After months of work Cronos has launched its mainnet beta, delivering Ethereum Virtual Machine functionality to the Cosmos ecosystem.
The mainnet launch marks the first Cosmos EVM chain, and will connect the network with interoperability to Ethereum-based digital assets, opening the door to a wealth of opportunities in NFTs, DeFi protocols, and metaverse tokens.
Beta release will enable developers to port apps instantly onto EVM-compatible chains, with functionality to be extended to the entire 10m userbase of Cosmos at full-release.
Interoperability represents a significant move for a network with more than $100bn assets under management.
🪐Cronos Mainnet Beta is now live! Key highlights:
👩💻 EVM Support
💻 Up to date Cosmos SDK w/ IBC support
🌉 Cronos BridgeCheck out the details and roadmap – https://t.co/XGKczTkLEW pic.twitter.com/nZ9SAeLwbH
— Cronos (@cronos_chain) November 8, 2021
Additionally, Particle B – the partnered blockchain accelerator, has created the CRO EVM Fund backed by $100m in grant funding – with the strategic goal of financing at least 100 new projects that contribute dApps, tools, and infrastructure to Cronos.
Things will kickstart with the first Cronos Hackathon ending later this November – with $500,000 up for grabs across five tracks.
How does Cronos EVM connect Cosmos with Ethereum?
Cronos leverages Cosmos SDK – a platform that facilitates modular construction of new blockchains – to enable an Inter-Blockchain Communications protocol (IBC) to connect the Cronos EVM with the Cosmos ecosystem.
Mainnet usage will be powered by a network native CRO token which will be used to settle transactions and pay network fees.
Epic Day 1 at @cronos_chain
✅ Mainnet Launch
✅ https://t.co/pFc4PzqqHR App integrated
✅ https://t.co/pFc4PzqqHR Exchange integrated
✅ DeFi Wallet integrated
✅ Cronos Bridge live
✅ First CRC20 assets created
✅ #CRO ATHHuge thank you to the entire #CRO community
🚀🔴
— Kris | Crypto.com (@kris) November 8, 2021
Smart contracts can be deployed across the Cronos mainnet with full functionality, and the team have established a token bridge to the network’s native token standard CRC-20. These can be readily exchanged within the crypto.com exchange.
Full release of the Cronos Gravity Bridge for CRC-20 to ERC-20 conversions is planned for January 2022 at the latest.
The Cosmos ecosystem already has numerous exciting integrations including Chainlink, Band Protocol, and leading validators Bison Trails.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.