We are thrilled to announce that PWN has deployed to the Cronos blockchain!
PWN deployment on Cronos brings a new use case to all projects that have so far lacked a lending protocol with the possibility of using Cronos-native NFTs as collateral. The entire network thus unlocks more volumes & total value locked for the ecosystem through the PWN platform.
We are pumped to announce that our lending protocol expands use cases with its integration to Cronos and brings additional utility to the network assets. Since PWN does not whitelist any assets for being used as collateral in a loan, users can now use all Cronos-based NFTs in such a way. This will help them easier access liquidity without the need of selling their assets.
Cronos ecosystem
Cronos is the leading blockchain network that interoperates with both Ethereum and Cosmos technology, supporting Decentralized Finance, NFTs and Metaverse. It aims to massively scale the DeFi and decentralized application (Web3) user community, by providing builders with the ability to instantly port apps and crypto assets from other chains while benefiting from low cost, high throughput, and fast finality.
Since mainnet launch in November 2021, Cronos has surpassed 4 B$ in total Defi asset value at peak and safely processed more than 70 million of network transactions. It is home to more than 500 Web3 projects and close to a million crypto users, growing at a fast pace.
Cronos is an open-source project backed by Crypto.org, Crypto.com, and currently more than 500 Dapp developers and partners. Powered by the Cronos ($CRO) cryptocurrency, these partner communities number more than 80 million users.
What benefits PWN brings to Cronos users
The integration of Cronos blockchain with PWN brings users various benefits:
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Additional liquidity needed? PWN got your back! Now, you are able to use your Cronos-native NFTs as collateral in a loan if in need of extra money. This opens a new use case for Cronos users and allows them to use their assets on PWN. Just PWN it!
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Lower Transaction Costs. As Cronos leverages the Crypto.org Chain's native token, CRO, as the gas fee currency, this enables considerably lower transaction costs than Ethereum's native gas fees. This makes DeFi services more accessible to a broader audience, encouraging greater participation and fostering the growth of the decentralized finance ecosystem. Plus, PWN currently doesn't take any protocol fees. That's a win-win situation!
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Cosmos IBC interoperability. As an EVM chain built on the Cosmos-SDK, users will be able to utilize their Cosmos-based assets within PWN on Cronos as collateral for loans.
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Get to keep the collateral in case of a default as a lender. This opens up the possibility of acquiring valuable NFTs at a discount or generating a profit by selling the proceeds on the market (or alternatively, using them for a loan on PWN!).
The integration of the Cronos blockchain into the PWN.xyz lending platform marks a significant milestone in the world of DeFi for Cronos users. By leveraging Cronos's enhanced scalability, interoperability, reduced latency, cost-efficiency and the benefits of using a peer-to-peer lending protocol like PWN can better serve its users and foster a thriving DeFi ecosystem.
PWN is a hub for peer-to-peer lending backed by digital assets. Use your NFTs or any token as collateral and invest in fixed-interest loans and generate attractive returns. PWN makes this possible with no liquidation risks. Check out the PWN platform today.
Want to get in touch with PWN? Reach out to us on Twitter or join the community on Discord.