Cronos Labs Releases Cronos zkEVM Lightpaper, Mainnet Launch Planned for June
In Brief
Cronos Labs released the lightpaper for Cronos zkEVM, a Zero-Knowledge Layer 2 blockchain designed to operate atop the Ethereum mainnet.
Web3 startup accelerator Cronos Labs, behind the Cronos (CRO) blockchain ecosystem, released lightpaper version 1.0 for Cronos zkEVM, a Zero-Knowledge Layer 2 blockchain designed to operate atop the Ethereum mainnet. The Cronos zkEVM testnet is set to commence shortly, with the mainnet scheduled for June 2024.
Cronos zkEVM seeks to facilitate a liquidity shift from centralized platforms to a decentralized, on-chain ecosystem. Thus, it strategically addresses DeFi challenges by introducing solutions for liquidity fragmentation, yield generation complexities, and user experience barriers.
Achieving this, the platform establishes shared liquidity via trustless bridges, simplifies earnings with native yield-bearing assets, and enhances usability through account abstraction. These solutions collectively pave the way for a future marked by unified liquidity, passive yield accrual, and streamlined wallet management.
Cronos zkEVM delves into the forefront of Zero-Knowledge Layer 2 technology and modular data availability to enhance transaction speed and reduce costs, all while maintaining robust security.
The network distinguishes itself with shared liquidity that enables fluidity across hyperchains to address liquidity fragmentation, yield-bearing assets that naturally generate yield, and native account abstraction for smoother transactions and an enhanced user experience.
Cronos Blockchain Elevates DeFi, Metaverse and Web3
Leveraging Matter Labs‘ ZK Stack framework, Cronos zkEVM is set to function as a Layer 2 solution alongside the Cronos blockchain (EVM Layer 1), benefitting from the security of the Ethereum network.
Cronos zkEVM’s mainnet will utilize zkCRO, a yield-generating iteration of CRO, as its protocol token to enhance the utility of CRO and leverage its global user base, comprising over 80 million members of the CROFam.
Aiming to tackle crucial challenges and prepare the ecosystem for sustainable growth and broader adoption, Cronos zkEVM represents a deliberate stride in the evolution of the DeFi sector.
Cronos, a blockchain network, seamlessly interoperates with the Cosmos and Ethereum ecosystems, serving domains such as the Metaverse, DeFi, Web3 gaming, and non-fungible tokens (NFT). Driven by Ethermint, the Cronos blockchain facilitates the swift migration of applications and smart contracts from Ethereum and other EVM-compatible chains.
The blockchain secures the 11th position among the top 20 projects within primary blockchain networks, totaling close to 200, according to Messari data. Currently, its Total Value Locked (TVL) reaches $355 million.
The introduction of Cronos zkEVM and its upcoming mainnet is set to shape the future of DeFi, addressing fundamental challenges and fostering sustainable growth within its evolving landscape.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
