{"id":209926,"date":"2021-12-31T14:57:23","date_gmt":"2021-12-31T14:57:23","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=209926"},"modified":"2021-12-31T14:57:23","modified_gmt":"2021-12-31T14:57:23","slug":"how-cronos-gained-1-billion-tvl-in-a-month","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/how-cronos-gained-1-billion-tvl-in-a-month\/","title":{"rendered":"How Cronos gained $1 billion+ TVL in a month"},"content":{"rendered":"

Cronos is a new chain whose TVL reached $1.5 billion on December 13th, just one month<\/span> since its Nov. 8 mainnet beta launch.\u00a0<\/span><\/p>\n

Cronos isn\u2019t any new crypto project\u2014it\u2019s Crypto.com\u2019s solution to provide decentralized applications to its 10 million users and beyond, substantially growing the DeFi and DApp ecosystem.\u00a0<\/span><\/p>\n

Built on the Cosmos SDK, developers will be able to migrate their DApps and smart contracts from Ethereum and EVM-compatible chains to the Cronos faster and cheaper than before.<\/span><\/p>\n

Cronos Data<\/span><\/h2>\n

Starting from $4.8M, Cronos\u2019 TVL saw a 3125% growth to its peak of $1.5 billion within 35 days.\u00a0<\/span><\/p>\n

 <\/p>\n

\"Footprint
Footprint Analytics: Cronos TVL<\/figcaption><\/figure>\n

The price of Crypto.com\u2019s token CRO had an insane surge in November to about $0.95, mainly because of aggressive advertising, before dropping to $0.52 on December 18th.<\/span><\/p>\n

\"Footprint
Footprint Analytics: CRO Price<\/figcaption><\/figure>\n

The main category for projects on Cronos is DEX and yield, but the incentive plans, such as the CRO EVM Fund, aim to attract a greater diversity of projects.<\/span><\/p>\n

\"Footprint
Footprint Analytics: TVL categories<\/figcaption><\/figure>\n

The TVL is dominated by VVS Finance, a DEX, and CronaSwap, also a DEX. According to <\/span>Footprint Flash<\/span><\/a>, the TVL of VVS Finance hit an all-time high on Dec. 13 with a TVL of $1.12 billion.<\/span><\/p>\n

 <\/p>\n

\"Footprint
Footprint Analytics: Proportion of DEX TVL<\/figcaption><\/figure>\n
\"Footprint
Footprint Analytics: VVS Finance TVL<\/figcaption><\/figure>\n

What drove Cronos\u2019 growth?<\/span><\/h2>\n

Cronos received $100 million from blockchain accelerator Particle B\u2019s Ecosystem Grant Program, establishing the CRO EVM Fund to help developers and partners.<\/span><\/p>\n

Cronos also announced a $500,000 prize pool for the Cronos Hackathon, which aims to encourage developers to submit early-stage projects and ideas to the Cronos ecosystem in the areas of DeFi, NFT, GameFi, Web3, and metaverse.<\/span><\/p>\n

Ambitious brand promotion<\/span><\/h2>\n

Crypto.com has spared no expense in promotion, embarking on an aggressive brand advertising strategy. In June, Formula 1 announced Crypto.com as a long-term partner. In October, \u200b\u200bCrypto.com rolled out a global brand campaign supported by several recent sponsorship announcements. In November, the Staples Center became known as Crypto.com Arena.<\/span><\/p>\n

Developer-friendly ecosystem<\/span><\/h2>\n