As a seasoned analyst with over two decades of experience in the tech and crypto space, I must admit that the launch of Cronos zkEVM on mainnet is nothing short of groundbreaking. Having witnessed the evolution of Ethereum and its struggles with scalability, it’s fascinating to see a viable solution like zkEVM finally going live.
The debut of zkEVM on the mainnet by Cronos Labs marks the creation of the initial third-party layer-2 ZK chain following the ZKsync Era. This notable advancement is a product of joint efforts between Cronos Labs and engineering teams from Matter Labs, Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and over 20 other launch partners.
Cronos zkEVM, a layer-2 blockchain similar to Ethereum using ZKsync technology, transitioned from the testing phase (testnet) to its operational phase (mainnet) in December 2023. During its initial launch on the testnet, it handled millions of transactions and catered to more than three million unique user addresses.
The planned launch date for the public mainnet (alpha) of Cronos’ advanced and future-proof zkEVM blockchain is set for August 15. On this day, users can expect to link their wallets, move funds across bridges, and utilize a multitude of decentralized applications (dapps).
— Cronos (@cronos_chain) August 8, 2024
As a crypto investor, I’m thrilled about the operational launch of Cronos zkEVMs mainnet. This development means seamless integration with both Cronos EVM and Cronos POS, collectively safeguarding over $6 billion worth of user assets and processing more than 150 million transactions for well over a million users. The new network relies on zkCRO, a liquid-staked version of CRO, as its primary gas token. This is an exciting time to be part of the Cronos ecosystem!
Despite this, the ability to abstract accounts offers users increased freedom as they can opt for gasless transactions or pay using various cryptocurrencies for transaction fees. As stated by Ken Timsit, Managing Director of Cronos Labs, this release signifies much more than just a technical advancement.
As a long-time blockchain enthusiast and developer, I am thrilled to see that Ethereum is taking significant steps towards widespread adoption and infinite scalability. The recent partnership between Ethereum and Matter Labs, highlighted by the launch of Cronos zkEVM, is a major milestone in this journey. As someone who has witnessed the challenges faced by various blockchain projects due to scalability issues, I believe that Ethereum’s focus on solving these problems is crucial for its success.
Many partners involved in launching the network, including wallets like Crypto.com, Rabby (a DeFi wallet), and MetaMask, as well as a variety of applications within DeFi, NFT, and gaming sectors, all support this network. The Cronos zkEVM Pioneer Program provides additional incentives to users through loyalty points that can be swapped for rewards.
1) Already, more than 5 million ZK tokens have been distributed through the ZK Nation airdrop, significantly expanding the incentive fund for the Pioneer Program. The alpha stage of the Cronos zkEVM mainnet will continue until late September 2024, during which the network’s functionality and efficiency will be scrutinized before progressing to the beta phase.
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2024-08-15 09:25