With over 1.7 million governance token holders and an aggregate of $10.5 billion in total treasury holdings, 2022 is quickly becoming the year of the DAO. Among those leading the charge is Kronos DAO, the Klaytn network’s first and largest DeFi 2.0 protocol. Now, Kronos is coming to Polygon.
Kronos DAO is the first decentralized reserve currency protocol on the Klaytn network, powered by the native token $KRNO.
Kronos DAO aims to be the “Bank for Muggles” where anyone can use DeFi without the risk of volatility and instability. Volatility is typical in crypto, and as a result, stablecoins have become a necessary component of the ecosystem. However, stablecoins, too, have their fair share of volatility and depreciate at the rate of whichever asset they are pegged to. Kronos DAO overcomes that problem with its algorithmic reserve currency, $KRNO.
Each $KRNO token is backed by other decentralized assets in the Kronos DAO treasury, ensuring a minimum floor price. The Kronos DAO then generates income for its token holders in a number of ways — forming a new paradigm whereby both the treasury and investors receive fair returns.
Staking is the primary value accrual strategy of Kronos DAO, and by token holders staking their $KRNO, they passively earn more $KRNO tokens in return. The other way to generate value is by minting, which is a more active route and requires users to sell their decentralized assets to mint $KRNO tokens, in turn contributing to Kronos’ liquidity pool.
Kronos DAO coming to Polygon opens up the potential for global outreach, and the overarching philosophies of both it and Polygon align perfectly — Web3 for all. Kronos DAO is positioning to become a DeFi hub of the metaverse, all while ushering in a new age for how crypto-based start-ups are cultivated and funded.
To learn more, visit: https://kronosdao.finance/. Head to our blog for the latest on the Polygon ecosystem!
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