Blockworks


<p>Trump Media &amp; Technology Group announced on Friday that it closed a $105 million agreement with Crypto.com to acquire 684.4 million Cronos (CRO) tokens.</p>



<p>The purchase, priced at roughly $0.153 per token, represents about 2% of CRO’s circulating supply and was settled through a 50-50 mix of cash and Trump Media stock. Both the tokens and shares exchanged will be subject to a lock-up period, <a href="https://s3.amazonaws.com/b2icontent.irpass.cc/2660/rl157514.pdf">according</a> to the company’s press release.</p>



<p>The acquired tokens will be held with Crypto.com Custody, its institutional-grade storage service, and staked to generate additional revenue.</p>



<p>Trump Media said the partnership will also integrate CRO into Truth Social and Truth+ platforms as part of a rewards system using Crypto.com’s wallet infrastructure.</p>



<p>Devin Nunes, Trump Media’s chairman and CEO, called CRO a “versatile utility” for payments and transfers, while Crypto.com CEO Kris Marszalek described the deal as the first of many steps to expand adoption of the Cronos blockchain.</p>



<p>The purchase builds on Trump Media’s prior creation of Trump Media Group CRO Strategy, Inc., which has signed a definitive agreement to merge with Yorkville Acquisition Corp., a special-purpose acquisition company.</p>



<p>The new entity is <a href="https://blockworks.co/news/trump-media-crypto-com-sign-155m-deal">designed</a> to serve as a dedicated CRO treasury, targeting up to 19% of the token’s supply. The company presented the move as a long-term strategy to embed Cronos within its media and financial ecosystem, though it also acknowledged forward-looking risks tied to regulation, volatility, and competition in blockchain infrastructure.</p>



<p><em>This is a developing story.</em></p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><em>This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.</em></p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown"><strong>The Breakdown</strong></a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch"><strong>0xResearch</strong></a>: Alpha in your inbox. Think like an analyst. </li>
</ul>



<p></p>


Trump Media finalizes $105M Cronos purchase

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Avalanche (AVAX) continues to outperform the broader digital asset market</li>
                <li>Crypto.com&#8217;s blockchain token, CRO, has rallied on news of various company partnerships</li>
            </ul>
    
</div>



<p>AVAX went parabolic despite the broader market drawdown. </p>



<p>Curve and Aave have launched on top of Avalanche to take advantage of numerous incentive programs.</p>



<p>The Avalanche-Ethereum bridge is the second-largest bridge by TVL in the Ethereum ecosystem. </p>



<p>CRO exploded on news that Crypto.com signed a deal to rename the Staples Center in LA to Crypto.com Arena for $700 million.</p>



<p>DOT, ROSE, NEAR and LUNA are the most widely held coins among crypto VCs. </p>



<p>Bored Ape #8650 sold for $1.9 million. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,688, -.26%</li><li>NASDAQ: 15,921, -.33%</li><li>Gold: $1,867, +.91%</li><li>WTI Crude Oil: $77.92, -3.49%</li><li>10-Year Treasury: 1.587%, -.047%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $59,992, -.66%</li><li>ETH: $4,239, -.27%</li><li>ETH/BTC: .0706, +.88%</li><li>BTC.D: 44.04%, +.67%</li></ul>



<h3 class="wp-block-heading">AVAX explosion</h3>



<p><meta charset="utf-8">In a day that was full of red across the board, AVAX was an out-performer amidst market volatility. </p>



<p>Avalanche (AVAX) has surpassed LUNA as the twelfth-largest digital asset in the world. It was last trading around $109 with a market cap of $24 billion. Out of the maximum 720 million AVAX tokens, the circulating supply sits at 220 million AVAX tokens, leading to a fully diluted value of $79 billion.</p>



<p>The Avalanche blockchain is now the fourth largest of layer-1 chains by total value locked, which currently sits at $11.03 billion. Avalanche currently holds a 4.27% market share of TVL across layer-1 chains, according to data from <a href="https://defillama.com/chains" target="_blank" rel="noreferrer noopener">DefiLlama</a>. </p>



<p>Avalanche claims to be the fastest smart contract platform with more validators than any other proof-of-stake chain, according to the project&#8217;s <a href="https://www.avax.network" target="_blank" rel="noreferrer noopener">website</a>. Some stats on estimated staking APYs and other KPIs can be seen below:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="926" height="348" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png" alt="" class="wp-image-11377" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=926 926w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=80 80w" sizes="auto, (max-width: 926px) 100vw, 926px" /></figure>



<p>Some comparisons to other layer-1 chains, provided by Avalanche, can be seen in the following table:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="919" height="664" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png" alt="" class="wp-image-11376" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=919 919w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=356 356w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=361 361w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=303 303w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=80 80w" sizes="auto, (max-width: 919px) 100vw, 919px" /><figcaption>Source: <a href="https://www.avax.network">https://www.avax.network</a></figcaption></figure>



<h3 class="wp-block-heading">Ethereum dApps launched on Avalanche</h3>



<p>Avalanche can support solidity, a smart contract programming language, dApps. Because of this compatibility, some popular Ethereum dApps have elected to launch on top of Avalanche.    </p>



