Cronos Lab Announces Launch Of Cronos zkEVM Alpha Mainnet On ZKsync
In Brief
Cronos Labs announced the launch of its Cronos zkEVM, which is built on Ethereum and powered by ZKsync technology, on mainnet.
Entity developing the Cronos ecosystem, Cronos Labs announced the launch of its Cronos zkEVM, Layer 2 zero-knowledge blockchain, which is now live on the mainnet. This new network is the result of a collaborative effort between Cronos Labs and engineering teams from Matter Labs, Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and over twenty additional launch partners.
“The Cronos zkEVM Alpha mainnet makes it possible, for the first time, for distinct Ethereum Layer 2 networks to have a shared bridge and shared liquidity—in this case, the networks are Cronos zkEVM and ZKsync Era,” said Ken Timsit, Managing Director of Cronos Labs, to MPost. “This level of interoperability between Ethereum Layer 2s is going to usher in a new era of innovation by the dApps that take advantage of it, particularly in DeFi,” he added.
Cronos zkEVM, a Layer 2 blockchain built on Ethereum and powered by ZKsync technology, initially launched its testnet in December 2023. Since then, it has experienced a surge in activity, with over 3 million unique addresses generating millions of transactions. The network has now transitioned to its mainnet phase.
The network is designed to operate alongside the existing Cronos Ethereum Virtual Machine (EVM) and Cronos proof-of-stake (PoS) blockchains, which collectively manage over $6 billion in user assets and have facilitated more than 150 million transactions for over 1 million users to date. This addition broadens the Cronos ecosystem, extending its reach into the expanding domain of interconnected Ethereum Layer 2 networks.
It utilizes zkCRO, a liquid-staked variant of Cronos’s token CRO, as its primary gas token. However, through account abstraction, users have the flexibility to pay transaction fees using various tokens or even to enable gasless transactions, offering greater convenience and versatility.
Cronos zkEVM Launches With Strong Developer Support, Triple-Yield DeFi Ecosystem, And Enhanced Security Features
The new network also leverages the advantages of the existing user and developer community of the Cronos project, known as CROFam, which represents a potential user base of over 100 million people. Many of the leading application developers from the Cronos ecosystem have already announced their plans to expand to this new blockchain alongside several new launch partners.
Its decentralized finance (DeFi) ecosystem provides end-users with a triple-yield value proposition, allowing for maximizing returns on their cryptocurrency assets in three ways. First, individuals have an option to generate staking APR from liquid staked cryptocurrencies such as zkCRO, vETH, as well as vUSD. Second, they can generate additional DeFi yield through decentralized applications. Finally, users can accumulate loyalty points by engaging in ecosystem quests, which can be redeemed for extra rewards through the Pioneer Program, a loyalty initiative that rewards eligible network actions with points redeemable for rewards from participating applications. Notably, many early adopters have already obtained zkCRO by taking part in the pre-launch deposit program, Cronos zkEVM Passage, which successfully attracted 100 million CRO in deposits.
Furthermore, Cronos zkEVM also includes a native Ethereum bridge, secured by Ethereum smart contracts, which it shares with Era and other zero-knowledge blockchains. This Layer 1 to Layer 2 bridge offers enhanced security, providing end-users with greater confidence. Unlike traditional methods that rely on third-party-controlled bridges for transferring cryptocurrencies between Layer 1 and Layer 2 networks, this solution increasingly improves security and reliability.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
