Cronos Labs, the developer behind the Cronos blockchain, has unveiled a significant addition to its ecosystem with the launch of the “Cronos zkEVM chain.” This new layer-2 network, operating as a test network initially, utilizes Matter Labs’ software tools to create auxiliary layer 2 and layer 3 “hyperchains” on top of Ethereum.
Cronos zkEVM Chain and Matter Labs Collaboration
The Cronos zkEVM chain testnet is powered by zkSync’s ZK Stack software kit, predominantly developed by Matter Labs. Moreover, this marks a notable expansion in Cronos’ existing ecosystem, which presently comprises the Cronos EVM blockchain and Cronos PoS chain.
Further, the collaboration with Matter Labs signifies the incorporation of innovative technology to enhance the functionality and scalability of the Cronos network.
Partnerships and Development Progress
Cronos Labs’ partnership with Crypto.com, a notable crypto exchange, extends to their collaboration on the source code of the PoS chain.
Additionally, this initiative marks the first public testnet utilizing Matter Labs’ ZK Stack, positioning Cronos as an early adopter of cutting-edge blockchain technology. The mainnet launch for Cronos zkEVM is targeted for the second quarter of 2024.
Omar Azhar’s Perspective and Community Growth
Omar Azhar, head of business development at Matter Labs, praised Cronos and Crypto.com for their robust community-building efforts, boasting an addressable user base exceeding 80 million crypto users.
In addition, this move to deploy as a hyperchain showcases the ZK Stack architecture’s capabilities, solidifying Cronos’ pioneering role in embracing innovative blockchain solutions.
Cronos’ Position and DeFi Stature
Although Cronos holds a smaller market size compared to Ethereum, it maintains a commendable rank among the top-20 projects within the expansive blockchain landscape, comprising close to 200 primary networks, according to Messari.
Cronos boasts approximately $354 million in Total Value Locked (TVL), positioning it at No. 11 in the industry. However, it still falls short of Ethereum’s towering $28.2 billion TVL.
Furthermore, Cronos’ introduction of the zkEVM chain aligns with a broader trend within the industry, where numerous projects are exploring layer-2 solutions utilizing easily accessible software stacks or blockchain development kits, including collaborations with partners like VVS, Fulcrom, and Veno.
Lastly, Cronos Labs also aims to experiment with ZK layer-2 technology in preparation for future growth phases, commencing in 2024, as stated by Ken Timsit, managing director of Cronos Labs.
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