Cronos Labs has announced the launch of its eagerly-anticipated zkEVM mainnet. Developed with support from zkSync developer Matter Labs, the Cronos zkEVM goes live with an extensive ecosystem of dapps already in place and a native Ethereum bridge.
The launch of the Cronos zkEVM mainnet follows a successful testnet that kicked off in December 2023 and saw more than 3 million wallets created. The majority of these users will now transition to using the mainnet of the ZK-based L2 which will operate as a complement to the existing Cronos EVM and Cronos POS. zkCRO, a liquid staked version of the CRO token, serves as gas on the network and can be used to cover network fees.
The Cronos Family Gains a Chain
Having developed a user base of over 100M crypto holders, Cronos has already onboarded a sizable audience to its ecosystem. The mainnet release of the Cronos zkEVM provides a new playground for these users to explore that is rich in yield-generating opportunities. One of the greatest incentives for DeFi users entering the Cronos ecosystem is the prospect of triple yield, available via the staking APR of liquid staked tokens such as zkCRO and vETH; the DeFi yield offered by decentralized applications, and the loyalty points earned by users who complete ecosystem quests.
The Cronos zkEVM is not the Cronos Labs’ team’s first rodeo and they’ve become adept at bootstrapping new networks. A pre-launch deposit program known as Cronos zkEVM Passage accrued 100M CRO in deposits, providing a solid foundation for the mainnet to launch with liquidity in place and users onboard. The ability to move assets seamlessly between other EVM chains including zkSync using a native Ethereum bridge is another bonus that should see liquidity significantly increase in the weeks ahead.
Commenting on the launch, Ken Timsit of Cronos Labs said: “The Cronos team has a track record of leveraging the best blockchain technology to create compelling use cases, as well as contributing back to these open-source projects. Through the launch of Cronos zkEVM and our integration with ZKsync, we would like to help to realize the long term vision of Ethereum on a path towards infinite scalability and mainstream adoption.”
Launch Partners Line Up
Impressive as zero-knowledge technology is, a layer 2 network requires more to make it in the crowded multi-chain landscape. Specifically, it requires quality dapps that offer desirable services that will differentiate it from those in place on other chains. Ideally games, NFTs, and a multitude of other dapps too. In this respect, Cronos zkEVM appears well equipped, having onboarded dozens of launch partners.
Wallets such as Crypto.om DeFi Wallet, Rabby, and MetaMask have all added chain support while Cronos core contributors such as VVS Finance, Fulcrum Finance, and Veno Finance are also building on the L2 network.
The Cronos zkEVM is now in its alpha phase, which is expected to last until the end of September. During this period, developers will monitor performance and gather feedback from users before advancing to the beta phase. The launch of the Cronos zkEVM means Ethereum users now have another L2 on which to ply their trade and the opportunity to explore the sort of APRs that the network’s triple-yield formula can deliver.
