The Cronus is one of the first weapons players can craft (along with the Heat Sword), and is wielded by Captain Vor. Compared to the Skana players can start with, the Cronus has a faster attack speed and greater damage, making it a reasonable upgrade for Sword wielders early in the game.
The listed attack speed is a speed multiplier for longswords. The real attack rate of the Cronus is 2.2 hits per second (0.45 seconds to hit once). This is because the swing rate of melee weapons often gets skewed due to attack animations.
As with most weapon components and blueprints dropped by certain enemies, the Cronus's blueprint drops as a pink orb when Vor is defeated.
The high slash damage is effective against Infested. However the fact that the Cronus only strikes one target at a time may make using the weapon inefficient against the hordes the Infested tend to come in.
On Update 7.8, the Cronus Blueprint was only a guaranteed reward the first time Tolstoj was completed and its drop chance would exponentially decrease with each future. This was put in place to prevent credit farming.