I guess we all know that this promising Token CRO is built upon Ethereum Mainet which means it uses Ethereum Blockchain an it is an ERC-20 Token and for you to swap it with other tokens you should have some Ethereum in your wallet for gas and transaction charges. This also applies when you are sending to another CRO user Ethereum will be a requirement an if you do not have it you wont be able to transact.
Whats Good about Migrating?
CRO Mainnet came as a life saver to save investors from the exuberant charges on ETH gas fees. When i withdrew my CROs from KUCOIN Exchange i was charged 150CRO for transaction charges which was about $27. Then when they reached my account i tried to migrate and i was charged 0.018ETH which i was around $70. So with this only we can clearly see that the Ethereum Mainnet is not cost effective it is super expensive to transact with which is a huge disadvantage.
What other Method can be used to save these costs from Ethereum?
There is also another Method which is way better than going through the Ethereum Mainnet is by depositing your USDC or USDT on crypto.com then purchase your CRO and withdraw them using then CRO mainnet. That way you will save yourself some dollars and your time aswel for processing the migration process.
What are other differences of Native CRO and ERC-20 CRO?
- Transaction Fees CRO charges 0.001 CRO which is around $0.0002 per transaction which is close to nothing.
- Confirmation Time Ethereum confirms its transaction in minutes yet Native CRO does so in seconds which is a lightning speed.
- Stacking If you have your native CRO you can stake it in your CRO DeFi Wallet but if you have ERC-20 CROs then you wont be able to stake.
So migrating will save you a lot in the long run, can you imagine that being charged that large amount whenever you are transacting. So its better to migrate now and get out of the pit we are in now to save our hard earned money and its also an advantage we will be able to stake our CRO and enjoy more benefits. This is a "BIG" project lets wait for it to fully rollout and we rip what we are sowing.
