Cronos Labs Launches Cronos zkEVM on Mainnet, Redefining Ethereum Scalability
Cronos Labs has achieved a groundbreaking milestone with the launch of Cronos zkEVM on mainnet, becoming the first third-party layer-2 ZK chain beyond ZKsync Era. This significant accomplishment is the result of collaborative efforts with industry leaders such as Matter Labs, Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and more than 20 other partners. The Cronos zkEVM, based on Ethereum and leveraging ZKsync technology, successfully transitioned from testnet to mainnet after handling millions of transactions and over three million addresses during the testnet phase.
The public mainnet (alpha) is scheduled to go live on August 15, allowing users to seamlessly connect their wallets, bridge funds, and access a diverse array of decentralized applications (dapps). The network seamlessly integrates with Cronos EVM and Cronos POS, which collectively have safeguarded over $6 billion in assets and processed more than 150 million transactions for a user base exceeding one million. Notably, it utilizes zkCRO, a liquid staked version of CRO, as its primary gas token, offering unmatched flexibility through account abstraction, including the provision of gasless transactions and multiple token options for fees.
Ken Timsit, Managing Director of Cronos Labs, emphasized the launch's significance in advancing Ethereum's widespread adoption and infinite scalability. Additionally, Matter Labs CTO Anthony Rose underscored the successful partnership and commended Cronos zkEVM's heightened security, achieved through a native Ethereum bridge secured by Ethereum smart contracts.
The network has garnered substantial support from launch partners, including reputable self-custodial wallets like Crypto.com, Rabby, and MetaMask, alongside an extensive range of DeFi, NFT, and gaming dapps. Users are incentivized through the Cronos zkEVM Pioneer Program, offering loyalty points exchangeable for valuable rewards, and the ZK Nation airdrop, which has already distributed over 5 million ZK tokens.
The mainnet alpha phase is slated to run until the conclusion of September 2024, during which the network's performance will undergo rigorous monitoring before transitioning to the beta phase.
Key Takeaways
- Cronos Labs launches the first third-party layer-2 ZK chain, Cronos zkEVM, on mainnet.
- Cronos zkEVM, based on Ethereum and ZKsync technology, transitions from testnet to mainnet.
- The network uses zkCRO as its main gas token and supports account abstraction for flexible transaction fees.
- Cronos zkEVM aims to enhance Ethereum's scalability and security with a native Ethereum bridge.
- The mainnet alpha phase will run until September 2024, with a focus on network performance and user incentives.
Analysis
The launch of Cronos zkEVM on mainnet by Cronos Labs, utilizing ZKsync technology, has the potential to substantially elevate Ethereum's scalability and security. This development not only influences partners like Matter Labs and Crypto.com, but also enhances their offerings. The integration of zkCRO as a gas token introduces unparalleled flexibility in transaction fees, which could attract a broader user and developer base. Additionally, in the short term, the mainnet alpha phase aims to ensure network stability and drive user adoption incentives. In the long run, this launch may set a precedent for broader Ethereum adoption, exerting influence on other blockchain projects and financial instruments reliant on Ethereum's ecosystem.
Did You Know?
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Cronos zkEVM:
- The Cronos zkEVM serves as a layer-2 scaling solution for Ethereum, utilizing zero-knowledge rollup (ZK-rollup) technology to enhance transaction throughput and reduce fees. Notably, it is the first third-party ZK chain to launch on mainnet outside of ZKsync Era, seamlessly integrating with Ethereum through a native bridge secured by Ethereum smart contracts. This integration is poised to improve Ethereum's scalability and security while maintaining compatibility with the Ethereum Virtual Machine (EVM).
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zkCRO:
- zkCRO serves as a liquid staked version of the CRO token, playing a vital role as the primary gas token on the Cronos zkEVM network. The innovative concept of liquid staking empowers users to stake their tokens while retaining the ability to utilize them for various purposes, including paying for transaction fees on the network. The use of zkCRO introduces remarkable flexibility through account abstraction, enabling features such as gasless transactions and the option to pay fees with multiple tokens, thereby enhancing overall user experience and network utility.
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ZK-rollup Technology:
- ZK-rollup stands as a layer-2 scaling solution that aggregates multiple transactions into a single transaction on the main Ethereum blockchain. Through the implementation of zero-knowledge proofs, ZK-rollup facilitates a significant increase in transaction throughput and a reduction in fees. This technology plays a pivotal role in enhancing the scalability of blockchains like Ethereum by enabling the processing of a large volume of transactions off-chain while upholding the security and integrity of the main chain.