The managing director at CRONOS chain recently hailed Crypto.com’s native token for moving two steps up in the TVL ladder. The token achieved this feat two days ago and is now ranked 7th on the leaderboard.
The Total Value Locked (TVL) is the sum of staked crypto assets that are earning rewards and interests. Crypto analysts view TVL as the most important DeFi indicator as it measures the interest of investors in a project. The recent status achieved by Crypto.com reveals that more Cronos tokens are being staked than other projects below its rank.
More about Cronos’ TVL
The Cronos chain currently seats below many big names in the ecosystem. Some of these names include; Ethereum, the king of DeFi; Solana, the fastest blockchain that utilizes the proof-of-history consensus mechanism; and Polygon, a layer-two scaling solution for the Ethereum network. Tron and Avalanche are also ahead of Cronos in the pecking order.
After building the Cronos chain, Crypto.com recently transitioned from a centralized system to a decentralized system. Since its transition, several crypto projects have been built and launched on the Cronos blockchain.
The platform is widely known as a payment provider that makes fiat to crypto onramps seamless. Crypto.com also gives rewards to its users and cardholders to incentivize the use of the platform. Although recently, the platform slashed its user rewards and changed some of its principles for cardholders. Despite this, the TVL of Cronos chain has leapfrogged that of Fantom and Arbitrum.
Cronos’ blockchain is the first blockchain that interoperates the Ethereum and Cosmos chains. The chain supports dApp development, NFTs, and blockchain games.
Despite the wide utility of Cronos’ blockchain, the token is currently far from its all-time high ($0.96). The recent dump in Bitcoin’s price has taken a toll on other tokens, affecting CRO. The token is currently worth $0.18 and has decreased by 1.8% in the last 24 hours.