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It’s hard to avoid news touting the latest improvements in blockchain technology. We can’t go a day without dApp reviews, scaling solutions and network upgrades; look around you, they’re everywhere. Crypto journalists like to embellish, but if what they’re saying is true, will somebody please explain why DeFi feels like exercise in futility? Seriously, we’d like to know, because finding safe projects to invest in isn’t getting any easier. In 2022, maybe our collective risk tolerance isn’t as high as it once was. Between adversaries, cheap tokens and makeshift project infrastructure, it’s hard to be certain. All the same, shortcomings of that variety invariably lead to costly mistakes. When you’re trying to come out ahead, it pays to get everything right the first time. That means having the right developers, the right incentives and the right type of design to see it through; in those respects, Croking is making serious headway. 

The Reflection Pool Model

Yield generation needn’t be difficult. To streamline the process, developers started experimenting with reflection tokens; an innovative approach stressing simplicity and passive renumeration for end-users. Forget daily compounding, forget manual staking too; as a rule, mere ownership confers eligibility. The system is complex in theory, but simple in practice: Procure, hold and wait patiently; that’s all there is to do. 

Revamped Rewards

What sets CroKing apart from past reflection models are the rewards themselves. Competitors prefer an antiquated format drawing on project tokens for royalties; they’re next to useless that way, and if you sift through a whitepaper, the mechanics start to resemble a Ponzi scheme. Curiously, high rollers on Safemoon and Hoge Finance don’t seem to mind in the slightest. When profits are down, there’s always new blood to prey on. Meanwhile, the rest of us wonder: Where’s the intrinsic value? Opinions vary, but general consensus has it that holding for the sake of holding is for the birds. The quality of rewards and stay power are what make it worth one’s while. Few of us would balk at reflections in Bitcoin or Ethereum: Both are established globally with a breadth of use that’s downright massive, so much so that it’s tough to conceptualize, and the market capitalization for each makes them too big to fail.

Undoubtedly, CroKing was looking out for us when they picked comparable features. Instead of fly-by-night assets tied to unnecessary risk, they went with the time-tested option. Instead of meme tokens devoid of purpose, they selected a high-flying commodity with the use case to match. CroKing wanted to put reflection tokens back on the rails; settling on Wrapped CRO for investors’ dividends was the logical choice. Wrapped CRO, or WCRO for short, is Cronos’ CRC-20 compliant iteration of CRO, Cronos’ native token used for all things DeFi. By itself, CRO commands an impressive track record. Back in November, 2018, when Cronos, formally known as Crypto.com, rolled out its own blockchain, CRO became the network’s homegrown solution for staking, gift cards, loans, payments and other forms of transaction settlement. It’s a fixture among top-twenty crypto projects by market cap, ranked #18 at the time of writing.

Nowadays, you’ll find it circulating on more than fifty exchanges with daily volume in the neighborhood of a hundred million dollars. WCRO, on the other hand, is equally prized and ubiquitous. Why? Because it’s interchangeable, one-to-one, with CRO and also EVM compatible which means it can run on Ethereum sidechains. Those attributes are the hallmark of meaningful rewards and illustrate why WCRO was the sought-after choice for Croking.

Sustainable Finance

The abbreviated version of CroKing’s token is CRK. If Croking had its own ecosystem, it’d be CRK’s business keeping everything self-sustainable. Which is what CroKing is: Self-sustainable. Tax revenue derived from every transaction feeds back into the project providing energy for day-to-day operations. There’s an allocation for marketing endeavors, liquidity pool funding and new reflection capital for the duration of an investment. With sufficient volume, smart contracts responsible for divvying out tokens will, in (roughly) three-hour intervals, airdrop WCRO to wallets containing a balance of 7.5 billion or more CRK. Holding additional CRK entitles you to larger portions of WCRO, but anti-whale protection is baked in to level the playing field. To rein in large sell-off’s that would otherwise result in market manipulation, no wallet address can hold more than 2% of CRK’s total supply. How’s that for a crowd-puller. 

Sit Tight and Earn

CroKing favors long-term investment; in fact, it’s tailor-made for it. A steadfast strategy means less skin in the game and users willing to stay the course stand to profit in spades. Buy orders are deliberately taxed lower than sell orders (12% and 15% respectively). Naturally, when the latter is more expensive, you’ll think twice before jumping ship; you’ll be glad you did. Depending on who you ask, CroKing’s main selling point is the renewable means through which holders earn. It’s a mainstay on social media channels like Telegram chat and Twitter, but it bears repeating here: Once you’ve met or exceeded the minimum reward threshold, WCRO dividends accumulate, by proxy, from everyone that buys CRK after you, and everyone that sells CRK before you’ve exited your position! 

