Why buy Cronos (CRO)?
Are you considering adding Cronos (CRO) to your cryptocurrency portfolio? CRO is the flagship token of Crypto.com, one of the most famous centralised exchanges in the crypto world. Its popularity has been on the rise due to significant marketing investments. However, CRO’s utility extends beyond Crypto.com; it’s also the native token of the Cronos Chain, a blockchain developed on Cosmos technology compatible with the Ethereum Virtual Machine (EVM).
Buying Cronos (CRO) could be a wise decision if you plan to participate in the decentralised ecosystem of the exchange. This token is required to cover gas fees on the network. Additionally, holding this token entitles you to reduced trading fees and increased rewards for staking within the platform.
In 2023, a token holder-approved proposal introduced a gradual CRO burning mechanism, indicating that the circulating supply of CRO is set to decrease over time, potentially increasing its value.
What Is CRO and How Did It Start?
Crypto.com Coin, now known as CRO, was launched in November 2018 along with the Cronos Chain. The development team behind the exchange aimed to encourage the adoption of the entire ecosystem, and this goal remains unchanged. The decision to pair the exchange with a blockchain compatible with both Cosmos and the Ethereum Virtual Machine aligns with the exchange’s mission to expand its user base in the crypto world’s centralised and decentralised realms.
You may consider buying Cronos (CRO) because it powers the fifteenth most utilised blockchain in the crypto sphere. Despite the impact of the bear market, the Total Value Locked (TVL) on the network saw a significant increase in 2021, reaching an impressive $3 billion.
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