Cronos Lab Unveils the Alpha Mainnet of Cronos zkEVM Powered by ZKsync

Entity responsible for the development of the Cronos ecosystem, Cronos Labs announced the launch of its Cronos zkEVM Now operational on the mainnet, this Layer 2 solution employs zero-knowledge blockchain technology. The new network is a result of a collaborative effort between the talented teams at Cronos Labs and Matter Labs, in conjunction with partners such as Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and more than twenty other collaborators.

Ken Timsit, the Managing Director of Cronos Labs, shared with Cryptocurrencylistings, \"The launch of the Cronos zkEVM Alpha mainnet brings with it groundbreaking interoperability between distinct Ethereum Layer 2 solutions, enabling a shared bridge and liquidity between Cronos zkEVM and ZKsync Era. This kind of collaboration is set to trigger a wave of innovation among decentralized applications, particularly within the DeFi landscape.”

Initially launched on testnet, Cronos zkEVM is a Layer 2 blockchain built on Ethereum and leveraging ZKsync technology. Since its inception, the network has seen a substantial uptick in engagement, with over 3 million unique addresses and millions of transactions recorded. It has now successfully transitioned to the mainnet phase. December 2023 Designed to coexist with the existing Cronos Ethereum Virtual Machine (EVM) and proof-of-stake (PoS) blockchains, this network collectively handles over $6 billion in user funds and has facilitated more than 150 million transactions for over a million users. This expansion enhances the Cronos ecosystem, bridging into the growing interconnected Ethereum Layer 2 landscape.

Utilizing zkCRO, a liquid-staked variant of the CRO token from Cronos, as its main gas token, the system allows users to cover transaction fees using a variety of tokens or even conduct gasless transactions through account abstraction, adding an extra layer of convenience.

With a robust backing from developers, the launch of Cronos zkEVM features a diverse DeFi ecosystem that promises enhanced security measures.

The new network benefits from the extensive existing user base and developer community, termed CROFam, which boasts a potential reach of over 100 million individuals. Numerous leading application developers from within the Cronos ecosystem are gearing up to migrate to this new blockchain, supported by various new launch partners.

The decentralized finance (DeFi) landscape provided by this ecosystem offers users a compelling triple-yield framework, allowing for maximizing potential returns on cryptocurrencies through multiple avenues. Participants can accrue staking APR from liquid-staked tokens like zkCRO, vETH, and vUSD, generate further yields via decentralized applications, and earn loyalty points through participation in ecosystem quests. These points can be redeemed for benefits through the Pioneer Program, which offers rewards for qualifying network interactions. Many early participants have already secured zkCRO by engaging with the pre-launch deposit initiative, Cronos zkEVM Passage, which attracted an impressive 100 million CRO in deposits. Cronos Additionally, the network features a native Ethereum bridge, secured by smart contracts, shared with Era and other zero-knowledge blockchain networks. This Layer 1 to Layer 2 bridge enhances security and boosts user confidence. Unlike traditional methods that depend on third-party-controlled bridges for cryptocurrency transfers between Layer 1 and Layer 2, this approach significantly enhances both security and reliability.

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Furthermore, Cronos zkEVM Alisa, a passionate journalist at Cryptocurrencylistings, concentrates on topics surrounding cryptocurrency, zero-knowledge proofs, investments, and the broader scope of Web3. With her sharp focus on emerging trends and technologies, she strives to deliver detailed insights to keep readers informed in the fast-paced world of digital finance.