Team Dox

Time and again, DeFi has come under fire for security issues and a glaring inability to safeguard users’ holdings. Sure, it can be lucrative, but it trades some of the economic buffers found in traditional finance for decentralization. Take for instance, fewer KYC requirements, if any: There are no passports, no driver’s licenses or other contact information on file. The lack of regulatory oversight allows anyone to take part, even scammers lying in wait to rob you blind. What about provisions for human error? Well, chargebacks aren’t a thing either, and get this; if you send Ethereum to the wrong contract address by accident, it’s as good as gone. That doesn’t dissuade novices from entering the space with a cavalier attitude though. They invest with tunnel vision, fixating on hourly charts and future profits while ignoring red flags to their own detriment. It’s a free-for-all, really. There’s money to make; lots of it, and it’s easy to get carried away. Granted, success is possible, even in a landscape fraught with monetary malfeasance, con artists and crooked code, but it means setting your sights on the big picture. Developer anonymity is a case in point: Seasoned, would-be investors treat it like a warning sign, if not a deal-breaker, for good reason; the same elements that preserve a team’s privacy afford bad actors the cover needed to rug pull a project or steal holdings outright, often with impunity. In rug pulls, culpability rests with the developers themselves (good luck ever getting a confession), when they’re successful, they hit your wallet where it hurts.

In 2021 alone, they were responsible for 2.8 billion USD in theft. (1) The CroKing team has plans to change that, it’s part of the reason they elected to dox themselves. “I’ve been in the crypto space for a while now and you can find almost only scams,” Josua, CroKing’s founder and CEO explained, “accordingly, it is important to me that especially newcomers do not have to worry about this with us.” If that reads like lip service or an empty promise of good things to come, rest assured; the odds are in your favor. He’s been on the wrong side of a rug pull more than once; his first-hand experience must’ve made a hell of an impression, because CroKing’s security is top-notch and he’s using it to shield his user base from a similar outcome. “Security must be the be-all and end-all in the crypto sector,” Josua said, “especially because cryptos are still in their infancy.”

The project, too, is a work in progress. Just the same, you’ll never run the risk of large losses with limited recourse on their watch, not if the team has anything to say about it. If you still needed convincing, there’re results from a Certik audit coming up, but it’s candor that laid the foundation for CroKing’s future. Call it a self-imposed honor system, if nothing else, a token of good faith offering peace-of-mind for a disenchanted user base. Where trust is commensurate with transparency, the developer’s willingness to reveal personal details is a willingness to be held accountable. It can be distilled down to single thought: People know who they (the team) are; as a result, they’re less likely to do something questionable. Why would they? At the end of the day, their reputations are on the line. 

Conclusion

Others laid the groundwork, but CroKing took the reflection model and ran with it. Their 19K member following suggests inroads with social media. Factor in over $500K project liquidity and plans for a state-of-the-art launchpad and it hits you; right about now, they’re second to none. The developers are out in the open, investors looked after, yields dispensed, and the attractive rewards keep holders coming back for more. Pause for a moment and have a look at their roadmap; from phase-1 onward, everything has gone according to plan. Why can’t all of DeFi be that way? Is interest without the added vulnerability too much to ask? Nothing’s impossible, but don’t expect the system to fix itself overnight. CroKing isn’t a magic bullet either, but it does provide value on a secure platform where your wealth can grow; that should be enough for anyone. 

About

CroKing is Cronos’ premiere reflection token providing WCRO dividends for investors. Wallets containing the native project token, CRK, accumulate passive rewards with a hassle-free distribution method and security standards of the highest order. CroKing strives to ensure long-term investment with meaningful compensation and user safety, all packaged in a sustainable way. To learn more, visit at Croking.net.

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Sources:

  1. https://financialpost.com/fp-finance/cryptocurrency/rug-pull-scams-raked-in-over-us2-8-billion-in-crypto-in-2021-report-finds

Disclaimer: This article was written by a third party. TheCronicle does not endorse and is not responsible for, or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. TheCronicle is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

<span class="dsq-postid" data-dsqidentifier="18351 https://thecronicle.com/?p=18351">2 Comments

    • TL:DR

      Great job telling the CroKing entrance story!
      ____________________________________________

      Under “Team Dox” paragraph

      “There’s money make; lots of it, and it’s easy to get carried away. “…. Need to fix the wording here. Otherwise the write up was amazing.

      Made me want to buy some more CRK….now I have heavy thoughts of pulling a smidge from another Dapp and adding to my CroKing stash!.

      Also….could you put something together on how CRK -> CRQ -> NFTs -> wCRO tie into each other? I believe this would help those newcomers understand the environment CroKing has created for its holders.