The Cronos Chain is Crypto.com's version of Binance Smart Chain.
It is basically another copy of Ethereum's Virtual Machine that allows for DEFI Smart Contracts to deployed on it, all accessible via MetaMask.
Because this is Crypto.com's baby, you can only (ATW) transfer CRO from the Crypto.com wallet to CRONOS on MetaMask.
I recently tried this out and then swapped and staked some funds on what I believe is the first DEX to be established on Cronos - CroDex.
As you can see the returns are pretty good....
BUT keep in mind that this is early days of a very new project and there is plenty or price discovery yet to come for CroDex's token - CRX.
Anyway, if you fancy a punt on a new chain and new DEX - below is a quick how to guide with links.
NOT financial advice, for the ENTs only!
ONE: Setting up CRONOS on MetaMask
The means whereby you do this is the same as for setting up Binance Smart Chain manually - you can find the details here on the CRONOS getting started docs.
I just used an existing address for the process below, one I've already used for ETH/ BSC/ Polygon (if you don't know how this works already you're probably better off exploring BSC or Polygon via MetaMask first!)
TWO - Install the Crypto.com app on your phone.
Obviously this could be done BEFORE configuring MetaMask too!
You can download it here. (That's a U.S. link, you might need to search for something different if you're in a different country, but you can get it from the Google Play store.)
You may well be able to transfer CRO to CRONOS via other means, but this is how I did it.
THREE: Load up your Crypto.com wallet with whatever token....
Personally I've found it quickest to send over BNB, but I've also sent BUSD and other coins - you can send via various networks, BSC is reasonably cheap fees.
FOUR: Swap whatever you've got in your Crypto.com wallet for CRO.
You need CRO to send to CRONOS, the app doesn't seem to offer any other options.
FIVE - send to CRONOS
You simply select the CRONOS network in your app and then your MetaMask wallet address and your funds should be with you in under a minute.
SIX - you can then swap/ stake on CroDex....
It's entirely up to you whether you want to risk your assets to earn CRX.
This is A VERY NEW CHAIN, and CroDex is a VERY NEW PLATFORM.
ATM there is a 30 day drop to people who provide liquidity, and as you can see from the screen caps above if you stake CRO with DAI the APY is currently around 600%.
But you know how these things usually work.
Whether CRX is worth more or less than its current price of $500 in the future, who knows?!?
NB the FEES on CRONOS are reasonable, around the $0.25 mark, and it's fairly obvious they've priced this deliberately to be just below Binance Smart Chain!
Smart move.
Final Thoughts - A Risky Punt....
This is a risk, so I've only put a small amount of funds in, but given the popularity of Crypto.com I wouldn't bet against the CRONOS chain, and fees are paid in CRO so this is certainly going to be good for the CRO price.
Whether this particular DEX takes off I don't know, but it's got an easy to use interface, cheap fees and good integration with the Crypto.com app, so for me it's worth parking some CRO and stables here to earn some CRX.
But as with all things, DYR!
Posted Using LeoFinance Beta
It looks like a bit of a hassle to send those CRO tokens to the exchange and also, as you said, new exchanges are risky... But, as I can see, these APY's are too good to be missed...
Thanks for sharing the info and this short tutorial!
I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!
Posted Using LeoFinance Beta
This is another way earn passively, thanks for this pieces of information.
Posted Using LeoFinance Beta
I need to know more about it’s decentralization, like who validates the blocks and how are they chosen. Also I would like to see innovation.
Companies discovered they can just fork Ethereum and launch their own chain. It would be justifiable if it were to add smart contracts to Hive, which is small, but Crypto is a multi billionaire company.
Ethereum has PoS baked in but it is used only on testnets so forks abuse this capability. There must be a reason why Ethereum has been taking so long to transition.
And when ETH 2.0 is launched how will those forks upgrade? I imagine they will also take years, like Ethereum took.
i love the fact that you are doing more staking these days, i always read your blog now for new ones. getting in early is key, often times, i just make a note in my notepad (aes256 securely stored of course) and forget about it for a year or so.
Posted via inji.com
Thank you for sharing this. Would love to check it out :)
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
So that's why the price of CRO pumped? Interesting... I'll unbound my 1-day CRO-OSMO LP from Osmosis and move it over to play with it.
They are built using the Cosmos SDK. The IBC is pretty exciting.
Great post about this opportunity @revisesociology. Only just today with the time to read it and begin to take some similar steps with my CRO stake ...
I have spent far too much time today trying to duplicate what you have written here. I have failed. In my Crypto.com wallet app on my Android phone, the Cronos Bridge address is preassigned. I have no idea how you managed to specify your metamask address ...
Any help you can provide would be much appreciated.
Posted Using LeoFinance Beta