefer, there are tons also on YouTube, just be cautious because scams are everywhere, especially for newbies.


Then you need to configure Metamask to be able to switch to the Cronos network.

Here is the official Cronos Network tutorial for Metamask


At this point you will have to fund your Cronos Wallet.

Cronos network is based on the CRO coin to pay for fees, the same way as Ethereum DeFi is based on ETH for fees and Binance Smart Chain is based on BNB.

The important thing to know is that the CRO coin can be found onto three different shapes based on the network to which the Exchange where you buy it is connected. Those three shapes are:

  • on Ethereum as an ERC-20 token
  • on Crypto.org Chain as a native coin
  • on Cronos Chain as a CRC-20 token

In order to use CRO for DeFi on Cronos you will need the CRC-20 CRO token on your Metamask wallet.

Pay attention to the network to which you are connected in Metamask. If you send a CRO ERC-20 token to your Metamask wallet, and you are connected to the Cronos network, you won't see the token, you will have to switch to the Ethereum network and pass the tokens through a Bridge to convert them to the Cronos version.

Coinmarketcap

Here's a list from CoinMarketCap of the available Exchanges  where you can buy CRO, most of them sell the ERC-20 version of CRO. After buying you will face with a few different situations:

  • If you bought the CRO on the Crypto.com Exchange, or the Crypto.com APP you'll be able to bridge the coin to the Cronos network very easily. These are the links to the Crypto.com Exchange Bridge and to the Crypto.com App Bridge tutorials to bridge CRO to the Cronos Network.
  • If you bought the CRO token on other exchanges as an ERC-20 token, it will be a little more difficult, as the Crypto.com Ethereum Web Bridge is still not ready. In this case the easiest way is to send CRO to the Crypto.com Exchange and withdraw from there to your Metamask wallet through  the Cronos network (see here for reference)

You have loaded your Cronos Wallet with CRO to fund your DeFi adventure.

Now all you have to do is to find the DeFi Platform of your choice and press the Connect button to connect the DEX to your Metamask Wallet (beware of scam platforms!). Metamask will ask you to allow the connection, and possibly will propose to switch to the Cronos Network automatically. If it's not done automatically you can press the button you see down here on top of your Metamask Wallet main page, to select the previously configured Cronos Network.

 

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Personally I suggest you to take a look at the CronaSwap DEX dApp platform, here's a review article I made for it.

CronaSwap

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Crypto in Practice
Crypto in Practice

I personally experienced how difficult can be at first to manage the world of crypto, coping with wallets, addresses, exchanges, airdrops. My blog wants to serve as a guide in the form of practical concepts to make the first steps.

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