- Chromia, a Layer-1 blockchain platform, is poised to launch its mainnet by mid-July.
- The company aims to simplify the creation of web3 applications by supporting its Layer-1 blockchain with an SQL-like programming language.
- The announcement led to a sharp upward movement in the altcoin’s price.
Discover how Chromia’s forthcoming mainnet launch is set to elevate web3 development and its subsequent impact on CHR token prices.
Chromia Announces Mainnet Launch, CHR Token Price Surges!
ChromaWay, the company behind the Layer-1 blockchain network Chromia, has scheduled the launch of its mainnet’s minimum viable product (MVP) for July 16. According to the announcement, Chromia will leverage its native CHR token to facilitate staking delegation, network hosting fee payments, and other core functionalities on the mainnet. The CHR token operates as both an ERC-20 token on the Ethereum blockchain and a BEP-20 asset on the Binance Smart Chain.
Chromia Mainnet Marks a Key Milestone
Alex Mizrahi, co-founder of Chromia, shared his thoughts on this landmark event, stating, “Launching the MVP Mainnet is a pivotal moment for Chromia. It’s not just a technical milestone but the beginning of something we believe has enormous potential.”
Chromia employs the Rell programming language, which is similar to SQL, to facilitate the construction of web3 applications. The design of Rell aims to allow higher-level computational functions and faster runtimes when creating and deploying decentralized apps.
Significant Impact on the Market
Following the announcement, Chromia’s native CHR token experienced a significant price hike. Initially trading at around $0.23, the token surged to $0.2661 before experiencing a slight decline due to profit-taking activities. At the time of writing, CHR was trading at approximately $0.2482, reflecting a 5.7% increase on the day.
Chromia’s Vision for the Future
Currently, Chromia is running an incentivized testnet initiative, rewarding participants with up to 250,000 CHR tokens. Additional developments include the launch of a native fee system and on-chain archiving designed to enable users to restore their data even after periods without payments. These initiatives are expected to bolster network adoption and increase the total value locked (TVL) within the ecosystem as more DApps bridge from EVM blockchains to Chromia.
Conclusion
The upcoming mainnet launch signifies a significant milestone for Chromia, paving the way for future growth and innovation. As the platform continues to develop its ecosystem, the CHR token’s performance and the overall adoption of Chromia’s solution will be key indicators to watch. With its unique combination of SQL-like programming and a focus on decentralized applications, Chromia holds promise for the future of web3 development.
