Cronos zkEVM Launches: Advancing Ethereum Layer-2 Scalability

Cronos Labs has made a significant stride in the crypto space with the official launch of Cronos zkEVM on the mainnet, marking the creation of the first third-party layer-2 ZK chain beyond the ZKsync Era. This achievement is the outcome of a collaborative effort between Cronos Labs and engineering teams from Matter Labs, Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and more than 20 other launch partners.

The newly established layer-2 blockchain, Cronos zkEVM, is rooted in Ethereum and incorporates ZKsync technology. Transitioning from the testnet to the mainnet, the platform witnessed millions of transactions and over three million distinct addresses upon its initial launch in December 2023.

With the public mainnet (alpha) launch of Cronos zkEVM set for August 15, the network is on the brink of going live, enabling users to connect their wallets, bridge funds, and access a growing array of decentralized applications. Now operational, Cronos zkEVM will collaborate with Cronos EVM and Cronos POS, safeguarding over $6 billion in user assets and facilitating more than 150 million transactions for over a million users. The network introduces zkCRO as its primary gas token, a liquid staked variant of CRO.

Account abstraction enhances user flexibility by enabling gasless transactions or payment in various tokens for transaction fees. Ken Timsit, Managing Director of Cronos Labs, views this launch as more than just a technological advancement.

This development signifies a crucial step in Ethereum’s journey towards widespread adoption and infinite scalability. Matter Labs CTO Anthony Rose highlighted the success of the partnership, underscoring Cronos zkEVM as a significant milestone and the first ZK chain to go live post-Era. The network boasts enhanced security over third-party bridges through a native Ethereum bridge secured by Ethereum smart contracts supporting Cronos zkEVM.

The network garners support from numerous launch partners, including self-custodial wallets like Crypto.com, DeFi wallet Rabby, MetaMask, and a variety of decentralized applications in the DeFi, NFT, and gaming sectors. The Cronos zkEVM Pioneer Program offers users additional incentives through loyalty points exchangeable for rewards.

The ZK Nation airdrop has already generated over 5,000,000 ZK tokens, contributing to a substantial rewards pool for the Pioneer Program. The mainnet alpha phase of Cronos zkEVM is slated to run until the end of September 2024, during which the network’s performance will be closely monitored before transitioning to the beta phase.