There are many tokens on the Ethereum network at present. But market bulls have not favored every token alike. Wrapped Bitcoin (WBTC) and Chronoly.io (CRNO) are two ERC-20 tokens that are the focus of investors.
Since Wrapped Bitcoin (WBTC) and Bitcoin (BTC) are almost the same, investors are naturally attracted to WBTC, given that it represents the largest cryptocurrency in the market. On the other hand, Chronoly.io (CRNO) has attracted investors throughout the world with its stable business roadmap and value proposition.
Market Share of Wrapped Bitcoin (WBTC) Shrinks
Wrapped Bitcoin (WBTC) is an ERC-20 token that is intended to represent Bitcoin (BTC) on the Ethereum blockchain. The price of WBTC depends on the price of BTC; any fluctuation in the latter’s value affects the former. Since BTC’s prices have been dwindling for a long time, WBTC has not been able to find a balance. The price of WBTC has decreased by 1.03% in the last week. Currently, WBTC is being traded at around $19,820, a decline of 87.78% from its all-time high of $162,188.26. Its market share has also seen a significant decline.
The structure of the Bitcoin network is different from that of Ethereum. This makes Bitcoin (BTC), which is built on the Bitcoin network, incompatible with the Ethereum network. Therefore, Wrapped Bitcoin (WBTC) was launched. Wrapped cryptocurrencies can be used even on blockchains that they are not native to. Hence, Wrapped Bitcoin (WBTC) enables people to use BTC on the Ethereum network. One can trade and transfer WBTC on the Ethereum blockchain.
WBTC was created to allow Bitcoin holders to participate in apps and services that are popular on the Ethereum network. The price of WBTC is linked to Bitcoin at all times, which allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner. WBTC is backed by Bitcoin in a 1:1 ratio, thus, 1 Bitcoin can be exchanged for 1 Wrapped Bitcoin and vice-versa.
Chronoly.io’s Progressive Stance Becomes Profound
From being a new entrant to becoming a serious challenger to market kings like Bitcoin and Ethereum, Chronoly.io (CRNO) has covered a long distance in a short span. Chronoly.io’s pre-sale, which started in May 2022, has turned out to be a huge success with all the CRNO tokens nearly being sold out before the deadline.
Chronoly.io is a decentralized marketplace for people who want to invest in luxury watches. Adopting a novel approach, Chronoly.io (CRNO) procures physical watches from authentic sellers and mints NFTs against them. These NFTs represent fractions of the timepiece, allowing people to invest in them for as low as $10.
The procurement of physical watches and their storage in secured vaults by Chronoly.io (CRNO) ensures that the value of CRNO is backed by real-world assets, providing the project stability and profitability.
As mentioned in Chronoly.io’s whitepaper, the luxury watch market can register a profit of $49 billion in the near future. Therefore, investors feel confident that their money is in a stable and profitable project.
Chronoly.io (CRNO) investors can also stake their CRNO to earn passive income, take loans against their NFTs, and participate in a monthly lucky draw to win physical watches. The early users will also be given other benefits in the form of a discount on transaction fees.
Thus, all the CRNO tokens are nearly sold out during the pre-sale phase, and the value of CRNO has skyrocketed by nearly 690%. Its current price is $0.079 and is expected to grow by 2,500%-5,000% in the coming months.
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.