5 Popular DeFi & NFT Projects on the Fast-Growing Cronos Chain
Cronos is one of the up-and-coming blockchain ecosystems in the decentralized finance space. The network represents over $2.4 billion in Total Value Locked (TVL) across 44 protocols. More importantly, some of these protocols bring innovative services, products, and ideas to the DeFi industry.
VVS Finance (VVS)
The VVS Finance protocol is the leading DeFi application on the Cronos chain today. Its Total Value locked has surpassed $1.4 billion, an increase of over 21% in the past month. The platform’s simple interface anyone can access and use to swap tokens and earn high yields makes the platform so appealing. Additionally, VVS Finance provides clear incentives for long-term value creation and strongly emphasizes security and governance.
Users of VVS Finance can instantly swap tokens at low fees and slippage. Moreover, they can provide liquidity to collect transaction fees and earn VVS rewards by leveraging their LP tokens. Additionally, users can stake VVS to receive more tokens, creating passive revenue streams on top of one another.
MM Finance (MMF)
As the second-biggest DeFi project on Cronos by TVL, MM Finance represents over $376 million in Total Value Locked. The AMM (Automated Market Maker) DEX lets users explore trading and swapping, yield farming, and NFT opportunities. Additionally, the platform prides itself on low trading fees and introducing the first Protocol Owner Liquidity concept to its DEX.
Like VVS Finance, MM Finance users can tap into multiple revenue streams by providing liquidity and staking crypto assets. In addition, its launchpad lets users participate in upcoming token sales, creating an option to diversify a portfolio with ease. Moreover, the Mad Meerkat NFTs, native to MM Finance, offer holders a boost in farming rewards. These NFTs can be bought and sold on the MMF Marketplace for $MMF tokens, adding another utility layer to the DEX’s native asset.
Tectonic (TONIC)
Like other blockchain ecosystems, some projects on Cronos will explore cross-chain solutions. For Tectonic, with over $312 million in TVL, the objective is to become a cross-chain money market for earning passive yield and accessing instant-backed loans. Asset holders can begin generating passive yield through attractive APY’s through a dynamic rate based on market demands. All earnings can be accessed immediately.
Those with idle crypto assets can leverage Tectonic to acquire instant loans, with funds usable across DeFi and NFT projects in the Cronos ecosystem. The Tectonic team will introduce an insurance fund in a future protocol iteration. That fund will ensure undercollateralized loans are properly liquidated.
Ebisu’s Bay
There is a first-mover advantage for Ebisu’s Bay, which is the first NFT marketplace built on th Cronos technology stack. Like other NFT marketplaces, users can buy, sell, and trade non-fungible tokens to their heart’s content. The marketplace has proven rather popular, with over 18.1 million $CRO in volume across nearly 27,000 sales. Moreover, there is a healthy amount of active listings, showcasing the NFT potential on Cronos.
Additionally, users can acquire NFT drops at steep discounts and a 50% cut on service fees if they own an Ebisu Bay’s Founding Member NFT. These NFTs can be minted on demand for a price of 200 CRO. A total of 10,000 founding member NFTs can be minted, and one-third of the supply is in circulation today. Extra benefits include access to beta features and an on-chain referral system.
CronosChimp Club
As NFTs become more popular on the Cronos network, there will be a wider variety of collections. For example, CronosChimp Club spans 10,000 Chimps with various traits, each of which celebrates the different aspects of the Cronos ecosystem. The collection currently has a price floor of 895 CRO and a total volume of over 14 million CRO.
As the project evolves, NFT holders will gain access to exclusive virtual and real-world drops and access previews of upcoming collaborations with celebrities and designers. Ultimately, the Chimp Metaverse will be developed, with a more expansive roadmap to follow.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Oliver Dale, @Khareem Sudlow
