Today marks a new achievement in the Cronos Chain ecosystem. Cronos Chain’s official Twitter page announced a day ago that they have reached more than 50 million transactions undertaken on the chain.

On the same day, 8 months ago, the Crypto.com-powered smart contract network announced the achievement of surpassing 1 million on-chain transactions and $500 million in total value on-chain (total value locked).

It is a 50x growth in total counted transactions after just 8 months, which places Cronos in the list of top-growing networks in terms of on-chain activities. Talking about TVL, the most used metric for evaluating L1s, peaked at more than $5B on Cronos, recording 10x growth after just 4 months.

Cronos eco TVL has risen from $1.12b to $1.21b in the last 7 days, accounting for an 8% rise in total. [Source: DeFi Llama]. The dominator of the ecosystem is VVS Finance, which is the combination of all classical DeFi models being deployed on Cronos Chain.

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The Top 5 Protocol projects with the highest TVL on Cronos Chain can be listed as follows:

VVS Finance (VVS): VVS is designed to be the simplest DeFi platform for users to swap tokens, earn high yields, and, most importantly, have fun!

TVL : $679.43 M

MCap: $128.28M

(Source: DeFi Llama, July 14)

Tectonic (TONIC) : Tectonic is a cross-chain money market for earning passive yield and accessing instant backed loans.

TVL : $264.86 M

MCap: $13.68 M

(Source: DeFi Llama, July 14)

MM finance (MMF): The first AMM & DEX on the Cronos Chain to offer fee rebates through trading mining.

TVL : $85.99 M

MCap: $19.6M

(Source: DeFi Llama, July 14)

FERRO (FER): a stableswap AMM protocol on Cronos

TVL : $74.41M

(Source: DeFi Llama, July 14)

MM Optimizer: A Yield Aggregator aims to provide users with the easiest way to join the bandwagon of the DeFi world. It is built on top of MM Finance, giving you the tastiest MMFs topped with MMOs.

TVL : $17.01M

MCap: $8.35M

(Source: DeFi Llama, July 14)

What is Cronos?

Cronos is a layer-1 blockchain network that is compatible with Ethereum and is based on the Cosmos SDK technology. The network was built to scale decentralized finance (DeFi) and the user base of decentralized applications (dApps) by allowing developers to instantly port dApps and assets from other layer-1 blockchain networks such as Ethereum, Solana, BNB Chain, and Terra. Since the mainnet went live in November 2021, the network has grown to over 200 partners and 450k plus Web3 users in less than five months.

Powered by the Singapore-based giant cryptocurrency exchange company Crypto.com, the Cronos chain is classified as one of the most popular blockchain networks at the moment. According to Defi LIama, the Cronos chain is in the 7th position of all the chains in terms of TVL. The highlight point is that the Cronos mainnet was launched only in November 2021, making it the youngest chain in the top 10 high-TVL blockchains on Defi LIama. At the end of last year, the chain reported that it had more than 350,000 unique active addresses. Along with that, there was around $2 billion being locked. There were 26 live validators active and securing the network of more than 75 dApps and services deployed in all types, including DeFi, NFT, GameFi, etc.

Recently, Cronos launched a $100M accelerator program to boost ecosystem growth. Through the program, the chain stated the intention to enhance the potential of would-be-on-Cronos projects. All chosen projects will go through a 10-week initiative with a $100 million war chest that will be granted to the best ones staying at the end of the program.

Find out more about Cronos here: