In an interview with CryptoPotato, Ken Timsit, managing Director of Cronos Chain and Cronos Labs, discussed the network’s strengths over its competitors, talked about the current bear market and what Cronos is doing to prepare for the next bull cycle, the future Internet and crypto, as well as the future.
Cronos Chain Vs. Cronos Labs Vs. Crypto.com
Cronos chain, a new blockchain network that is supported by CryptoCom, a popular crypto exchange. It interoperates with the Cosmos and Ethereum ecosystems. It is powered by Ethermint which allows for porting of dapps, smart contracts and other EVM-compatible blockchains.
It does not have a founder, Timsit stated.
CryptoCom supports all exchange users, all CRO holders, and all Cronos blockchain users (the company’s native cryptocurrency). Timsit estimates that there are approximately 50 million addressable users at the time Timsit interviewed him.
However, so far, approximately one million people “have migrated to Cronos chain and created an account,” and there are only 300 third-party applications that have been created on the blockchain.
Cronos Labs is the foundation that promotes the Cronos ecosystem. It also manages the $100 million Accelerator Program that was launched in June. This program aims to invest in crypto startups early enough to make Cronos’ most innovative projects.
Timsit stressed that his team does not believe in “walled gardens”, and encouraged applicants to Cronos to become multi-chain.
An executive also stated that not every project can take advantage of the program. “Oftentimes, if you’re using NFTs only as in-game assets,” NFTs are sufficient to create a business model.
Timsit believes that DeFi protocols should be governed by a native currency, as there are many stakeholders.
“You’re using the token to ensure that every actor has the right incentives in order to behave the way you want. That’s why tokens can be useful for this purpose often. However, we are interested in applications that charge transaction fees or monetize the protocol.
Ken Timsit, Cronos. Source: Cronos
Crypto.com Latest Layoffs
When Timsit was asked if the staff cuts at Crypto.com had an impact on the two projects that he heads, Timsit assured him that they were separate entities and said, “Cronos Labs and Cronos are independent from CryptoCom in terms business and entities.”
However, the executive admitted that they were also affected due to the falling market prices and decreased user interest. Since marketing is no longer as profitable now, the strategies have evolved.
He said that daily transactions on the Cronos network are between 100,000 and 200,000. They peaked at nearly 500,000 just before the recent market crash.
Although the Total Value Locked (TVL), peaked at $5 billion, it is now down to $1.5 million. Timsit said that it is still the fifth-largest EVM network.
“Do More Than Just Trade Crypto”
Timsit also touched on the topic, as there are so many VCs supporting emerging projects in the highly-praised Web3 gaming vertical and metaverse vertical. It is a virtual world that allows for self-custody and integration with smart contracts.
“This is our vision for crypto’s future. We believe that everyone who is trading, buying, or selling crypto should use DeFi and Web3 gaming to do more than trade crypto. They can lend and borrow assets that have meaning and utility within these virtual worlds. They can also invest these assets in different yield-generating protocols.
He stated that Web3 can only be at its best in environments where applications are compatible and composable. This is the strength of EVM ecosystem.
CryptoPotato’s first post, Users in Web3 Will Do Much More Than Just Trade Crypto: Interview with Ken Timsit from Cronos appeared first on CryptoPotato.
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