CROSS Protocol Launches $CROSS Token

CROSS Protocol recently launched its $CROSS token, introducing a new gaming blockchain built on Binance Smart Chain (BNB). The launch is an important step 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, showing early adoption by game developers on the new platform. This move attracted criticism from the community, who accused the RMW team of breaching an agreement by secretly signing with a different blockchain.

CROSS Protocol Launches $CROSS Token on BNB

Leadership and Background of CROSS Protocol

The founder of CROSS Protocol is Henry Chang, the former CEO of Wemade, a significant player in the Korean blockchain gaming industry. Chang joined Wemade in 2013 and helped guide the company toward blockchain-focused strategies. However, in September 2024, he stepped down amid personal and legal challenges related to allegations of manipulating the WEMIX token supply. According to GamingChronicles, after the first trial, all of Chang’s legal representatives withdrew from the case. These events raised questions about his leadership and the governance of CROSS Protocol.

WEMIX Token

Token Performance and Market Challenges

The $CROSS token launch took place under NEXUS Co., Ltd. Soon after the Token Generation Event (TGE), a report surfaced exposing a stock front-running scandal. This raised concerns about possible involvement by Nexus and was followed by a decline in the token’s fully diluted valuation (FDV), which fell below $50 million. Early presale investors, who bought in at around a $100 million valuation, are currently facing losses, with the token’s FDV near $65 million. The token’s initial exchange listings have been limited, which may restrict liquidity and wider adoption for now.

CROSS Protocol Launches $CROSS Token on BNB

Current Project Status and Future Prospects

Apart from 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, indicating plans for international growth. Despite these developments, the project faces challenges in regaining trust, especially within the Korean market following recent controversies. The success of CROSS Protocol will depend on gaining community support and forming strategic partnerships in a competitive web3 gaming environment.