Cronos zkEVM Finally Makes Long Awaited Debut On Alpha Mainnet

Cronos Labs, a leading Web3 accelerator, has announced a collaboration with Matter Labs to launch Cronos zkEVM on the Ethereum mainnet. This zkEVM is the first Layer-2 ZK chain beyond the ZKsync Era. According to the announcement, Matter Labs, which is known for ZKsync, along with Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and 20 other digital asset entities, will spearhead the introduction of Cronos zkEVM on Ethereum (ETH) mainnet.

Harnessing Top Blockchain Technologies

Introduced in February 2023, Cronos zkEVM has already reached 3 million unique addresses and processed millions of transactions. The new addition to the Ethereum mainnet will join Cronos EVM and Cronos POS within the Cronos ecosystem, which boasts user assets exceeding $6 billion.

Kem Timsit of Cronos Labs stated that the Cronos team excels at harnessing top blockchain technologies to create innovative use cases while contributing to open-source projects. With the launch of Cronos zkEVM and the integration with ZKsync, Cronos aims to advance Ethereum in terms of infinite scalability and widespread adoption.

Furthermore, Cronos zkEVM will leverage CROFam, providing a long-term boost to the scaling solution. The official press release noted that the ecosystem encompasses around 100 million people, with top developers planning to expand to the new chain.

Several Benefits

The Cronos DeFi ecosystem offers various transaction fees and triple yield benefits. Users can earn returns by staking tokens like zkCRO, vETH, and vUSD, benefiting via DeFi applications on the blockchain, and receiving loyalty points for various activities within the Cronos ecosystem.

Cronos zkEVM will also feature the Pioneer Program, rewarding end-users with loyalty points for active participation and specific actions. The reward pool includes 5 million ZK tokens collected through the ZK Nation airdrop.

The release outlined that users can complete quests such as bridging funds, sending transactions, and using eligible dApps to earn points, which can later be redeemed in various participating cryptocurrencies. The alpha phase of the Cronos zkEVM mainnet will run until late September 2024, after which the transition to the beta phase will mark a significant milestone for the blockchain ecosystem.