Cronos is a fairly new blockchain project that is becoming popular among developers and investors. It was developed by the team behind Crypto.com, which is one of the biggest exchanges in the world. In its early days, the network was known as Crypto.org Chain.
Cronos has grown rapidly in the past few months. CRO, its token, has a market cap of over $10 billion, while its ecosystem has a recorded total value locked (TVL) of over $4 billion. This figure will likely keep growing, considering that it counts 56 apps in the ecosystem.
It is estimated that thousands of developers are building using the platform. So, in this article, we will look at some of the top Cronos DeFi projects to invest in.
MM Finance
MM Finance is the biggest decentralized finance (DeFi) platform created in the Cronos ecosystem. MM stands for Mad Meerkat. It has a TVL of over $1.2 billion, which is remarkable, considering it launched in December 2021. Its token, known as MMF, has a market cap of about $53 million.
MM Finance is similar to other DeFi platforms in terms of its features. The main feature of the DeFi ecosystem is the ability to easily swap cryptocurrencies. The benefit of using it to do this swapping is that the overall cost is substantially lower than other platforms.
MM also has other capabilities. It has an earn feature that lets you make passive income through yield farming. The process of doing this is simple. Just select a coin pair that you want to provide and add tokens to its ecosystem. After doing this, you will start generating a certain amount of rewards. The chart below shows some of the most popular farms in MM. CRO-USDC is the biggest one, with a liquidity of $159 million.
Further, it is possible to stake individual coins in the platform and earn easy rewards. The most popular coins staked in the network are MMO, VVS, and MMO-CRO. MM Finance has also integrated gaming features into its ecosystem.
Therefore, the fact that MM has gained traction in such a short period makes it a good investment. Another benefit is that the developers have also built MM Optimizer, which has a TVL of over $615 million.
VVS Finance
VVS Finance is another fast-growing DeFi platform in the Cronos ecosystem. The term stands for Very Very Simple Finance. According to DeFi Llama, the platform has a total value locked of $1.2 billion, making it one of the biggest DeFi platforms in the world.
VVS offers two main solutions. First, it has a Trade feature that lets people swap their coins. For example, you can easily swap your CRO token for a USD Coin or Tether for a minimal fee. This is a solution that most DeFi platforms have.
The other solution is that of earning. It is a process where you help the VVS platform run smoothly by providing liquidity, and then you are paid for doing that. You do that by connecting your wallet and then depositing your coin to your preferred pair. Some of the top pairs are USDC-USDT and CRO-ETH, which have $407 million and $280 million in liquidity. You can then earn as much as 100% APR when you provide this liquidity.
VVS token is a relatively small one with a market cap of over $320 million. As the ecosystem grows, the coin will likely continue growing.
Tectonic
Tectonic is another fast-growing DeFi platform in the Cronos ecosystem. It is a leading network that is in the lending and savings industry.
According to its white paper, Tectonic is a decentralized algorithmic money market (AMM) protocol. In it, people interested in earning a return provide their coins to the ecosystem. These returns come from the other side of the network, which is about borrowing. People who need cash simply deposit their coins as collateral, take a loan, and pay it back.
Therefore, holders can make money by supplying liquidity, while traders can borrow coins to capitalize on their trading. Users can access capital to participate without liquidating their holdings.
According to its website, Tectonic has $1.15 billion in total supplies while borrowers have taken about $610 million. TONIC, the native token, has a fully-diluted market cap of over $400 million.
Beefy Finance
Beefy Finance is a DeFi platform that describes itself as a multi-chain yield optimizer. In addition to Cronos, the app exists in other chains like Avalanche, Fantom, Polygon, Harmony, Arbitrum, Celo, and Moonriver. In total, the network has a total value locked of $965 million. Its Cronos app has a TVL of over $34 million.
Beefy Finance lets people deposit funds and earn rewards. For example, you can invest in coins like BIFI Maxi and earn 40%, while STELLA-GLMR LP can bring you up to 553% APY. As shown below, the developers have computed the safety score for each pair to guide users.
Beefy Finance has a governance token known as BIFI that has a total market cap of over $100 million.
Mimas Fund
Mimas Fund is a tiny DeFi app in the Cronos ecosystem. It is a money market and liquid staking protocol that lets people supply liquidity and earn rewards. At the time of writing, the ecosystem had over $31.5 million in total supply. The total borrowed was about $11.7 billion. According to Coin Market Cap, the coin has a diluted market cap of over $182 million.
Summary
Cronos is a leading blockchain project that is seeing strong growth in the past few months. In this article, we have highlighted some of the best DeFi applications built using the ecosystem. Other DeFi apps built using the ecosystem are CronaSwap, Crodex, and ChronoSwap.
