Cronos zkEVM has officially launched on the mainnet, marking the first time a third-party Layer-2 ZK chain has gone live beyond the ZKsync Era. This launch is a crucial step forward in the ongoing efforts to enhance Ethereum’s scalability, bringing increased security, speed, and efficiency to the network.
Cronos Labs, in collaboration with engineering teams from Matter Labs, Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and over 20 other launch partners, successfully transitioned the Cronos zkEVM from its testnet phase to full mainnet operations. The testnet, which was introduced in December 2023, saw widespread adoption with millions of transactions and over three million unique addresses interacting with the network.
Now that Cronos zkEVM is live on the mainnet, it will operate alongside Cronos EVM and Cronos POS. Together, these networks have safeguarded more than $6 billion in user assets and processed over 150 million transactions for over a million users. This robust ecosystem further strengthens the Ethereum network’s capabilities, allowing it to support an even broader range of decentralized applications (dApps) and services.
The Cronos zkEVM blockchain is based on Ethereum and utilizes ZKsync technology, which enhances the scalability of the network by processing transactions off-chain and then syncing them back to the Ethereum mainnet. The mainnet launch of Cronos zkEVM signifies not just a technical achievement but a substantial leap towards solving Ethereum’s long-standing scalability challenges.
The new network uses zkCRO as its main gas token, a liquid staked version of CRO. This integration allows users to benefit from lower transaction fees and faster processing times. Additionally, the network’s account abstraction feature offers users the flexibility to choose between gasless transactions or paying transaction fees in various tokens, making it more user-friendly and accessible.
Ken Timsit, Managing Director of Cronos Labs, expressed the importance of this development, stating, “This launch is not just a technological milestone; it represents a significant step forward in Ethereum’s journey towards broader adoption and limitless scalability.” Timsit highlighted the collaborative efforts that made this achievement possible, particularly the contributions from the numerous partners involved.
Matter Labs CTO, Anthony Rose, echoed these sentiments, noting that Cronos zkEVM is a major accomplishment in the blockchain space. “As the first ZK chain to go live after the Era, Cronos zkEVM sets a new standard for what is possible in Ethereum scaling solutions,” Rose said. He also emphasized the enhanced security features of Cronos zkEVM, particularly its native Ethereum bridge, which is secured by Ethereum smart contracts. This bridge provides improved security over third-party alternatives, further solidifying the network’s reliability.
The Cronos zkEVM network is supported by a variety of launch partners, including self-custodial wallets like Crypto.com DeFi Wallet, Rabby, and MetaMask, as well as a diverse range of dApps in the DeFi, NFT, and gaming sectors. This broad support ensures that the network is well-equipped to handle a wide array of use cases right from the start.
In addition to these technical and security advancements, the Cronos zkEVM Pioneer Program offers users an additional layer of engagement. Through this program, users can earn loyalty points that can be redeemed for various rewards, further incentivizing participation in the network. The ZK Nation airdrop, which has already distributed over 5 million ZK tokens, adds to the appeal by contributing to a substantial rewards pool for the Pioneer Program.
As Cronos zkEVM enters its mainnet alpha phase, which will continue until the end of September 2024, the network’s performance will be closely monitored. This period will allow developers and users alike to test the network’s capabilities before it transitions into the beta phase. The gradual rollout is designed to ensure that any potential issues are addressed promptly, maintaining the network’s stability and reliability.
Cronos zkEVM: A Promising Future for Ethereum Scalability
The launch of Cronos zkEVM on the mainnet is a clear indication of the ongoing innovation in the blockchain space. As Ethereum continues to face challenges related to scalability, solutions like Cronos zkEVM offer a glimpse into a future where these issues can be effectively managed. With the strong foundation laid by Cronos Labs and its partners, Cronos zkEVM is poised to play a pivotal role in the next phase of Ethereum’s evolution.
The journey of Cronos zkEVM from testnet to mainnet represents a significant achievement in the world of blockchain technology. As the network continues to grow and evolve, it will undoubtedly contribute to the broader adoption of Ethereum and its ecosystem. With Cronos zkEVM now live on the mainnet, the future of Ethereum scalability looks brighter than ever.
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