Chromia Network Reaches Key Milestone with New Updates

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The Blockchain network Chromia has announced two significant updates for its ecosystem. The announcement reveals that the “MVP” mainnet phase will conclude on September 30, and staking on the mainnet will commence on September 24. This transition marks an important milestone for the Chromia network, which will now be officially referred to as the “Chromia Mainnet.”

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 follows several updates, including the integration of CHR coin deposits and withdrawals into Chromia Vault. It also introduces 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.

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.

The old EVM staking system will continue to pay rewards until September 28, 2024. Users must claim any remaining rewards from the old staking page by April 1, 2025, or risk losing them permanently. Notably, users who delegate their Chromia coins on the first day of mainnet staking (September 24) will benefit from up to four days of double rewards as they will be eligible for payments from both the new and old systems.

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.

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