By
Godfrey Benjamin
April 26th, 2024
Cronos has announced a layer 2 network for the Ethereum blockchain in collaboration with Matter Labs, Crypto.com, Fulcrom, VVS, and Veno.
Cronos Labs, the name behind the Cronos blockchain, and a partner to Crypto.com, has announced a new layer 2 platform built for the Ethereum network. Cronos Labs has now joined a growing list of services working on improving Ethereum’s scalability by building and launching off-chain networks. The platform is initially available as a public testnet.
📖 Closing the year with a new #CROFam chapter: Introducing the Cronos zkEVM Chain Testnet, built on @zksync's ZK Stack Technology
🤝 An exciting opportunity for Cronos dapps to experiment with ZK layer 2 technology, join us on this journey!
👉🏻 Dive in: https://t.co/KvlWeY5Lyk pic.twitter.com/SUl4Y6UpvS
— Cronos (@cronos_chain) December 14, 2023
Cronos Launches Layer 2 Testnet for Scalability
In a Thursday blog post, Cronos said launching the Cronos zkEVM Chain testnet is a “significant milestone” towards achieving its aim of mainstream adoption in addition to scalability. The launch is in collaboration with Matter Labs and uses its zkSync technology. Cronos also notes that building the platform involved engineering teams from Crypto.com, Veno Finance, Fulcrom Finance, and VVS Finance. According to Cronos Labs, the new chain is the first-ever public testnet that uses ZKStack.
Transactions on the testnet are processed using TCRO, a testnet version of Cronos’ native $CRO cryptocurrency. Nonetheless, zkSync’s native account abstraction, which is available on the base protocol level, supports fee payment in other cryptocurrencies.
Matter Labs Senior Vice President of Business and Operations Marco Cora explained that launching ZK Stack “opened up the door” for developers to use hyperchains to build on the Ethereum network. Cora states that the technology helps anyone with their projects, whether its a general-purpose chain or a specialized Rollup. The Matter Labs exec then expressed excitement at Cronos launching a hyperchain, bringing more attention to the adoption of hyperchains.
Cronos Metrics and Features
According to Cronos Labs Managing Director Ken Timsit, the new testnet chain is a great opportunity for the startup and its partners. It helps all parties properly experiment with zk layer 2 technology to prepare for growth in 2024. Timsit, suggests that Cronos’ current metrics already puts the platform in the best position for this. The Cronos exec said:
“The Cronos ecosystem already includes a top 10 blockchain by Total Value Locked, a top 5 Cosmos network by staked amount, a top 30 cryptocurrency, and a major EVM-compatible app ecosystem with more than 500 projects. More remains to be done in order to prepare for the next wave of Web3 adoption.”
As part of its features touted by Cronos Labs, the zkEVM testnet uses the Boojum STARK-based zk (zero-knowledge) proof system, which allows processes to run efficiently with as little as 16 GB of RAM on a GPU. In addition, Cronos says the chain “boasts amongst the lowest fees” of all layer 2 rollups. Notwithstanding, the startup plans to optimize costs further sometime soon.
$100 Million Accelerator Program
Cronos has repeatedly invested in new projects, recently launching its third accelerator program in September. Focusing on startups working on projects using blockchain technology and artificial intelligence (AI), Cronos Labs is pumping $100 million into the program.
Lasting 12 weeks, the program will offer top-notch resources and support, in addition to financial help. The program is highly competitive, with several startups competing for money, in addition to access and help with innovation and mentorship. Tech giants signed up to assist participants include Amazon Web Services (AWS) and Google Cloud. In addition, Certik and PeckShield are also on board as blockchain security partners.
Cronos rebranded from “Crypto.org Coin” to reflect its decentralized nature and push into the adoption and utilization of Web3. Powered by Ethermint, the Cronos blockchain promotes interoperability between Ethereum and Cosmos. Within three months of launch, Cronos recorded impressive growth, with over 350,000 unique wallet addresses. In the same period, the platform also supported more than 120 decentralized application (dApp) builders.
