Chronoly.io (CRNO) goes live to change the narrative in tokenized ownership
In May 2022, the world of crypto and decentralized finance was rocked by a mistake that wiped tens of billions of dollars off the crypto market. The crash of LUNA, a decentralized finance protocol that was the second largest of its kind at its peak, caused the token’s price to fall from $120 to $0.02: a 99.9% correction.
Now, crypto investors, wary of losing money in projects that seemed so stable, are looking for real-world utility tokens backed by sound fundamentals, not blind faith. One of these tokens is Chronoly.io (CRNO) with its price skyrocketing in a couple of months.
Over the 11th and 12th of May 2022, the crypto market saw $55 billion disappear into thin air. In short, LUNA was a decentralized finance protocol that used the ‘burning’ of tokens to prop up its value. Using an algorithm to keep the exchange rate of UST (Terra’s stablecoin) and the US dollar seemed like a great idea initially; however, an oversight by developers saw the stablecoin lose its peg. This led the Terra house of cards to come tumbling down, and thousands were left in financial ruin.
In the weeks that followed, Terraform Labs launched Terra Luna 2.0 (LUNA), while the old version would be known as Terra Luna Classic. An airdrop of Terra Luna 2.0 would be made on 28th May 2022 to reward holders of its old token. What followed was predictable: prices peaked at $19.53, then collapsed to $4.39 a few hours later. Investors lost trust in any hopes of recouping their losses, and prices fell even further. LUNA now sits at just over $2 in August 2022.
In the wake of the LUNA crash, many investors were left wondering what they ever saw in the project. However, those watching from the sidelines saw Terra as a lesson in buying based on fundamentals: real-world utility projects are always less risky and provide more certain gains.
Now, they’re buying up Chronoly.io (CRNO) tokens at a rapid pace. = At its current price of $0.066, analysts are excited about the project.
But what is Chronoly.io? In short, it’s a decentralized marketplace for luxury watches. By minting NFTs backed by real watches from some of the world’s most prestigious brands, Chronoly.io wants to change the world of luxury watches as we know it.
Each NFT can be broken down into fractional shares, meaning that you could own a piece of one of the world’s most expensive watches from just $10. Chronoly.io (CRNO) holders can stake their coins for passive income, receive 10% referral fees and see hefty discounts on their trading fees.
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