Crypto.com has finally launched its mainnet (Crypto.org). What should we expect? They will certainly launch their own projects (Dex, Lending, Yield Farming?) and will also enter the NFT world.
As if that were not enough, the Cro token could also increase in value precisely because it will be at the center of the ecosystem.
In fact it will be possible to stake it at 20% (APY).
I make a brief summary of the exchange's features (bonus included) and then let's see the news! I also report that 10 billion dollars were burned to give greater value to the Cro token (they lowered the total circulating supply).
OLD FUNCTIONS
There are two types of registrations:
1) Exchange (desktop)
2) App (based on credit card with cashback)
From the exchange you can get a bonus of $ 50 in Cro, simply by depositing from another exchange or external wallet (you get a 2% deposit bonus). Also by staking at least 1000 Cro you get an additional bonus of 10 dollars (you get up to 50 dollars by depositing 5000 Cro).
How does it work? The more Cro I have in staking, the greater the % of rewards I receive (and I will also get discounts on commissions). However, check % and benefits because they vary over time. To sign up: Crypto.com Exchange (Sign Up For Two Bonus)
If I am staking Cro, I can also participate in two events:
1) Syndicate (allows you to buy crypto at 50% or 25% of their value!). To take advantage of this advantage, I must have at least 5000 Cro in staking and have moved at least 5000 dollars in volume in the last 30 days.
2) Supercharger (similar to the concept of pool / farming and the BINANCE Launchpool: deposit Cro and we will make tokens... BTC, Dot, etc).
Another great function (with app) that the exchange offers is the credit card (with iban) that you can order to pay directly in crypto and receive a cashback. There are no fees, no commission costs, no spreads, no slippage, no subscriptions, no top-ups.
The cashback varies from 1 to 8% based on the card ordered (what varies are the Cro needed to be frozen by staking... obviously at the end of the "block" period I can sell them or do what I want). In general, in addition to the cashback on purchases, I can get Netflix, Spotify and Amazon Prime for free.
If you don't want to order the card, staking at least 2500 Cro it is possible to receive an other bonus of 25 dollars. To sign up: Crypto.com App (Sign Up For 25$ Bonus)
NEWS THAT WILL BRING MAINNET (25 MARCH 2021)
What will change? Cro will switch from "Erc20" to its native format (a bit like ETH, BNB, Zil, Tron, Dot, etc).
It is a very fast and low-cost proof of stake platform in terms of fees.
1) Payment systems (enhanced)
2) DeFi
3) NFT
The "Crypto.com Pay" (Visa) function already allows you to pay for goods and services as if it were a kind of Paypal (for example, you scan the QR code and pay in crypto).
What will change? Thanks to the mainnet it will be possible to obtain further discounts and the payment with crypto will be instantaneous (it will also be possible to use other crypto present in the wallet and not only Cro).
Merchants will also have reduced costs (because there will be no more conversion costs).
Regarding DeFi, many people will probably develop platforms similar to those we are used to on ETH (only the costs of smart contracts on Crypto.org will be much lower).
Borrowing? Lending? Yield Farming? I think we will go in this direction. Dex (Automated Market Maker) and the use of smart contracts (with the introduction of the Chainlink and Band oracles) have already been announced. On CRYPTO.COM there was already something similar DeFi Swap (Crypto.com) but it used the ETH network (now thanks to the mainnet, the fees will be almost zero).
Other features will be the launch of NFT. The exchange has already announced that there will be important collaborations: Aston Martin (F1), Boy George, Snoop Dogg, BossLogic (famed Marvel artist), Nathan Evans, Lionel Richie, etc. For NFT: Crypto.com (NFT)
TOKEN MIGRATION
As mentioned Cro (Erc20) must be migrated to their new format. If I have my Cro on the app or exchange I don't have to do anything. In the other cases I remember that ETH is needed to pay for gas (the old tokens will be burned and swapped into the new format).
1) APP: if I move Cro (Erc20) to the Crypto.com app they will be automatically swapped into their new format.
2) DeFiWallet: to convert the Cro tokens present here, just press the "migrate" button
3) OpenWebTool: if you have your Cro on an Erc20 wallet (Metamask, Ledger) and you don't want to move them to the Crypto.com app you can use OpenWebTool.
Here you find a guide: Token Migration Guide
You will need "Chain Desktop Wallet" (DeFi Wallet) which I can also use for staking.
STAKING
After generating our seed (24 words), I can receive Cro (address starts with "cro" and no longer with "0x") and start staking (choosing your validator).
Rewards will be 20%. I hope this guide has been exhaustive for those unfamiliar with the Crypto.com exchange.
Do you use Crypto.com? How does it look to you?
Are you interested in ways to earn crypto bonus? Check it out here: Some Sites To Earn Crypto Bonus (Old & New)
