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- Cronos Labs launches new layer 2 network, “Cronos zkEVM”, based on Matter Labs software, expanding the Ethereum ecosystem.
- Cronos zkEVM testnet will drive cryptocurrency innovation, with support from Crypto.com, planning mainnet launch in Q2 2024.
Cronos Labs, the brains behind the Cronos blockchain, has just announced the launch of a new layer 2 network. Best of all, this launch joins the growing trend of second-layer projects in the mainstream Ethereum ecosystem.
The New “Cronos zkEVM” Blockchain
The new “Cronos zkEVM” chain is initially launched as a test network. What does this mean? Well, it is based on Matter Labs’ software tools, which are essential for creating new layer 2 and layer 3 chains, also known as “hyperchains”, on top of Ethereum. It’s a giant step towards innovation and efficiency.
Power and Collaboration Behind the Project
This test network is powered by zkSync’s ZK Stack software kit, developed primarily by Matter Labs. It will add a new chain to the existing Cronos ecosystem , which currently includes the Cronos EVM blockchain and the Cronos PoS chain. And here comes the interesting part: Crypto.com, the well-known cryptocurrency exchange, is a partner of Cronos Labs.
A First in the Use of ZK Stack
Moreover, this is the first public testnet using Matter Labs’ ZK Stack. And there are exciting plans for the future: the Cronos zkEVM mainnet is expected in Q2 2024.
Community at the Heart of Innovation
Omar Azhar, head of business development at Matter Labs, emphasized the importance of this move. According to him, the fact that a Layer 1 like Cronos is the first to be deployed as a hyper-chain is a great testament to the ZK Stack architecture.
And not to forget the impressive community that Cronos and Crypto.com have built, with more than 80 million crypto users.
Cronos: A Respected Player in the Blockchain Universe
Although Cronos is a fraction of Ethereum’s size, it maintains a respectable rank among the top 20 projects, in a universe of primary blockchain networks approaching 200. With some $354 million in total locked value (TVL), it ranks #11 in the industry, though still a far cry from Ethereum’s $28.2 billion.
The Future of Cronos and layer 2
The most recent addition to the Cronos ecosystem is part of a broader trend of projects launching layer 2, facilitated by readily available software stacks.
Ken Timsit, managing director of Cronos Labs, mentioned that the Cronos zkEVM testnet represents an opportunity to experiment with ZK layer 2 technology, thus preparing for the next phase of growth starting in 2024.
