Cronos (CRO), the 24th-ranked cryptocurrency by market cap and the native token of the Crypto.com exchange, is among the top performers on the weekly chart and has made a significant gain of 10.02% over the past day. But, there are some issues. Announcement of the upcoming Cronos Chain mainnet upgrade is one of the main drivers of CRO’s strong performance.
Cronos, the first blockchain network, has enabled DeFi, NFTs and the metaverse. This is on top of the Cosmos and Ethereum eco-systems. It allows developers to quickly move digital assets and applications from other blockchains with low cost and high throughput. This will help to increase the Web3 userbase.
Cronos’ price is $0.146602, which has seen a remarkable increase in trading volume of 716.4% over the past day to $163,572,518. According to Coinmarketcap’s data, its market worth is currently $3,836,821,843 and has increased 10.56% over the past 24 hours. Additionally, the CRO has increased by 10.26% in the past 24 hours and 26.5% within the last 7 days.
The coin’s ATH price at $0.965407 eight months ago has dropped by 84.7%. CRO was at its peak in November 2021, but it began to decline. CRO was $0.34 on January 20, 2022. However, it quickly rose to $0.541955 in February 9, 2022. In March 2022, CRO dropped to $0.34. However, it quickly rose to $0.541955 on February 9.
Unfortunately, the price continued to fall steadily starting in May. The monthly low was $0.16267, and then dropped to $0.10049 for June 18. Although the price fluctuated between $0.10 to $0.12 throughout July, it ended up at $0.135367.
In a blog post on August 1, Crypto.com revealed that the Cronos Chain’s next Mainnet Upgrade would occur at the height of block 3,982,500, set on August 3, 2022, 02:00 UTC. It includes several changes that aim to enhance network scaleability and improve system performance.
In the blog post, it also says:
To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals of CRO and all CRC20 tokens in both the Crypto.com App and Exchange during the network upgrade.
Additionally, it ensures that trade in CRO and CRC20 coins won’t be impacted. After closely watching the situation, deposits and withdrawals will be reopened once the network is stable.
Their website is blog post on MediumThis announcement was made by Cronos’ team yesterday.
The Cronos mainnet beta network should be upgraded on August 3, 2022. The date will be the time that node operators need to update their cronosd binaries to the latest version, at a particular block height.
They stated that node operators would upgrade their binary nodes after they reached the upgrade block height. That way, the chain can continue to move forward. The chain will be paused, and the bulk of validators updated.
Featured Image from Flickr. Chart from Tradingview.com