Crypto card issuing firm Crypto.com has disclosed plans to launch its chain. In line with this, it has carried out several testnets aimed at ensuring the seamless launch of the chain.
The Crypto.com chain is currently undergoing its final dry run test, dubbed “Crossfire,” before its official mainnet release. The testnet is focused on intentionally stress testing the network, ensuring it is practical, effective, and also able to stand real-life pressures before its official mainnet launch.
According to an official blog post, Crypto.com revealed that this particular testnet is a crucial benchmark for its proposed mainnet launch. Notably, the testnet requires validators to facilitate the smooth launch. Interested validators will share $300,000 worth of CRO, the Crypto.com native token, as incentives.
Prior to its current Crossfire testnet launch, Crypto.com launched its Croeseid testnet. The testnet contained a new codebase built on Cosmos SDK. Interestingly, it also had over 50 validators and facilitated more than 800,000 transactions.
In line with its proposed Crossfire testnet, Crypto.com has called for interested users who wish to become validators on the chain.
The CEO of Crypto.com, Kris Marszalek, disclosed in a tweet that 750 validator applications were submitted in just the first 12 hours.
750 validator applications within the first 12 hours!
Crossfire is on
#CRO https://t.co/Ti5ek0Tyvi
— Kris | Crypto.com (@Kris_HK) December 18, 2020
Details of the Crossfire Testnet Application
The application period will take place from December 17, 2020 (13:00 UTC) to January 11, 2021 (12:59 UTC). Interested persons are encouraged to apply. No minimum staking requirement is needed to function as a validator.
Interested persons simply need to set up validator nodes and also keep them online. To earn extra rewards, users can:
- Submit transactions to the network
- Take part in proposal voting
- Carry out node client update
- Monitor and report credible network attacks
- Compete with other validators to attain one of the top 10 Most Valuable Participants (MVPs) positions.
Details on the Competition
As previously stated, validators would compete with one another to earn more prizes. The competition period is from January 18, 2021 (04:00 UTC) to February 15, 2021 (03:59 UTC).
The top 10 Most Valuable Participants (MVP) during validation will be named winners of the competition.
Validator’s Rewards
There are a number of rewards, paid in CRO, that validators can earn during the competition period. Such rewards include:
- Users who only fulfill entry task requirements can earn up to $1,000 each. This segment is expected to include 200 winners.
- Next are those who take part in a Network upgrade. They are eligible to earn $150 each. Overall, there can be up to 200 winners, with each earning $150.
- Jackpot winner to earn up to $10,000.
- For network attack sharing, bug, etc., participants to share $50,000.
- MVP Prize – A whopping $13,000 distributed among the top 10 validators (MVPs).
Participants are encouraged to invite friends to take part in the Crossfire dry run testnet.
Please note that Crypto.com reserves the sole right to change the terms of registration and the entire competition.
Crypto.com DeFi Earn
Users can now earn returns on their DeFi tokens following the launch of Crypto.com DeFi Earn. The recently launched DeFi platform will enable users to increase their earnings while still in complete control over their funds.
Notably, this feature is facilitated by Compound. Users can easily deposit their funds into Compound using an in-app integration. For now, there’s no minimum term in using the Crypto.com DeFi Earn feature. Simply put, users can withdraw their funds and interest at any time.
Crypto.com’s integration with Compound provides users with access to nine different DeFi tokens, namely: BAT, COMP, DAI, ETH, UNI, USDC, USDT, WBTC, and ZRX. Plans are in place to add more DeFi tokens shortly.
Crypto.com is also well known for its focus on regulatory compliance. It recently obtained two licenses in Malta and also got the go-ahead to offer crypto cards in Australia.
CRO Price
At the time of publication, CRO tokens are trading at $0.060177, with a market cap of $1,341,882,313 and also a 24-hour trading volume of $88,470,964.
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