Web3 accelerator Cronos Labs has announced the alpha mainnet launch of Cronos zkEVM, a Layer-2 blockchain designed to enhance Ethereum’s scalability. Built on the ZKsync Elastic Chain, this launch marks the first time a chain has gone live using the ZKsync tech stack, alongside the Era chain.
A Collaborative Effort for Blockchain Innovation
The launch of Cronos zkEVM is the culmination of extensive collaboration among several key players in the blockchain industry. Cronos Labs led the project, with significant contributions from Matter Labs, one of the primary developers behind ZKsync, as well as Crypto.com and various decentralized finance (DeFi) and gaming partners. Following months of rigorous development and a successful testnet phase that saw millions of transactions, Cronos zkEVM is now ready to operate in a live environment.
Addressing Ethereum’s Scalability Challenges
Cronos zkEVM is strategically designed to tackle the scalability issues that have long affected blockchain networks, particularly Ethereum. By utilizing zero-knowledge (ZK) proofs, the new chain aims to offer faster transaction speeds, reduced fees, and enhanced security, addressing some of the most pressing concerns in the blockchain space.
This launch further extends the Cronos ecosystem, which already includes the Cronos EVM and Cronos POS blockchains. Collectively, these networks manage over $6 billion in user assets, demonstrating the growing impact of the Cronos ecosystem.
Key Features and Innovations
One of the standout features of Cronos zkEVM is its use of zkCRO as the native gas token, a departure from the Ethereum model that traditionally relies on ETH. This choice is intended to provide greater flexibility for both users and developers. Additionally, the chain incorporates account abstraction, which simplifies user interactions and supports a broader range of transaction types.
Integration with ZKsync Elastic Chain
Cronos zkEVM seamlessly integrates with the ZKsync Elastic Chain, a network of interconnected ZK rollups that enables interoperability across different ZK chains. This integration allows users to easily transfer assets and interact with various decentralized applications within the Elastic Chain ecosystem. Moreover, Cronos zkEVM will have access to the same native Ethereum bridge as ZKsync Era, further enhancing its connectivity and functionality.
Ken Timsit, managing director at Cronos Labs, emphasized the importance of this launch, stating, “Through the launch of Cronos zkEVM and our integration with ZKsync, we aim to contribute to Ethereum’s path toward infinite scalability and mainstream adoption.”
Alpha Phase and Future Developments
Cronos zkEVM enters the alpha phase, which will run through September 2024. During this period, Cronos Labs’ engineers will closely monitor the network’s performance and gather user feedback to optimize the platform for its full launch. The chain’s transition to the mainnet follows a successful testnet phase that began in December 2023, during which Cronos zkEVM processed millions of transactions from over 3 million unique addresses.
As Cronos zkEVM progresses through its alpha phase, it promises to play a pivotal role in advancing Ethereum’s scalability and driving innovation in the DeFi and gaming sectors.
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