Every week, we bring Cronos Chain news and updates. This week, multiple releases from Cronos ecosystem projects come around the fourth week of August.
This week’s Cronos updates include information about reducing trading fees on the Crypto.com exchange. Also, you can read about other news and updates from Cronos ecosystem that happened last week.
1) Crypto.com Reduces Trading Fees
The Crypto.com platform is one of the primary gateways for newcomers to the cryptocurrency space. According to a recent blog post, the corporation would reduce trading costs by up to 80%. There are also some changes regarding the CRO token.
This is a big change since it will reduce the company’s profits. However, the company recognizes that such a change is necessary.
Do you trade on @cryptocom? Well, in addition to reducing trading fees by 80%, it just announced a wide range of other benefits for users of the exchange.#crypto #CryptoNews #Cryptocurrencies #DeFi #Cronoshttps://t.co/qwc2WERgrS
— Cronos News 🪐 (@NewsCronos) August 23, 2022
Moreover, users will gain more affordable access to multiple cryptocurrencies as trading costs are reduced. Costs for both spot and futures trading have been reduced, with fees starting at 0.075% and 0.034%, respectively.
To decrease fees even lower, users can purchase and stake CRO, the exchange’s native token, to receive an immediate fee reduction. Depending on the amount of CRO invested, users will get access to extra trading fee benefits. Users that invest at least 100,000 CRO can get paid to trade through negative maker fees across all tiers.
2) MMF Polygon Ready for CEX Listing
Following the successful debut of Mad Meerkat Finance on Polygon, the protocol stated on August 19th asking for community support for a “Tier 1” centralized exchange (CEX) listing.
In addition, MM Finance announced to its followers in a blog post that it has obtained a collaboration with an unnamed CEX for the listing of the MMF (Polygon) token. According to MM Finance, the listing would offer the company much-needed exposure and also open up new markets for its MMF token.
👀 @MMFcrypto approaches its community for approval to unlock 3% of the total supply of its MMF (@0xPolygon) token for a potential CEX listing.#Cronos #crofam #DeFi #DEX #CRO #FFTB #CryptoNews #cryptocurrency https://t.co/0cueE2EahT
— Cronos News 🪐 (@NewsCronos) August 22, 2022
To finalize the deal with the CEX, MM Finance needs 10 million MMF tokens and an undisclosed USDC payment amount for security deposits and market making. However, at the time of the release, its deployer wallet had 19 million MMF tokens, and its first trade liquidity was up to 2 million.
3) CronaSwap Launches New Golden Crona Token
CronaSwap, a Cronos Chain-based Decentralized Exchange (DEX), has officially created a new coin called Golden Crona ($GRONA). This feature will assist CronaSwap to accelerate use cases in the platform’s DeFi ecosystem and support the project by providing the community with numerous additional liquidity incentives.
@cronaswap Golden era begins with $GRONA
Below is medium article to know more about $GRONAhttps://t.co/wAR5ZHoMzt
— CronaSwap 🔥 #Cronos (@cronaswap) August 19, 2022
According to the development team’s announcement, $GRONA will reward the most dedicated members of the CronaSwap community. $GRONA holders can participate in governance and receive other benefits, such as:
- Passive Farming: When other users transfer or stake $CRONA, those who own $GRONA can passively gain yields. Benefits are in the form of $GRONA rewards.
- CronaSwap will provide users with exclusive staking pool access: It will allow them to stake $GRONA to profit on numerous tokens at competitive APR levels.
4) Crypto.com Granted FCA Licence for UK Operation
Crypto.com, the fast-growing cryptocurrency platform, announced that it has gained regulatory authorization as a cryptoasset firm from the Financial Conduct Authority (FCA) in the United Kingdom (UK). This registration will allow Crypto.com to offer a variety of services and products to users in the United Kingdom that comply with local regulations.
🔹@cryptocom bags FCA License in the UK. What does it mean for the protocol’s push for global adoption in the #DeFi and #NFT space? #crypto #CryptoNews #Cryptocurrencieshttps://t.co/vT5xcplEtw
— Cronos News 🪐 (@NewsCronos) August 20, 2022
Also, Kris Marszalek, co-founder and CEO of Crypto.com, commented, “This is a big milestone for us. The United Kingdom is an important market for us. The government is pushing its ambition to make Britain a global hub for crypto asset technology and investment. We are committed to the UK market and anticipate expanding our client base and position there while working with authorities.”
⬆️ Moreover, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
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