Disclaimer: The article has a somewhat grim entrée, but hold on and keep going, like we do 💪.
Greetings CRODEXers. It’s been a while since we have shared a medium article. Unfortunately, there have been many unfavorable news in financial markets, especially in crypto, since we made our latest leap by advancing to our new protocol. Hence, despite having a great start thanks to your support, the progress of the protocol and everything around it have slowed down.
Let’s have a direct and factual review of what has been happening lately.
- The total market cap of crypto-currencies has shrunk almost by one third within a month.
- The prices of crypto-assets of all sorts have dipped down, while our native currency CRO took one of the biggest hits in the market; mostly due to fallacious FUD.
- Trading volumes and total liquidity in Cronos have been at all-time-lows.
- We have had a few issues every business faces in unsettling times. Especially in the form of not being happy with some services we have outsourced lately.
- Naturally, some of our payments are in fiat currencies. To mitigate further risks, we had to re-map some of our crypto investments while holding onto the funds for developments we have in reserve for brighter times.
- Thus, instead of pushing the matters further, we decided to cool things down. The idea behind the decision was to ensure keeping our current services up-and-running and maintaining the overall health of our protocol, even if the market conditions went tougher.
- Although we already built and tested a couple of customized smart contracts constituting the coming Metaverse Hub Adventures, we couldn’t publish the adventures in a riveting manner as originally intended; as a consequence of the above items.
Of course, it hasn’t been all doom and gloom. Most importantly, our core team is hale and hearty as ever. Our vision has always been contributing to the decentralized future and it hasn’t dimmed at all. In the meantime, we have been partnering with many new projects in Cronos, providing them access to our tools. We reconfigured our reward pools to support partner NFT boosting. We have been and will be developing strategies for xCRX and our protocol in general to thrive once volumes and liquidity in Cronos rise.
We are going to share some of those strategies along the way, but not just yet to not reveal too much too soon.
Finally some good news: We have woken up to a green week! This isn’t necessarily a long-time signal, but it is not all the news either. We are putting an end to the wait of Crxillions. The next adventure is going to kick off in a week’s time! Earlier adventurers will have a certain advantage. So, make sure you are tuned to our official channels and have notifications turned on.
As always, we sincerely thank our strong-willed community for being here with us as we (and everyone in the crypto world) strive to weather the storm ​🌊​🚢​.
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