What is the CRO Token

CRO, now known as Cronos, is the native utility token of the Crypto.com ecosystem. It facilitates various functions across the platform, including payment settlements, transaction fees, and participation in decentralized applications (dApps) on the Cronos blockchain. Initially launched as an ERC-20 token on the Ethereum network, CRO has since transitioned to its own blockchain, enhancing its functionality within the Crypto.com suite of services.

Functionalities and Use Cases

Transaction Fees
CRO is used to pay transaction fees on the Crypto.com Exchange and the Cronos blockchain, often at discounted rates for users who opt to pay with CRO.

Staking
Users can stake CRO to earn rewards and access premium features within the Crypto.com ecosystem, such as higher interest rates on deposits and exclusive benefits on the Crypto.com Visa Card.

Governance
CRO holders may participate in governance decisions, influencing the development and direction of the platform.

Tokenomics
The total supply of CRO was initially set at 100 billion tokens. In February 2021, Crypto.com announced the burning of 70 billion CRO tokens to enhance decentralization and increase scarcity. This burn reduced the total supply to 30 billion CRO, with 5 billion reserved for block rewards for validators over the next decade.

Distribution Models
The remaining CRO tokens are allocated as follows:

• Ecosystem Development: A portion is dedicated to the growth and development of the Cronos ecosystem, including partnerships and community initiatives.
• Staking Rewards: Allocated to incentivize users who stake their CRO tokens, supporting network security and participation.
• Company Reserves: A segment is held by Crypto.com for strategic investments and operational purposes.

Utility within the Ecosystem
CRO serves as a utility token across various Crypto.com services:

• Payments: Users can make payments with CRO, benefiting from cashback rewards and discounts.
• DeFi Participation: CRO is used within decentralized finance applications on the Cronos blockchain, including lending, borrowing, and yield farming.
• NFT Transactions: Facilitates transactions within Crypto.com’s NFT marketplace, allowing users to buy and sell digital assets.

Economic Incentives

Staking CRO involves locking a specified amount of tokens to support network operations and, in return, earning rewards. Users can stake CRO directly on the Crypto.com Exchange or through the Crypto.com App.

Reward Structures

• Crypto.com Exchange: Staking a minimum of 5,000 CRO grants access to benefits such as reduced trading fees and annual interest of up to 10%, paid daily.
• Crypto.com App: Staking CRO unlocks rewards like higher interest rates on crypto deposits and eligibility for premium Crypto.com Visa Cards, which offer perks including cashback and rebates.

Fee Systems

Using CRO to pay for transaction fees on the Crypto.com Exchange provides users with discounted rates, enhancing cost efficiency. Additionally, CRO is used to cover network fees on the Cronos blockchain, facilitating transactions within the ecosystem.

Staking CRO not only offers individual rewards but also contributes to the security and efficiency of the Cronos network. By participating in staking, users help maintaining network integrity and decentralization.

Highlights

• CRO, now known as Cronos, is the native utility token of the Crypto.com ecosystem, facilitating various functions across the platform.
• The total supply of CRO was reduced from 100 billion to 30 billion tokens through a significant token burn in 2021.
• CRO serves multiple purposes, including payment for transaction fees, staking for rewards, and participation in governance decisions.
• Staking CRO offers benefits such as reduced trading fees, higher interest rates on deposits, and access to premium services within the Crypto.com ecosystem.
• Utilizing CRO enhances user engagement and supports the security and efficiency of the Cronos network.