Cronos Labs, a Web3 startup accelerator, has announced the alpha mainnet launch of Cronos zkEVM, a Layer-2 blockchain built on top of Ethereum (ETH) using ZKsync Elastic Chain technology. This launch is a significant milestone in the scalability of Ethereum and broader ZK chain ecosystems, bringing advanced DeFi dApps to a wider audience. The development of Cronos zkEVM was a team effort led by Cronos Labs, with key contributions from Matter Labs, Crypto.com, and various DeFi and gaming partners. After successful testing on the testnet with millions of transactions, Cronos zkEVM is now ready for the real world.
Cronos zkEVM aims to address the scalability challenges faced by blockchain networks, particularly Ethereum, by utilizing zero-knowledge (ZK) proofs to offer faster transaction speeds, lower fees, and enhanced security. The chain is an addition to the existing Cronos ecosystem, which includes Cronos EVM and Cronos POS blockchains managing $6 billion in user assets. An important feature of Cronos zkEVM is the introduction of zkCRO as its native gas token, providing more flexibility for users and developers. The chain also incorporates account abstraction to simplify user interactions and enable a wider range of transaction types.
Cronos zkEVM seamlessly integrates with the ZKsync Elastic Chain, a network of interconnected ZK rollups built on ZKsync technology, to promote interoperability across different ZK chains within the Elastic Chain ecosystem. This collaboration aims to facilitate asset transfers and interactions with various applications within the network. The new Cronos chain will also have access to the same native Ethereum bridge as ZKsync Era, enhancing connectivity and usability for users across different chains.
Ken Timsit, managing director at Cronos Labs, emphasized the long-term vision of Ethereum towards infinite scalability and mainstream adoption through the launch of Cronos zkEVM and integration with ZKsync. Cronos zkEVM coexists with the existing Cronos infrastructure, which has already processed over 150 million transactions from a user base exceeding 1 million individuals. The alpha phase of Cronos zkEVM is set to continue until September 2024, during which engineers will monitor network performance and collect user feedback to further optimize the platform for users.
The successful launch of Cronos zkEVM represents a significant advancement in scaling Ethereum and the broader ZK chain ecosystems, offering faster transaction speeds, lower fees, and enhanced security through zero-knowledge proofs. The collaboration between Cronos Labs, Matter Labs, Crypto.com, and other partners has led to the development of a chain that aims to address the scalability challenges faced by blockchain networks. With plans for further optimization and feedback collection during the alpha phase, Cronos zkEVM is poised to make a significant impact on the DeFi and gaming sectors within the blockchain industry.
