CROSS Protocol recently launched its $CROSS token, introducing a new gaming blockchain built on Binance Smart Chain (BNB). The launch marks a significant milestone for the project, which aims to develop a gaming ecosystem supported by blockchain technology. Shortly before the launch, the game Ragnarok: Monster World (RMW) migrated from the Ronin blockchain to CROSS, demonstrating early adoption by game developers on the new platform. This move sparked criticism from the community, who accused the RMW team of breaking an agreement by quietly partnering with a different blockchain.
CROSS Protocol Launches $CROSS Token on BNB
Leadership and Background of CROSS Protocol
CROSS Protocol was founded by Henry Chang, the former CEO of Wemade, a major player in the Korean blockchain gaming industry. Chang joined Wemade in 2013 and helped steer the company toward blockchain-focused strategies. In September 2024, he stepped down amid personal and legal challenges tied to allegations of manipulating the WEMIX token supply. After the first trial, all of Chang's legal representatives withdrew from the case. These developments have raised questions about his leadership and the governance structure of CROSS Protocol.
WEMIX Token
Token Performance and Market Challenges
The $CROSS token launched under NEXUS Co., Ltd. Shortly after the Token Generation Event (TGE), a stock front-running scandal came to light, raising concerns about possible involvement by Nexus. The token's fully diluted valuation (FDV) subsequently dropped below $50 million. Early presale investors, who bought in at roughly a $100 million valuation, are currently underwater, with the token's FDV hovering near $65 million. Initial exchange listings have been limited, which may restrict liquidity and broader adoption in the near term.
CROSS Protocol Launches $CROSS Token on BNB
Current Project Status and Future Prospects
Beyond Ragnarok: Monster World, CROSS Protocol has several games in development, including MMORPGs, trading card games (TCGs), open-world RPGs, and idle games. The project has signed memorandums of understanding (MOUs) with developers in Korea, China, and Japan, signaling plans for international expansion. The project faces an uphill battle in rebuilding trust, particularly within the Korean market following recent controversies. The future of CROSS Protocol hinges on securing community support and establishing strategic partnerships in a crowded web3 gaming landscape.
