The Crypto.com chain testnet is now active, enabling Ethereum-based applications to migrate to its ecosystem from chains that are compatible with the Ethereum Virtual Machine.
Crypto.com stated on Tuesday that the testnet for its Cronos Ethereum Virtual Machine (EVM) chain, which runs in parallel to the Crypto.org chain, has been activated. Programmers will be able to migrate projects from Ethereum and EVM-compatible chains to the Crypto.org ecosystem, allowing consumers more exposure to DeFi functionalities like smart contracts.
“We are going to provide full support for developers building on Cronos: technical, funding, marketing — everything you need to turn your idea into reality,” stated Crypto.com CEO and co-creator Kris Marszalek. “Combined with easy dapp portability, I’m confident we will see an explosion of activity on Cronos.”
Cronos will be using Crypto.org’s native token CRO. At the time of publishing, the coin was ranked 30th out of all digital currencies on CoinMarketCap, with a market cap of over $2.5 billion. Programmers may profit from Particle B’s $100 million investment in projects adding to the Crypto.org blockchain, according to the firm.
Cronos is developed by Ethermint, a proof-of-stake chain that is interoperable with Ethereum and EVM-compatible chains and runs on a proof-of-authority consensus mechanism. At this time, the testnet is an open-source project.
Crypto.com claims to have over 10 million users after coming live on the Crypto.org blockchain mainnet in March. To broaden the scope of its digital currency credit card, the project has created a nonfungible token system and entered the Visa network this year 2021.