You put your hands on some CRO tokens but aren’t sure what to do with them. Apart from holding Cronos and hoping to profit, you can also trade it.
If your idea is to swap CRO to BNB, you are on the right page. Here’s a detailed guide on what you should know about Cronos and Binance networks before trading!
Cronos Network: Performance and Popularity
Cronos is among the blockchain interoperability pioneers. It’s a layer-1 network that works with Cosmos and Ethereum systems.
The developers used Ethermint to build Cronos. It allows fast porting of smart contracts and apps from Ethereum and other compatible chains.
The platform uses a proof-of-authority consensus algorithm. Cosmosis more affordable and faster than Ethereum, having a significantly faster transaction speed. Its base exceeded ten million users worldwide.
Scrutinizing CRO Price
CRO’s current price is $0.056, but it’s among the top 30 cryptocurrencies. The token has a decent market cap set at $1.43 billion.
Cronos launched its coin in 2018 with the opening price set at $0.02. After taking some time to stabilize, CRO started gaining value. It was a steady increase with occasional corrections, so the price exceeded $0.23 in April 2021.
Similar to many other cryptocurrencies, CRO reached its peak value in November 2021. It was $0.9698, but then 2022 brought turbulent times.
The market kept losing value, which affected this token, too. The coin fought hard, but it had a huge slump during the second half of the year to reach its current value.
CRO Use Cases
As its native currency, CRO has multiple purposes on the Cronos platform:
- Paying for transaction fees on dApps. If the app is on the Cronos platform, CRO tokens serve for these charges.
- Validators’ reward. Those who support the network by participating in validating transactions receive CRO as a reward.
- On-chain governance. CRO holders can vote on potential upgrades and other important events regarding the platform.
Binance Network: Performance and Popularity
Binance is a famous crypto exchange and a centralized company that does business in the ecosystem.
The company designed BNB Chain, which has now become a decentralized and community-driven blockchain.
Scrutinizing BNB Price
The very fact it’s supported by Binance is vital for BNB’s reputation. Its current value is $249, and it’s around the fifth spot in the crypto rankings. The market cap is at a whopping $39.8 billion.
BNB entered the market in 2017 with an opening price of $0.11. It was clear that the coin was destined for success, along with Binance.
The price only grew, and 2021 was a memorable year. In May, BNB was worth $690.93, which is its peak value.
The rest of the year was turbulent, and 2022 was no better for BNB. However, it’s worth noting the coin lost around 64% from its peak value to today’s price. That’s a harsh rate but not as harsh as most other cryptos.
BNB Use Cases
BNB is the native token on the Binance exchange. But its use goes beyond this platform, so let’s check out some ways to use this token:
- Trading and investing. You can trade BNB on various crypto exchanges and use it to invest on some platforms.
- Paying for transaction charges on the Binance platform. Users might get a discount if they pay the fee with BNB.
- Payment processing. BNB is available to merchants who’d like to offer it as a potential payment method to their customers.
Purchasing lottery tickets, virtual gifts, and booking flights and hotels are also possible with BNB on some sites.
There’s no doubt that swapping CRO for BNB seems tempting. Binance looks like a more reputable platform with a steady future. If the crypto market rebounds, you can expect huge returns.
But before going through with any trade, confirm you truly believe that’s the right call. Whether it’s WAX to EOS or any other trading pair, analyze anything you find relevant.
That’s when you can decide, and rest assured you made an informed call that you won’t be sorry about later!