Cronos, the innovative blockchain network, has reached an important milestone with the launch of its alpha mainnet. Kronos Zaki Efemmarking the first chain to join the ZKsync Era ecosystem. This exciting development underscores Cronos’ commitment to advancing blockchain technology and contributing to open source projects that are shaping the future of the Ethereum network.
Expanding the Cronos Ecosystem
Cronos zkEVM joins the existing Cronos POS and Cronos EVM blockchains, which collectively manage over $6 billion in user assets. This expansion of the zk pool space for layer 2 Ethereum networks demonstrates Cronos’ strategic vision to provide a variety of scalable solutions to its growing user base.
Cosmos and Ethereum Connect
Cronos’ journey began with the launch of its Point of Sale Chain in 2021, developed in partnership with Crypto.com Exchange and using the Cosmos SDK. This was followed by the introduction of the EVM-compatible chain in 2022, further enhancing the interoperability of the ecosystem.
Now, with the addition of Cronos zkEVM, the network is ready to take advantage of the best of both worlds of Cosmos and Ethereum. By integrating with ZKsync Era, Cronos gains access to the powerful Ethereum bridge, enabling seamless asset transfers and cross-chain interactions.
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Unlock the possibility of infinite expansion
The integration of Cronos zkEVM with ZKsync Elastic Chain represents an important step towards realizing the long-term vision of Ethereum scalability. This collaboration aims to address the challenges of mainstream adoption by providing a path towards infinite horizontal scalability through layered networks.
Common bridge, common opportunities
The “Shared Bridge” feature, a series of smart contracts on Ethereum, supports all chains deployed in the ZKsync Elastic Chain network. This innovative approach allows for seamless protocol-level transfers between zk chains, without the need for layer 1 transactions to update balances.
This shared infrastructure not only enhances the security and efficiency of cross-chain interactions, but also opens up new ways for developers and users to explore the limitless potential of the Ethereum ecosystem.
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What does Cronos zkEVM offer?
Cronos zkEVM offers a compelling value proposition that combines the strengths of different blockchain technologies. From its native account abstraction capabilities to offering a yield-bearing stablecoin vUSD, the network aims to provide a versatile and user-friendly experience.
Liquid Betting and DeFi Returns
One of the standout features of the Cronos zkEVM is the use of zkCRO, a liquidity-staking version of the CRO token, as its underlying gas token. This “triple yield” opportunity allows users to earn staking rewards, DeFi returns, and ecosystem incentives at the same time, further incentivizing network participation.
Bridging the Gap with Ethereum
Cronos zkEVM’s native Ethereum bridge, which is shared with ZKsync Era and other zk chains, provides enhanced security and reliability for users who have relied on third-party-controlled bridges in the past. This development greatly improves the user experience and reduces the risks associated with moving assets across the chain.
Ecosystem growth and adoption
The Cronos zkEVM mainnet launch has attracted a diverse array of launch partners, ranging from self-custodial wallets to decentralized applications in the DeFi, NFT, and gaming sectors. This influx of ecosystem participants underscores the network’s potential to drive innovation and foster widespread adoption.
Pioneer Program: Stimulating Participation
To promote usage and engagement, Cronos has introduced the Pioneer Program, which provides users with the opportunity to earn a variety of incentives, including ZK tokens and other participating project tokens, by completing specific tasks and activities within the ecosystem.
The way forward
Cronos zkEVM is currently in the mainnet alpha phase, and the team expects to complete this phase by September 2024. During this period, the network’s technical team will closely monitor performance and gather user and developer feedback to determine whether to move to the beta phase.
Unlocking the Future of Ethereum
As Cronos continues to make significant progress in scaling and adoption, its integration with ZKsync Elastic Chain represents a significant milestone in the broader effort to realize Ethereum’s vision of infinite scalability. By harnessing the power of zk-rollups, Cronos is poised to play a pivotal role in shaping the future of the Ethereum ecosystem and driving mainstream blockchain adoption.
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