cronos news august week 2

Every week, we bring you Cronos Chain updates and news. In this case, the second week of august brings a lot of announcements from projects in the Cronos ecosystem.

This week’s Cronos Updates include information about Cronosport’s burning mechanisms, among other related news. Let’s take a look at them.

1. Cronosport Announced The Burning Mechanisms for the BET token

CronoSports announced the implementation of various burning mechanisms on August 2nd. CronoSports is a Cronos network DAO that offers the ability to bet on sporting events with no losses. It aims to become an innovative financial ecosystem through the use of rebasing currency. Their platform has a zero-loss betting method in which bets are pooled together and placed on a high-yielding staking platform. The winner can get rewards, while the loser just receives their initial capital back.

These burning mechanisms, according to the statement, will assure the long-term sustainability of the project’s native token, BET. Furthermore, as stated in the project’s whitepaper, some of these mechanisms’ burning power is scalable as the platform’s Total Value Bet (TVB) grows. Here are these burning mechanisms:

  • Burning Auto Tax – All successfully completed BET transactions are charged to a 3 percent tax. The BET tokens used for tax purposes are burnt.
  • Prize Pot Burn – External Token Bets will include a 15% buyback and burn of BET, while Native Token Bets will generate a 15% BET burn.
  • Buyback & Burn – 10% of the betting platform’s revenue will be used for buybacks and burns during important market events.
  • NFT Revenue Buyback & Burn – The project uses 10% of its total NFT sales for buybacks and burns.
2. ALIENFT Roadmap Released

A new roadmap for the Non-Fungible Token (NFT) project ALIENFT has recently been released. ALIENFT promises to provide the Cronos community with new opportunities. The ALIENFT team has made the decision to relaunch its Gen 2-themed alien collection on EbisusBay, the top NFT marketplace on Cronos.

Although a specific date for the relaunch is not yet set, ALIENFT is planning for late September.

Moreover, this roadmap’s announcement that ALIENFT would release a native/reward token called $PROBE for ALIENFT holders is arguably the most significant development.

Finally, in the project’s NFT release, $PROBE will serve as an extra utility token for users. Also, it will formally debut with the Gen 2 collection minting out. The team also announced that a staking option for $PROBE.

3. Mad Mee Finance is Expanding to Polygon

MM Finance is one of the most advanced ecosystems in Cronos, with a decentralized exchange, a yield optimizer, Mad Meerkat NFTs, a project launchpad, and other features.

In addition, the platform is an automated market maker, and the exchange is at the heart of the ecosystem. Furthermore, users may generate passive income by staking crypto assets in liquidity pools with MM Finance.

Moreover, Mad Meerkat Finance (MM) revealed plans to expand to Polygon. That would provide “more exposure” to the MM ecosystem. Therefore, the team stated several reasons for switching to Polygon:

  • Gas prices are very low
  • EVM-compatible
  • well-established market (OpenSea)
  • Significant potential due to the community’s size, maturity, and funding.
  • High TVL on the protocol
  • There is no dominating ecosystem for Decentralized Exchange (DEX)

Also, the team said that there is still much to create in Cronos and they will be working hard to ensure the success of all chains. Furthermore, the post discusses Cronos’ future plans as well as “chain-agnostic” developments. Then, regardless of whether NFT holders prefer Cronos, Polygon, or Ethereum.

4. Agro Protocol is Launching a New NFT Collection

Argo Protocol has indicated that they will launch a new NFT collection in the Cronos Chain ecosystem. The NFT Collection, named Argonaut, aims to bridge the gap between NFTs and Decentralized Finance by curating high-quality digital art pieces.

Moreover, when you buy an Argonaut, you become a “core crew member”. You gain access to partnerships, online events, one-of-a-kind minigames, and rewards. According to the Argo team, all of this is possible by Cronos’ DeFi utilities.

Finally, the Argonaut NFT collection’s purpose is to supply NFTs and DeFi in an optimum way. Furthermore, it will improve the brand identity and ecosystem.

CRO Price Outlook

At the time of writing this article, the price of CRO is currently trading at $0.1467 with a 24-hour trading volume of $20.6 million and a marketcap of $3.7 billion. Also, it’s circulating and total supply is 25.2 and 30.2 billion tokens respectively.

We hope you’ve enjoyed the latest Cronos Updates.

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