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.

Tradingview
CRO is currently trading at $0.1510 on the daily chart | Source: CROUSDT From Tradingview

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.

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