Cronos price fails to recover despite network upgrade
- Crypto.com’s Cronos chain completed its mainnet upgrade on Wednesday.
- The mainnet upgrade enhanced Cronos’ compatibility with decentralized applications.
- CRO price lost nearly 2% of its value in the past day.
Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours.
Cronos completes mainnet upgrade
The Cronos mainnet upgrade that was completed on Wednesday improved the backward compatibility and Remote Procedure Call (RPC) enhancements on the chain. The Cosmos-based chain allows for the porting of apps and smart contracts from Ethereum and EVM-compatible chains.
Cronos announced in an official tweet that the mainnet upgrade was completed on April 17.
And we are back! the upgrade was completed smoothly and all services are online. Thank you for your support :) https://t.co/rMPqcnrkCY
— Cronos (@cronos_chain) April 17, 2024
CRO’s blockchain is one of the few chains that exist at the intersection of Ethereum and Cosmos and the open-source blockchain has now improved backward compatibility for dApps.
The chain is known for its fast finality and low-cost transactions. The chain competes with Ethereum and offers multichain interoperability for users.
CRO price is down nearly 2%
CRO, the native token of the Cronos chain, has seen nearly 2% decline in its price on Wednesday. CRO price is down nearly 15% in the past week. At the time of writing, CRO price is $0.1237 on Crypto.com.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
