Cronos

<a href="https://cronoslabs.org/" rel="noopener noreferrer nofollow">Cronos Labs</a>, the web3 start-up accelerator focusing on DeFi, GameFi, and the development of the <a href="https://cronos.org/" rel="noopener noreferrer nofollow">Cronos</a> ecosystem, announced today the launch of Cronos zkEVM Chain testnet, a zero-knowledge (ZK) rollup blockchain network that represents a significant milestone on Cronos&#39; journey towards scalability and mainstream adoption. The testnet is a hyperchain using <a href="https://zkstack.io/" rel="noopener noreferrer nofollow">ZK Stack</a>, launched in a partnership between Cronos Labs, Matter Labs, the team behind <a href="https://zksync.io/" rel="noopener noreferrer nofollow">zkSync</a>, and engineering teams from <a href="https://crypto.com/" rel="noopener noreferrer nofollow">Crypto.com</a>, <a href="https://vvs.finance/" rel="noopener noreferrer nofollow">VVS Finance</a>, <a href="https://fulcrom.finance/en/" rel="noopener noreferrer nofollow">Fulcrom Finance</a> and <a href="https://veno.finance/" rel="noopener noreferrer nofollow">Veno Finance</a>.With an addressable user base of more than 80 million crypto holders around the world, Cronos is on a mission to make it easy and safe for the next billion crypto users to adopt self-custodial Web3, DeFi, NFTs and GameFi.Ken Timsit, Managing Director of Cronos Labs, said: &#34;The Cronos ecosystem already includes a <a href="https://www.coingecko.com/research/publications/top-layer-1-blockchains#:~:text&#61;The%20top%2010%20Layer%2D1%20blockchains%20are%20Ethereum%2C%20Tron%2C,Tenet%2C%20SEI%2C%20and%20Celestia." rel="noopener noreferrer nofollow">top 10 blockchain</a> by Total Value Locked, a <a href="https://www.mintscan.io/" rel="noopener noreferrer nofollow">top 5 Cosmos network</a> 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. The Cronos zkEVM testnet represents an opportunity for Cronos Labs and our partners, including VVS, Fulcrom and Veno, to experiment with ZK layer 2 technology in order to prepare the next phase of growth starting in 2024. Other Cronos apps are warmly invited to join the testnet.&#34;“When we introduced the ZK Stack, we opened up the door for anyone wanting to build on top of Ethereum to do so by deploying hyperchains. Whether you’re building a specialized Rollup or a general purpose one, hyperchains allow you to tap into Ethereum’s extensive userbase base and liquidity while preserving its robust security and decentralization”, said Marco Cora, senior vice president of business and operations at Matter Labs. “We’re extremely excited to see Cronos deploying a hyperchain. With their extensive and diverse ecosystem of millions of users as well as the impressive financial value stored on-chain, they will be a great use case for the mass adoption of hyperchains.”<h2 id="header-0">First live public hyperchain testnet building on ZK Stack</h2>The Cronos zkEVM testnet is a zero-knowledge layer 2 roll-up network on top of Ethereum Sepolia testnet, meaning that it is secured by the Ethereum testnet both from a final settlement and a data availability standpoint.It uses the latest <a href="https://zksync.mirror.xyz/HJ2Pj45EJkRdt5Pau-ZXwkV2ctPx8qFL19STM5jdYhc" rel="noopener noreferrer nofollow">Boojum</a> STARK-based zero-knowledge proof system, which in addition to its  ability to run on GPUs with as little as 16 GB of RAM, boasts <a href="https://l2fees.info/" rel="noopener noreferrer nofollow">amongst the lowest fees</a> of any layer 2 rollup, with further cost optimizations planned in the near future.The network uses TCRO, a testnet version of the $CRO cryptocurrency of the Cronos ecosystem, as its native token to pay for transaction fees, but it can also support fee payment in any cryptocurrency thanks to zkSync&#39;s native account abstraction implemented at the protocol level.This is the first live public testnet utilizing <a href="https://era.zksync.io/docs/reference/concepts/hyperscaling.html" rel="noopener noreferrer nofollow">ZK Stack</a>, <a href="https://era.zksync.io/docs/reference/concepts/hyperscaling.html" rel="noopener noreferrer nofollow"> a modular, open-source framework leveraging zkSync’s code, that is designed to build custom ZK-powered L2s and L3s (referred to as hyperchains)</a>. Hyperchains are fractal-like instances of zkEVM networks running in parallel and with a common settlement on the Ethereum mainnet.In 2024, hyperchains will adopt a shared native bridge to Ethereum mainnet as well as unified interchain messaging, which will make it possible for users to send tokens, messages or transactions across hyperchains while benefiting from the security of the Ethereum network.As part of internal performance benchmarks, hyperchain technology can already deliver in excess of 100 transactions per second, with significant performance improvements planned for the coming months. The community is invited to run additional tests on this newly launched testnet and share them with the <a href="https://discord.com/invite/cronos" rel="noopener noreferrer nofollow">Cronos community</a>.<h2 id="header-1">What&#39;s next?