Getting Started with CRONOS Chain (Crypto.coms' EVM)

The Cronos Chain is Crypto.com's version of Binance Smart Chain.

It is basically another copy of Ethereum's Virtual Machine that allows for DEFI Smart Contracts to deployed on it, all accessible via MetaMask.

Because this is Crypto.com's baby, you can only (ATW) transfer CRO from the Crypto.com wallet to CRONOS on MetaMask.

I recently tried this out and then swapped and staked some funds on what I believe is the first DEX to be established on Cronos - CroDex.

As you can see the returns are pretty good....

BUT keep in mind that this is early days of a very new project and there is plenty or price discovery yet to come for CroDex's token - CRX.

Anyway, if you fancy a punt on a new chain and new DEX - below is a quick how to guide with links.

NOT financial advice, for the ENTs only!

ONE: Setting up CRONOS on MetaMask

The means whereby you do this is the same as for setting up Binance Smart Chain manually - you can find the details here on the CRONOS getting started docs.

I just used an existing address for the process below, one I've already used for ETH/ BSC/ Polygon (if you don't know how this works already you're probably better off exploring BSC or Polygon via MetaMask first!)

TWO - Install the Crypto.com app on your phone.

Obviously this could be done BEFORE configuring MetaMask too!

You can download it here. (That's a U.S. link, you might need to search for something different if you're in a different country, but you can get it from the Google Play store.)

You may well be able to transfer CRO to CRONOS via other means, but this is how I did it.

THREE: Load up your Crypto.com wallet with whatever token....

Personally I've found it quickest to send over BNB, but I've also sent BUSD and other coins - you can send via various networks, BSC is reasonably cheap fees.

FOUR: Swap whatever you've got in your Crypto.com wallet for CRO.

You need CRO to send to CRONOS, the app doesn't seem to offer any other options.

FIVE - send to CRONOS

You simply select the CRONOS network in your app and then your MetaMask wallet address and your funds should be with you in under a minute.

SIX - you can then swap/ stake on CroDex....

It's entirely up to you whether you want to risk your assets to earn CRX.

This is A VERY NEW CHAIN, and CroDex is a VERY NEW PLATFORM.

ATM there is a 30 day drop to people who provide liquidity, and as you can see from the screen caps above if you stake CRO with DAI the APY is currently around 600%.

But you know how these things usually work.

Whether CRX is worth more or less than its current price of $500 in the future, who knows?!?

NB the FEES on CRONOS are reasonable, around the $0.25 mark, and it's fairly obvious they've priced this deliberately to be just below Binance Smart Chain!

Smart move.

Final Thoughts - A Risky Punt....

This is a risk, so I've only put a small amount of funds in, but given the popularity of Crypto.com I wouldn't bet against the CRONOS chain, and fees are paid in CRO so this is certainly going to be good for the CRO price.

Whether this particular DEX takes off I don't know, but it's got an easy to use interface, cheap fees and good integration with the Crypto.com app, so for me it's worth parking some CRO and stables here to earn some CRX.

But as with all things, DYR!

Posted Using LeoFinance ^Beta