Cronos Chain Mainnet Upgrade Announcement Pushes CRO Prices Higher
02 Août 2022 - 3:30PM
NEWSBTC
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. However, the announcement of
the upcoming Cronos Chain mainnet upgrade is one of the main
drivers of CRO’s strong performance. The first blockchain network
to enable DeFi, NFTs, and the metaverse on top of both the Ethereum
and Cosmos ecosystems is Cronos. By giving developers the option to
rapidly move applications and digital assets from other chains with
minimal cost, high throughput, and quick finality, it seeks to
expand the Web3 user base dramatically. The price of Cronos is
currently $0.146602, with a stunning increase of 716.64% in trading
volume over the last day, reaching $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. Moreover, CRO has
risen by 10.26% over the past 24 hours and 26.5% over the last
seven days. Since its ATH price of $0.965407 approximately eight
months ago, the coin has fallen by 84.7%. CRO reached its highest
point in November 2021 but then began declining. In January 2022,
CRO dropped to $0.34, but it rapidly rose to $0.541955 on February
9. After that, the price fluctuated between $0.35 and $0.50 in
March and April. Unfortunately, the price kept falling steadily
from May, hitting a low of $0.16267 for the month before decreasing
to $0.10049 on June 18. The price fluctuated throughout July
between $0.10 and $0.12, but it finally concluded the month with a
slight gain in value at $0.135367. Cronos Chain Mainnet Upgrade 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. This upgrade includes
a number of changes, the main goal of which is to increase network
scalability and make system improvements. The blog post also
states: 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. When the network appears to
be stable, they will restart deposits and withdrawals after closely
monitoring the situation. On their blog post on Medium, the
Cronos team also made this announcement yesterday: We are proposing
a network upgrade for the Cronos mainnet beta to take place on
August 3, 2022. On that date, node operators will need to upgrade
their cronosd binary to the latest version at a specific block
height. According to their statement, all node operators will
upgrade their node binary after the upgrade block height so that
their node can keep up with the chain. The bulk of the validators
will be updated before the chain is paused and brought back online.
Featured image from Flickr, chart from Tradingview.com
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