The Blockchain network Chromia has announced two significant updates for its ecosystem. The MVP mainnet phase will conclude on September 30, and staking on the mainnet will commence on September 24.
Chromia Shell Transformation
Initially launched in July as the “Minimum Viable Product” (MVP), the mainnet aimed to lay the groundwork for Chromia’s broader mainnet objectives. The transition from MVP to the mainnet includes the integration of CHR coin deposits and withdrawals into Chromia Vault as well as the introduction of direct staking, delegation, and rewards on Chromia. These developments are accompanied by security features added to Chromia’s bridge backend, paving the way for future support of stablecoins and other EVM coins.
CHR Staking Features
Starting September 24, users will be able to stake CHR coins directly on the Chromia network, Ethereum network (ERC-20 CHR), and BNB Chain network (BEP-20 CHR). The new staking interface will allow users to perform staking transactions across all three Blockchain networks using the same EVM address and associated Chromia account. Stakers will receive an annual percentage rate (APR) of 10%, plus a share of network fees earned by delegates, varying based on network size and cluster occupancy. Existing stakers must delegate their coins to a Chromia mainnet provider to start earning rewards under the new system. Rewards will be distributed daily as CHR coins on the Chromia mainnet. Withdrawal requests will incur a two-week waiting period for each Blockchain. For example, if a user stakes both mainnet and ERC-20 CHR coins, withdrawing ERC-20 CHR coins from Ethereum will trigger the waiting period, during which rewards will accrue only on mainnet CHR coins.
What is Chromia?
Chromia is an altcoin project that distinguishes itself by offering unique decentralized applications, customizable fee structures, and locally queryable data through a Layer-1 relational Blockchain approach. This approach facilitates real-time data indexing and advanced cryptocurrency management, enhancing user experiences and enabling new Web3 business models that challenge traditional Blockchain frameworks.
These updates underscore the importance of the Chromia network's development and show that the project is moving forward by offering users new opportunities for participation and rewards.
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