--- title: "Cronos Rebrands Wallet as Ult in Major CRO Burn Push" date: 2026-09-15 author: "Kathleen Kinder" featured_image: "https://coinlaw.io/wp-content/uploads/2026/09/cronos-rebrand-ult-trading-app.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "News" url: "/tag/news.md" --- # Cronos Rebrands Wallet as Ult in Major CRO Burn Push Cronos Labs is renaming its trading app Ult and tying its revenue directly to CRO. CEO Ryan Wyatt announced the overhaul on X, framing it as a sharper focus for the Cronos ecosystem and its native token. ## The Big Picture - Cronos Labs will rebrand its Onchain Wallet trading app as Ult, launching globally on iOS and Android on September 17, 2026. - Ult covers 100+ countries with 24/7/365 trading, 10 sports prediction categories and roughly 40 leveraged markets at launch. - Cronos Labs proposes that 100% of revenue from Ult and Cronos Launch buy CRO on the open market and burn it. - A separate proposal calls for burning 227.9 million CRO from the community pool, with ongoing accrual burns after that. - Cronos Labs will narrow its portfolio to Ult, Cronos Launch, VVS Finance and the underlying network, sunsetting other projects. ## Cronos rebrands its wallet app into a multi-market trading platform Cronos Labs, the team behind the **Cronos Network tied to Crypto.com**, is retiring the Onchain Wallet brand for its consumer trading app. The app relaunches as Ult, short for “**Ultimate**,” on September 17. It expands beyond spot crypto trading into sports prediction markets, leveraged perpetuals and tokenized assets in a single interface. Wyatt posted the strategy shift on X, saying the changes are meant to give users and developers **greater clarity** and to put a sharper focus on products that generate value for CRO. According to the official strategy announcement, Ult will let users “**pick an outcome, type a dollar amount and see exactly what it wins**” for sports predictions, while perpetual futures cover crypto majors, US stocks and commodities around the clock. Spot trading of Cronos Network tokens routes through VVS Finance, and cash balances settle to Circle’s native USDC on Cronos Network. Market and feature availability will vary by jurisdiction, per [Crypto.com’s product announcement](https://crypto.com/en/product-news/ult-launch-onchain-wallet), and users can switch between Ult and the existing Crypto.com Onchain Wallet within the same app. > The strategy we laid out brings clarity for users and developers across Cronos. Go check it all out at > > (1) We're naming our trading app [@UltApp](https://x.com/UltApp?ref_src=twsrc%5Etfw). Ult is short for Ultimate, the most powerful ability you unlock. Our goal is to give you the most powerful… [pic.twitter.com/nHaBJ7ycFR](https://t.co/nHaBJ7ycFR) > > — Ryan Wyatt (@Fwiz) [September 15, 2026](https://x.com/Fwiz/status/2099672129663008996?ref_src=twsrc%5Etfw) ## A revenue model built to buy back CRO The core of the new strategy is a direct link between trading activity and the [CRO token](https://coinlaw.io/cronos-statistics/). Cronos Labs is proposing that all revenue from Ult and from Cronos Launch, a token launchpad set to go live September 15, get used to buy CRO on the open market and burn it. Operating and growth costs for both products will be funded from existing capital rather than from that revenue stream, keeping the buyback mechanism intact regardless of near-term spending needs. Two separate proposals go to CRO holders for a vote after September 18. One covers the revenue allocation strategy itself. The other proposes burning **227.9 million** CRO from the community pool, with recurring burns tied to future accrual. Cronos Labs is also narrowing its own portfolio, concentrating resources on Ult, Cronos Launch, VVS Finance and the Cronos Network while sunsetting other initiatives it previously backed. ## Where Ult fits against the prediction market field? Ult enters a [prediction market](https://coinlaw.io/prediction-market-statistics/) and **multi-asset trading category** that has drawn new entrants over the past year. Kalshi has expanded into sports data partnerships and cleared federal court challenges to its contracts. Polymarket has rolled out its own stablecoin. Coinbase has folded stock trading and prediction markets into a single super app push, and [DraftKings](https://coinlaw.io/draftkings-cftc-predictions-app-launch/) has moved into CFTC-regulated prediction contracts. Ult’s pitch combines sports predictions, leveraged perpetuals and tokenized assets with Crypto.com’s existing distribution instead of launching any one category alone. ## The Bottom Line The rebrand reads as a consolidation move rather than a cosmetic one. Cronos Labs is betting that bundling prediction markets, perpetuals and tokenized assets under one distribution channel, backed by Crypto.com’s existing user base, generates more trading volume than the Onchain Wallet brand did on its own. Tying 100% of that revenue to CRO buybacks and burns, funded separately from operating costs, is a more **direct value-accrual mechanism** than many token ecosystems attempt. The plan still depends on execution across two governance votes and a portfolio narrowing that sunsets other Cronos Labs projects. Whether Ult’s roughly 40 leveraged markets and 10 prediction categories draw enough volume to make the buyback mechanism material will depend on adoption after the September 17 launch, and on how CRO holders vote on the revenue allocation and community pool burn proposals later this month. Definition of Stablecoin. Link to full glossary entry follows the description.**Stablecoin**A stablecoin is a cryptocurrency tied to a reserve asset like the US dollar, designed to maintain a stable value for trading, payments, and transfers. [Read more](https://coinlaw.io/glossary/stablecoin/)