Published
1 year ago on
June 27, 2022
The utility of a token is an essential aspect that crypto project developers must consider before releasing a new cryptocurrency into the coin market. Unfortunately, many tokens have failed to live up to expectations due to a lack of real-life application or valuable use cases attached to the project.
Tokens with no utility are hardly adopted, and when the potential for adopting a coin is low, its run in the crypto market will be short-lived. Such is the case of early meme tokens like Safemoon and Dogecoin. On the other hand, CashFi (CFI), a new meme token that'll soon be launched, took a cue from past failed meme coins to avoid being short-lived like others.
Cronos (CRO) is a more established coin that's still relevant in the market due to its utility. Projects with significant use cases are sustainable. Beyond sustainability, they have high adoption potential, contributing to market success. We review our case studies below:
Cronos (CRO) Paves The Way
Cronos (CRO) is a decentralized blockchain-based platform created in 2016 to provide greater utility to users of Crypto.com — a payment, finance, and trading services platform. Cronos chain is Ethereum-compatible, and it utilizes a proof-of-authority consensus mechanism to ensure the proper functionality and security of its platform.
The network allows users to transfer/port decentralized Apps (dApps) built on Ethereum-blockchain to its ecosystem. Thanks to its compatibility with the EVM (Ethereum Virtual Machine). Cronos chain has incentive mechanisms for the community. It rewards holders that stake their tokens and offers cashback percent on vendor payments and gift card purchases.
It enhances peer-2-peer transfer among users, providing a highly efficient and swift transaction. Cronos chain improves Defi, allows creators to transfer dApps to its network, and ensures a low-cost and high-speed transaction. Cronos chain utility token is called "Cronos Token (CRO). It powers the ecosystem, can be used as a transaction fee and helps users earn rewards.
Cronos (CRO) token currently ranks amongst the top 25 cryptocurrencies on Coinmarketcap, with a market app of $2.8 million. It reached an all-time high of $0.9698 in 2021 but has since declined to the current market price of $0.1+. The bear market rally could be one of the reasons for the price increase.
Experts believe that Cronos (CRO) token has great profit potential. In addition, it sells at a relatively low price and boasts great utility in decentralized finance. These factors make it likely for the coin to perform better in the coming days.
