Cronos Labs is excited to announce the groundbreaking launch of the Cronos zkEVM on the ZKsync Elastic Chain mainnet. This achievement marks a significant milestone as it becomes the first chain to go live using the ZKsync tech stack, alongside the Era chain.
The Cronos zkEVM is the result of a fruitful collaboration between Cronos Labs, Matter Labs (a contributor to ZKsync), Crypto.com, and a collection of dapp partners. This remarkable network has undergone rigorous testing in the testnet since December 2023.
Joining the existing Cronos POS and Cronos EVM blockchains, which already manage over $6 billion in user assets, the zkEVM strengthens Cronos Labs’ ecosystem by venturing into the zk rollup space of Ethereum layer-2 networks.
One fascinating feature of the Cronos zkEVM is its utilization of zkCRO, a liquid-staked version of CRO, as its primary gas token. Thanks to the native account abstraction capabilities, users have the flexibility to pay transaction fees using various tokens.
Ken Timsit, from Cronos Labs, expressed the team’s dedication to advancing blockchain technology and contributing to open-source projects. Timsit stated, “We would like to help realize the long-term vision of Ethereum on a path towards infinite scalability and mainstream adoption.”
The new chain has already garnered support from various app developers, such as VVS Finance, Fulcrom Finance, and Veno Finance, who are committed to deploying their applications on Cronos zkEVM. Additionally, Cronos Labs has shared plans for at least 20 more app deployments on the horizon.
As part of the Elastic Chain, the Cronos chain will have access to the same native Ethereum bridge as ZKsync Era, facilitating seamless interoperability between the networks.
The alpha phase of Cronos zkEVM is set to run until September 2024. Anthony Rose, Matter Labs’ chief technology officer, explains that this new chain is akin to the second of two interconnected computers in a network. As more ZK chains are introduced, they will join the Elastic Chain, achieving the much-anticipated horizontal scalability.
To incentivize usage, Cronos is promoting zkCRO as a “triple yield” opportunity, offering native staking yield, DeFi dapp yields, and ZK token incentives gained through the ZKsync airdrop.
Furthermore, Cronos leverages the Maker DAI Savings Rate to introduce a yield-bearing vUSD stablecoin, which is minted from assets bridged to the Cronos zkEVM. Unlike sDAI, vUSD will be pegged to DAI 1:1, and its yield can be claimed through the Veno Finance dapp.
The launch of Cronos zkEVM on the ZKsync Elastic Chain is a pivotal moment in the blockchain industry. With its innovative features, commitment to scalability, and partnerships with leading players, Cronos Labs is shaping the future of Ethereum’s layer-2 networks.