On March 19, the Crypto.com app switched to value-based staking. In other words, rather than requiring a minimum amount of CRO for each staking tier, it's now a minimum dollar amount. This means the total amount of CRO tokens that are required for each staking tier will vary depending on the CRO value at any given time. This could make it harder for newer buyers to get to higher staking tiers, but at the same time rewards those HODLers who have been picking up CRO for a while, gradually building towards higher staking tiers. As the value of CRO grows, each staking tier becomes more achievable for people are already hold tokens.
As an example, the Indigo/Jade tier went from 50,000 CRO required to $4000 USD worth of CRO, or about 21,000 CRO based on the recent high trading at USDT 0.24.
This switch has helped to push the CRO value up, bringing it back to similar levels of the previous highs of August 2020, as users look to cash in on more easily accessed staking tiers. At the same time, as users upgrade, their CRO is staked for 180 days, essentially taken off the market for 6 months.
CRO is the utility token of the Crypto.com app, exchange and upcoming mainnet, and in February it hit an all time high of USDT 0.27390, a price that was achieved during the February 22 token burn that saw 70 million CRO tokens destroyed. After that burn, the value plummeted back down to USDT 0.13, the same level it had been at just prior to the burn. However, in the month since then, CRO has rallied and been on a gradual climb with some charts suggesting that the latest USD values of CRO have even exceeded those of the February burn.
Other factors that have been in play include increasing mainstream advertising by Crypto.com bringing in new users and the upcoming mainnet launch scheduled for March 25 with a promised initial 20% APY on CRO staked using the Crypto.com DeFi wallet.
There is a lot happening in the CRO world at the moment, and while Crypto.com has copped a lot of flack, they are definitely making cryptocurrency easier to use for the masses. They still have a long way to go mind you, but it's one to watch.
As always, do your own research. This isn't financial advice and should not be construed as such. This is purely for entertainment purposes only.
For those that are not already participating in the CRO world, up to USD $75 worth of CRO is available through referral signup links and codes, so you can get USD $75 on Crypto.com with code h9tfssdd364
- $25 when you meet the staking requirements in the app: https://crypto.com/app/h9tfssd364
- $50 when you meet the staking requirements on the exchange: https://crypto.com/exch/h9tfssd364
For more on using the CRYPTO.COM ecosystem, check out these videos or subscribe to my YouTube Channel: https://www.youtube.com/channel/UCJighnSAVlt1NzPjUMtX1iQ/
- How to stake CRO in the Crypto.com app: https://www.youtube.com/watch?v=fTB4VSHqnLw
- How to transfer CRO between the Crypto.com app and exchange: https://www.youtube.com/watch?v=8XTn1tH3WVk
- How to deposit and withdraw CRO from supercharges in the Crypto.com app and exchange: https://www.youtube.com/watch?v=x9P7LK8pgxM
You might also like to follow me on Twitter: https://twitter.com/MattTalksCrypto
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