CRO Mainnet Was Lame

Last night, the CRO token went mainnet. There wasn't much fanfare accompanying the change. As far as the Crypto.org website was concerned, the switch from ERC-20 token to CRO mainnet was just a matter of a countdown timer. The Crypto.com Twitter account took some time before announcing that mainnet was live. There were no notifications on the mobile app or DeFi wallet. There was a whole lot of nothing.

I, along with many others, were expecting a little pump, at least. After all, it is now possible to stake CRO to earn 20% interest. With the relative stability of CRO, it makes sense that many users would try to accumulate as much as they could so that they could earn interest. But, perhaps that's not enough of a draw.

Although, Bitcoin has been in a bit of a malaise, lately. That isn't helping alt coins pump in the least. I have been buying the dip to maintain a steady dollar amount of my holdings. My bankroll is starting to dry up. There isn't much more dip I can afford to buy. The Bitcoin breakout is sorely needed right about now.

Here at the TravelWriteMoney household, we were holding off on staking CRO tokens for the Royal Indigo card until after the mainnet, in case there was some market movement. The move locks up CRO tokens and pays out 10% interest. Furthermore, the staking unlocks other benefits such as 3% cash back, extra interest on deposits, and "free" Netflix. Now that the mainnet transition has happened, it is time to make the change.

This move does cause a slight complication in that the CRO tokens will come out of the tokens currently being used for Core Number Compounding. Fortunately, we have received the stimulus check. Therefore, I can buy back the portion that gets staked.

There is a slight advantage to the crypto market slump we are in. Staking $4000 of CRO at this time for the Royal Indigo card is not the same as staking when the price is higher. There is some value compression that gets locked in during a dip. So, my $4000 stake could easily become a $5000 stake, or more, once the market rebounds. Perhaps some day the card stake will upgrade itself to the Icy White card. It could happen. You never know.

For now, I have contacted customer support to upgrade the card. You would normally be able to do this through the app, except that they will need to pull tokens locked in a 3 month Crypto Earn deposit, which they have to do manually. Hopefully their customer service is not severely backlogged.

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