In these days, the Cronos Chain, that is the Crypto.com blockchain, was launched.
It is a compatible EVM blockchain, very similar to the well-known Binance Smart Chain. In fact, with the latter it has many important characteristics in common for those dedicated to farming: very short transaction times, reduced fees and many Dapps in development. Total Vlalue Locked (TVL) is constantly growing and all this assumes a very bright future for $CRO, the Crypto.com token with which network commissions are paid in the Cronos Chain.
But how do you interact with this blockchain? And above all, what are the main applications to use?
Metamask
Let's start from the beginning: the wallet with which it is possible to interact with the various Dapps on the Cronos Chain is absolutely Metamask. This is because it is compatible with the Ethereum blockchain. Before depositing liquidity on the wallet, however, this must be set. This means that the Cronos Chain must be manually added to the Metamask application (or extension), so that it can interact with the new network. Don't panic, setting it up is very simple and can also be done from mobile devices: you need to go to "settings", click on "network" and finally "add new network".
--> Useful reading: The METAMASK Tutorial
Once this is done, the following data must be entered:
Network name: Cronos Mainnet
RPC url: https://evm-cronos.crypto.org/
Chain ID: 25
Symbol: CRO
Block explorer URL: https://cronos.crypto.org/explorer/
Alternatively, only for those who use Metamask as a browser extension, connecting to VVS Finance (an application on Cronos that we will see shortly), when the wallet is connected a window will appear where you will be asked for authorization for the automatic addition of the network.
How to move assets on Cronos
Once this basic operation has been completed, it is necessary to deposit liquidity in the wallet we use and then rent it in the Farms. The easiest and fastest way to do this is to use the Crypto.com exchange, from which it is possible to withdraw assets directly on the Cronos Chain. Currently only CRO, USDT, USDC, DAI, ETH, WBTC are available for withdrawal. While the available assets will certainly increase in the future, nothing prevents you from withdrawing CROs, for example, and using the swap function of a DEx to get any other token. To proceed with the withdrawal just select the asset and click on "withdraw", continue with "External Wallet Address" pasting the one obtained from Metamask and, finally, select "Cronos Network" from the available networks.
If you don't have a Crypto.com account yet use THIS link.
The alternative to using the exchange is to use Bridges, ie applications that "transport" tokens from one blockchain to another. Sometimes, however, these are subject to fees and are not as simple to use as withdrawing from an exchange. Finally, it should be noted that the Ethereum to Cronos blockchain bridges are not yet active, but will be towards the end of the year (in theory). On the official website you can find further updates and insights.
VVS Finance
The first application that I present to you is "Very, Very Simple Finance", a DEx very similar to the well-known Pancakeswap on the BSC. Once Metamask is connected, it is possible to use the swap function to obtain the pair of tokens with which you want to give liquidity to the Farms and subsequently rent the LP-tokens obtained. APYs are currently very high, but are expected to drop as the platform's TVL increases. Rewards are paid in their $VVS token, which you can resell right away or stake for more.
Cronaswap
The second platform already available on Cronos Chain is Cronaswap. It boasts a slightly lower TVL than its predecessor, but is also growing strongly. It looks like its big sister in all respects except for the obviously different token: $CRONA. One interesting thing it offers, however, are the major choices in the Farms: there are in fact MATIC, AVAX and stablecoins such as DAI and BUSD. There are attractive returns on Farm with no impermanent loss (around 70% APY).
Aggregators
Some famous aggregators such as Beefy Finance and Autofarm have also landed on Cronos Chain. These are platforms that take the burden of managing their users' funds, using them on other platforms and maximizing returns. All that needs to be done is to deposit the LP-tokens obtained by giving liquidity to the platforms described above and they will provide them with an annuity, returning really advantageous APYs (but paid in their token). The user often resells this token on the market for pocketing the profit. But pay attention to the fees: you pay about 2 or 3% on profits.
Conclusions and risk assessment
The Cronos Chain is a new network and in some ways still a bit incomplete, but it is at the very beginning that there are the best opportunities. This, however, raises a question: is it a secure blockchain? Given its compatibility with EVM, smart contracts are simple and quick to implement, have already been tested on other blockchains and require only a few changes. These changes are often the subject of doubt on the part of investors. Furthermore, the lack of liquidity and the lack of a history are always signs that indicate particular attention. In fact, we must be very careful when using these very "young" blockchains, the risks of malfunctioning, rug-pull or other are always around the corner.
Despite this, it must be recognized that the potential is very high (if all goes well) and there are many projects in development. In fact, the possibility of liquid staking (i.e. staking an asset by receiving a second token in exchange) and liquidity market platforms (such as AAVE or MakerDAO) should soon arrive, which will give a strong acceleration to the development of the network.
DYOR before invest.
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