Cronos zkEVM Alpha Mainnet Goes Live Featuring Native Ethereum Bridge
Cronos Labs has unveiled the highly anticipated zkEVM mainnet, a collaborative effort with Matter Labs, the developer behind zkSync. The Cronos zkEVM mainnet has been introduced with a robust ecosystem of decentralized applications (dapps) already in operation and an integrated Ethereum bridge.
The launch of the Cronos zkEVM mainnet follows a successful testnet that commenced in December 2023, resulting in the creation of over 3 million wallets. A significant portion of these users are expected to transition to utilizing the mainnet of the ZK-based Layer 2 network, which will complement the existing Cronos EVM and Cronos POS. zkCRO, a liquid staked version of the CRO token, acts as gas on the network and can be utilized to cover network fees.
With a user base exceeding 100 million cryptocurrency holders, Cronos has successfully attracted a substantial audience to its ecosystem. The release of the Cronos zkEVM mainnet offers these users a new platform rich in opportunities for generating yield. DeFi enthusiasts entering the Cronos ecosystem are enticed by the potential for triple yield, which includes staking APR of liquid staked tokens like zkCRO and vETH, DeFi yield from decentralized applications, and loyalty points earned by users completing ecosystem quests.
The Cronos team, experienced in launching new networks, initiated a pre-launch deposit program named Cronos zkEVM Passage, amassing 100 million CRO in deposits. This initiative laid a solid foundation for the mainnet launch, ensuring liquidity and user onboarding. The seamless asset transfer capability between various EVM chains, including zkSync, through a native Ethereum bridge, is an added benefit anticipated to significantly boost liquidity in the coming weeks.
Ken Timsit from Cronos Labs expressed enthusiasm about the launch, highlighting the team’s commitment to leveraging top-tier blockchain technology to create compelling use cases and contribute to open-source projects. The integration of Cronos zkEVM with ZKsync aims to support Ethereum’s long-term vision of achieving infinite scalability and mainstream adoption.
In the competitive multi-chain environment, a layer 2 network like Cronos zkEVM requires quality dapps to stand out. The platform has onboarded numerous launch partners, including wallets such as Crypto.om DeFi Wallet, Rabby, and MetaMask, along with core contributors like VVS Finance, Fulcrum Finance, and Veno Finance actively developing on the L2 network.
Currently in its alpha phase until the end of September, the Cronos zkEVM will undergo performance monitoring and user feedback collection before advancing to the beta phase. Ethereum users now have another Layer 2 solution to explore, with the Cronos zkEVM offering the potential to experience the triple-yield formula and the attractive APRs it can provide.