<p>Aave, for example, is one of the largest peer-to-peer borrowing and lending dApps on Ethereum. The Aave DAO voted to launch on top of the Avalanche blockchain and has since become the largest application in the ecosystem in terms of TVL. </p>



<p>Another popular Ethereum dApp, Curve (CRV), built on top of the Avalanche chain to provide its services to a wider array of users. Curve has become the fourth largest dApp built on top of Avalanche. </p>



<p>“As DeFi becomes more and more popular, it becomes clear that Ethereum blockchain is currently struggling to fit all the activity. Thus, it is important to expand to other chains and L2s,” Curve Financial CEO Michael Egorov said in a statement. “We find Avalanche offering an excellent opportunity with its unique decentralized consensus mechanism, high throughput and low transaction fees.”&nbsp;</p>



<p>The main draw for Ethereum-based dApps to be built on AVAX blockchain is likely the liquidity incentives program, called Avalanche Rush, that was <a href="https://cms.blockworks.co/avalanche-to-add-defi-protocols-aave-and-curve/" target="_blank" rel="noreferrer noopener">announced</a> back in August. The $180 million incentive program (which has since risen in value) will distribute AVAX tokens to those who provide liquidity to dApps built on the Avalanche chain. These rewards will continue to be distributed to liquidity providers over a multi-month period, but it is anyone&#8217;s guess if that liquidity will dry up after the rewards have all been distributed. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-2.54.01-PM-1024x678-1.jpg" alt="" class="wp-image-11378"/><figcaption>Source: Defi Llama</figcaption></figure></div>



<h3 class="wp-block-heading">AVAX Bridge</h3>



<p>The Ethereum-Avalanche bridge is the second largest bridge in the Ethereum ecosystem. This would make sense due to the aforementioned liquidity mining program and Ethereum native dApps such as Aave and Curve building on top of the up and coming blockchain. Its TVL currently sits near $5.6 billion. </p>



<p>The <a href="https://bridge.avax.network/login" target="_blank" rel="noreferrer noopener">bridge</a> can be used to port Ethereum assets into the avalanche ecosystem and vice versa.  </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="698" height="295" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png" alt="" class="wp-image-11388" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=698 698w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=80 80w" sizes="auto, (max-width: 698px) 100vw, 698px" /><figcaption>Source: Dune Analytics</figcaption></figure></div>



<p> </p>



<p>Yesterday, <a href="https://www.avalabs.org" target="_blank" rel="noreferrer noopener">Ava Labs</a> <a href="https://medium.com/avalancheavax/deloitte-leverages-avalanche-to-improve-recoveries-from-natural-disasters-and-public-health-4fa3fd3644bf" target="_blank" rel="noreferrer noopener">announced</a> a partnership with Deloitte to leverage the Avalanche blockchain to improve recoveries from natural disasters and public health emergencies.<a href="https://avalancheavax.medium.com/?source=post_page-----4fa3fd3644bf-----------------------------------"></a></p>



<h3 class="wp-block-heading">Crypto.com</h3>



<p>Crypto.com&#8217;s blockchain token, CRO, is trading above $.50 for the first time ever. The token is up 191% over the past month. </p>



<p>&#8220;The Crypto.com Chain was created to build a network of cryptocurrency projects, and develop merchants’ ability to accept crypto as a form of payment.&#8221; according to the company&#8217;s <a href="https://crypto.com/price/crypto-com-coin" target="_blank" rel="noreferrer noopener">website</a>. &#8220;The Crypto.com Chain is a high performing native blockchain solution, which will make the transaction flows between crypto users and merchants accepting crypto seamless, cost-efficient and secure.&#8221;</p>



<p>The company has placed an emphasis on advertising, similar to FTX. Matt Damon recently <a href="https://www.bloomberg.com/news/articles/2021-10-28/matt-damon-to-promote-crypto-com-in-race-to-attract-new-users" target="_blank" rel="noreferrer noopener">partnered</a> with Crypto.com to become the face of the crypto exchange. Earlier today, the company <a href="https://www.wsj.com/articles/staples-center-in-l-a-to-be-renamed-crypto-com-arena-11637145428" target="_blank" rel="noreferrer noopener">inked</a> a deal to re-name the Staples Center in LA to  Crypto.com Arena for the next 20 years. The deal was worth a whopping $700 million.  </p>



<p>The CRO token price is likely following the headlines, which have been in abundance over the past few months.</p>



<h3 class="wp-block-heading">Messari Q3 2021 fund screening</h3>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="987" height="553" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg" alt="" class="wp-image-11395" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=987 987w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=80 80w" sizes="auto, (max-width: 987px) 100vw, 987px" /></figure>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Bored Ape Yacht Club remains hot, with Ape #8650 <a href="https://twitter.com/ape_g4ng/status/1460887650995482624?s=20" target="_blank" rel="noreferrer noopener">selling</a> for roughly $1.9 million in the middle of last night. Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="335" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png" alt="" class="wp-image-11403" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=1232 1232w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="282" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png" alt="" class="wp-image-11404" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=1200 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator"/>


CRO

Newsletter

Blockworks Research