Decentralized exchange Crypto.com-backed blockchain Cronos has announced the launch of Cronos zkEVM, a Layer2 network built on Ethereum using Matter Labs’ ZK Stack development framework for ZK Rollups.
Cronos ecosystem consists of two main networks:
1. Cronos POS: Formerly known as Crypto.org Chain, it is the native network of CRO token, ensuring the security of the Cronos ecosystem through staking consensus with over 100 nodes.
2. Cronos: An EVM-compatible blockchain built on the Cosmos SDK, launched in 2021 and currently ranked 11th in terms of Total Value Locked (TVL) among all public chains.
Cronos Labs, supported by Crypto.com, maintains the Cronos ecosystem.
Cronos Labs has announced the launch of Cronos zkEVM Chain, a Layer2 network based on zero-knowledge proofs (ZKP). Using Matter Labs’ ZK Stack, Cronos zkEVM Chain aims to create new Rollups to enhance the scalability of the ecosystem. The testnet for Cronos zkEVM is already live on the Ethereum Sepolia testnet.
Cronos zkEVM utilizes a zero-knowledge proof system based on Boojum STARK, enabling it to run on 16 GB of RAM and offering the lowest fees among all Layer2 competitors. Additionally, due to the native account abstraction design of the zkSync protocol, Cronos zkEVM can support any cryptocurrency as gas fees, not limited to CRO, providing a unique advantage.
The launch of Cronos zkEVM is a preparation for the ecosystem’s growth in 2024. With the market gradually recovering next year and the booming development of Ethereum Layer2 ecosystem, the team plans to introduce generic Rollups based on Ethereum to attract and redirect liquidity to the Cronos ecosystem. Several existing protocols, including VVS, Fulcrom, and Veno, have been invited to join the testnet.
ZK Stack is a zero-knowledge proof (ZKP) construction tool that allows protocol developers to build ZK Rollups more quickly and conveniently. Layer2 networks built using its toolkit can have unique capabilities of the zkSync network, including native account abstraction and communication between hyperchains.
Crypto.com, one of the investors behind zkSync, explains why Cronos chose this tool to construct Cronos zkEVM – to strengthen both projects.
As Layer2 technologies and tools mature and the token issuance trend continues, the market’s attention is increasingly shifting towards ecosystems like Rollups. This has led to many exchanges, institutions, and decentralized protocols launching their own Layer2 projects, including OKX, Kraken, Coinbase, Blur, Celo, and others, intensifying the competition.
However, amidst the market hype, there is still a lot of uncertainty about whether these Layer2 networks can truly generate value, establish a stable ecosystem, and maintain sustainability.
The positioning of Cronos zkEVM within the Cronos ecosystem needs to be clearer to avoid shallow duplication rather than innovation. Apart from marketing effects, it is important to carefully consider the impact on the product, as it may even have negative consequences. The future development of Cronos zkEVM should be approached with caution.
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