Cronos Labs, a Web3 startup accelerator, has released the alpha mainnet of Cronos zkEVM, a Layer-2 blockchain built on Ethereum’s ZKsync Elastic Chain. This launch represents a significant advancement in scaling Ethereum and the broader ZK chain ecosystems, making advanced DeFi dApps accessible to a larger audience. The initiative was a collaborative effort led by Cronos Labs, with contributions from Matter Labs, Crypto.com, and various DeFi and gaming partners. Following a successful testnet phase with millions of transactions, Cronos zkEVM is now live and operational.
Cronos zkEVM aims to address the scalability issues that have plagued blockchain networks like Ethereum by utilizing zero-knowledge proofs for faster transaction speeds, lower fees, and increased security compared to traditional blockchains. The new chain expands the existing Cronos ecosystem, which includes Cronos EVM and Cronos POS blockchains managing $6 billion in user assets. Notably, Cronos zkEVM introduces zkCRO as its native gas token, providing users and developers with more flexibility. The incorporation of account abstraction technology simplifies user interactions and enables a wider range of transaction types.
In a partnership with ZKsync, Cronos zkEVM seamlessly integrates with the ZKsync Elastic Chain, a network of interconnected ZK rollups built on ZKsync technology. This collaboration aims to enhance interoperability, allowing users to transfer assets and engage with various applications across different ZK chains within the Elastic Chain ecosystem. By leveraging ZKsync technology, Cronos zkEVM aims to contribute to Ethereum’s long-term vision of infinite scalability and mainstream adoption. The chain will have access to the same native Ethereum bridge as ZKsync Era, enabling seamless asset transfers between chains.
The launch of Cronos zkEVM follows a successful testnet phase that began in December 2023, processing millions of transactions from over 3 million unique addresses. During the alpha phase, which will run until September 2024, engineers will closely monitor network performance and gather user feedback to optimize the platform. The existing Cronos infrastructure has facilitated over 150 million transactions for a user base exceeding 1 million individuals, demonstrating the platform’s robustness and scalability. The development of Cronos zkEVM represents a significant milestone in advancing blockchain technology and addressing scalability challenges in the industry.
Overall, the release of Cronos zkEVM on the ZKsync Elastic Chain marks a significant achievement in enhancing the scalability and performance of blockchain networks like Ethereum. The collaboration between Cronos Labs and ZKsync aims to foster interoperability and mainstream adoption of decentralized applications by offering faster transaction speeds, lower fees, and increased security. The alpha mainnet launch of Cronos zkEVM signifies a major step towards realizing Ethereum’s long-term vision of infinite scalability and widespread use. Through ongoing monitoring and user feedback, the platform will continue to evolve and optimize its performance to meet the demands of a growing user base in the DeFi and gaming sectors.
