CroNodes price prediction: Is investment vehicle worth your time?
The easy-to-use interface and clear-cut rewards system of CroNodes is generating buzz. Is it deserved?
Launched on the Cronos blockchain in January 2022, CroNodes (CRN) is an investment vehicle with a simplified user interface, promising 5% per annum yields. The anonymous project “combines returns from protocol-owned liquidity with returns from DeFi (decentralised finance) protocols across many chains to allocate rewards to yield holders”.
CroNodes recently tanked in value, sparking concerns for the project. Can it rebound?
In this article, we explain the key features, benefits and red flags of the protocol before looking into some CroNodes coin price predictions.
How does CroNodes work?
CroNodes’s interface is clearly designed for the casual investor who wants to earn passive income, albeit at a fairly modest rate of return (though it’s still better than leaving your money in the bank).
After purchasing some CRN and going through the requisite wallet connections, the user activates a node by staking 20 CRN through the simple interface, and that is about all there is to it. Theoretically, CRN rewards should then start coming in at a rate of 0.5 CRN a day (2.5%).
CroNodes slashed rewards by 50% in March 2022. A maximum of 100 nodes may be activated, making maximum rewards of 50 CRN a day theoretically possible... minus the 10% claims tax.
CRN is trading at around $0.50, making the going price barrier for entry $10, and an investment cap of $1,000. This trading price is a substantial drop from upwards of $50 in February 2022. In other words, CRN has dropped in value by 99%. The dramatic reduction in token value can possibly be attributed to sell pressure following CroNodes’s decision to slash rewards by 50%, combined with a prolonged crypto bear market.
You might be wondering what DeFi protocols CroNodes uses to generate returns. That information is not made available on the website, but the disclaimer states: “The CRONODES DeFi proprietary allocation technology is not yet functional… it is still in the development phase. There is no guarantee that this technology will be finished before a certain date, nor that it will work as the CRONODES team wants it to work or as the CRONODES team currently imagines it.”
In its current state, it seems likely that investment strategy is guided by developer discretion. Proposals are also being fielded on the official Discord channel. Messages were left on Discord and Twitter asking for clarification.
Is CroNodes legit?
All in all, what is CroNodes (CRN) looking like as a project?
CroNodes is lacking in some transparency: the team is anonymous and the cronodes.xyz domain name details are hidden. This is not uncommon, but clarity on how users’ money is being invested would help to build trust in the project.
The recent slashing of rewards from 1 CRN per day to 0.5 CRN per day is also concerning, although an announcement on Discord cited sustainability for the project as the primary motivation.
CroNodes has a robust social media presence, particularly on Discord, where investment decisions are being fielded. Do not expect anything in the way of “know your customer” or other regulatory adherences. The rewards pool holds more than $6,305, and a steady flow of outbound transactions can be observed, suggesting a steady flow of returns to investors, albeit of diminishing value.
Currency.com always recommends thoroughly investigating any platform before you entrust it with your money. Be sure to read the white paper and peruse the social media channels. Never invest more money than you can afford to lose.
According to official CroNodes documentation, when a node is generated with 20 CRN, 14 tokens go to the rewards pool (they are sent to work on generating returns), two tokens go to the CRN/CRO liquidity pool, and four tokens go to the marketing team (in reality, likely the developers).
Data from Cronoscan shows that the total supply of CRN is 20.45 million, suggesting a fully diluted market capitalisation of $10.37m given the CRN exchange value of $0.5. Circulating supply figures are not readily available but since 95% of tokens are in a burn address, we can make an estimate of one million CRN valued at $500,000. The rewards address has $6,305 in CRN tokens, totaling 0.06% of supply. This supply has reduced from over 0.5% in May.
CRN is only available for purchase on CronaSwap.
Views from the forecasters
The following CroNodes price prediction targets should be seen as highly speculative. CroNodes has fallen sharply in value and has been delisted from CoinMarketCap.
With that in mind, the DigitalCoinPrice CroNodes price prediction for 2022 as of 23 June 2022 is $0.96, suggesting a potential 92% increase. The site’s CroNodes price prediction for 2025 stands at $1.45.
PricePrediction offers CroNodes price prediction targets that are slightly higher, suggesting a jump to $1.12 by the end of 2022, essentially flatlining the project, heading up to $3.57 in 2025.
Looking further ahead, the CroNodes price prediction for 2030 at DigitalCoinPrice is $3.40, while PricePrediction’s 2030 target is $21.
This article is a neutral informational resource and does not present itself as investment advice. Always do your own research and consult professional investment experts if you are considering an investment.
Data from Cronoscan shows a total CRN supply of 20,456,743. Since 19,456,743 are in a burn wallet, we can conclude that one million CRN are in circulation.
CroNodes is lacking in some aspects of transparency and has suffered a substantial decline in value.
Currency.com suggests conducting a thorough due diligence exercise on the project. This could include reading the whitepaper, browsing social media channels and getting a third-party opinion.
The few digital forecasters with CroNodes price predictions expect the token to go up although recent performance has been poor. Make sure to do your own research before placing money on an investment.
That decision is up to you. If you are considering an investment, be sure to read up on the project and its long-term potential, and come to your own CRN price prediction. This article is a neutral resource of information and should not be taken as financial advice.