Hong Kong-based cryptocurrency payment platform Crypto.com has announced the launch of Crypto.org Chain. According to the official blog, the mainnet launch is scheduled for 25 March 2021. The chain will use CRO as its native currency. In the light of the news, CRO has pumped over 73% in the last 24 hours.
After 2 years of extensive research and development, Crypto.com launched 2 testnets and successfully completed Crossfire, the mainnet Dry-Run Competition. Interestingly, Crypto.org Chain stands designed as a high-speed and low transaction fees blockchain. That makes it an ideal chain for payments, DeFi and NFTs.
Crypto.org Chain promises to be a 100% decentralized chain. That is how it plans to play a pivotal role in driving mass adoption of blockchain technology. Recently, Crypto.com wrapped the Mainnet Dry-run. Known as Crossfire, it received enthusiastic participation of 3,000 validators.
Within four weeks the Dry-run mainnet processed over 275 million transactions. Now that the mainnet launch is just 31 days away, the team expects hundreds of validators to participate in the mainnet. To ensure the security of the chain, Crypto.com has utilized Delegated Proof of Stake model. Moreover, the team has simplified the staking process. The users can stake CRO in the DeFi Wallet with a single click.
Massive CRO staking Rewards
According to the StakingRewards.com report, the PoS blockchains in 2020 paid average annual returns of 11.2%. Interestingly, Crypto.org has announced the mainnet CRO staking rewards of 20% per annum. All the active participants of the Mainnet launch scheduled for 25 March 2021 will be eligible for this staking reward. Moreover, this comes with no minimum staking requirement.
The validators and CRO delegators will receive the staking rewards. According to the official blog, an estimated 500 million CRO will be distributed among the validators and delegators. Furthermore, they will also receive rewards from the pool of 5 billion CRO allocated for mainnet block rewards.
Last week, Crypto.com also launched a very powerful derivatives exchange.
CRO price touched a new all-time high of $0.277 today. Furthermore, at the time of press, it is trading close to $0.241. Another news that fueled the CRO pump is the super massive coin burn.
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