</h2>The launch of Cronos zkEVM testnet is a significant milestone on Cronos&#39; multi-year scalability journey.Earlier in 2023, Cronos announced significant <a href="https://blog.cronos.org/p/fast-and-furious-performance" rel="noopener noreferrer nofollow">performance improvements of the flagship Cronos network</a>, the leading EVM-compatible blockchain built on the Cosmos SDK. Cronos also announced the commercial availability of application-specific optimistic rollup networks on top of Cronos, thanks to a <a href="https://blog.cronos.org/p/cronos-partners-with-caldera-to-deliver" rel="noopener noreferrer nofollow">partnership with Caldera</a>. Finally, in October 2023, Crypto.org Chain implemented a <a href="https://blog.cronos-pos.org/p/cryptoorg-chain-becomes-cronos-pos" rel="noopener noreferrer nofollow">rebranding into Cronos POS chain</a>.Therefore, the Cronos ecosystem is now multi-chain across several networks in order to support a broad range of user needs and use cases:<ul><li>Cronos (the EVM blockchain) is the leading Ethereum-compatible network built on the Cosmos SDK, permissionless, programmable layer-1, home to more than 500 project teams who have created decentralized applications powered by smart contracts. The Cronos EVM  chain has securely delivered more than 80 M transactions for more than 1 M users to date, and secures around 300 M US$ of DeFi Total Value Locked. Cronos is extendable, thanks to application-specific optimistic layer 2 blockchains that can be deployed on top of Cronos by app creators.</li><li>Cronos POS chain is the layer-zero network that guarantees the security of the Cronos ecosystem. It is the native issuer of the $CRO utility token, secured by a vast network of more than 100 nodes representing ~600 M US$ in staked value, in the top 5 of all Cosmos chains. The Cronos POS chain has securely validated around 35 M transactions, with an average transaction fee of 0.00001 US$.</li><li>Cronos zkEVM (now in testnet) is the latest sister chain that aims to extend the rich portfolio of Cronos apps into the promising zkSync hyperchain ecosystem, in order to further broaden its user base and make it easier to move liquidity back and forth between Ethereum and the Cronos chain(s).</li></ul>For Cronos, the next step will be to better understand the performance of the newly launched zkEVM network and determine the best potential path for mainnet deployment of ZK layer 2 technology and access to the shared liquidity of the Ethereum network.The protocol team will continue to experiment with layer 2 technologies and data availability protocols to determine how they can further strengthen the Cronos ecosystem. It will also continue to work closely with the Cosmos ecosystem when it comes to the development and integration of new or updated Cosmos SDK modules into Cronos chains, and integration of additional IBC functionalities.<h4>About Cronos</h4><a href="https://cronos.org/" rel="noopener noreferrer nofollow">Cronos</a> (cronos.org) is the leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com and more than 500 app developers and partners. Today, the #CROfam ecosystem represents an addressable user base of more than 80 million people worldwide. Our mission is to make it easy and safe for the next billion crypto users to adopt Web3, with a focus on decentralized applications in the DeFi, NFTs and GameFi verticals.Shortly after launch in 2021, Cronos achieved a top 10 position amongst all chains by TVL. It is home to more than 1 million users and 500&#43; dapps.Transaction fees are paid in Cronos ($CRO), a blue chip cryptocurrency.The Cronos ecosystem is supported by<a href="https://cronoslabs.org/" rel="noopener noreferrer nofollow"> Cronos Labs</a>, the start-up accelerator of the Cronos chain.<h4>About zkSync</h4>zkSync is a cutting-edge zero-knowledge (ZK) technology to scale Ethereum and bring crypto to the mainstream — reaching millions of developers and billions of people in need a technological solution for achieving progress and prosperity. Deeply rooted in its mission to advance personal freedom for all, the zkSync blockchain network makes digital self-ownership universally available. It is trustless, secure, reliable, censorship-resistant, privacy-preserving, hyper scalable, accessible, and sovereign. To learn more about zkSync, visit www.zksync.io.ZK Stack is a developer-friendly modular, open-source software framework that makes it easy for you to customize &amp; deploy your own interoperable ZK-powered blockchains, known as hyperchains. Quickstart by visiting <a href="https://zkstack.io/" rel="noopener noreferrer nofollow">https://zkstack.io/</a>

Cronos Labs Launches Public zkEVM Testnet Using zkSync's ZK Stack Technology

Table of Contents

Cronos

Other articles published on Dec 14, 2023

Bitcoin Eyes $80,000 in 2024 Amidst Spot ETF Launch & Halving

KuCoin resolves lawsuit through settlement and New York market exit

Celestia (TIA) Price Rises More Than 17% In 24 hours

BlackRock Revises Bitcoin ETF: A Strategy to Attract Wall Street Giants!

Crypto Prices Today: Bitcoin, Pepe Coin, BONK Surge After FOMC

Valkyrie files new S-1, adopts cash-only approach for spot Bitcoin ETF

Join our free newsletter for daily crypto updates!