Cronos team will launch Ethereum-based L2 solution in 2024

The project is based on the ZK Stack software package from zkSync

14.12.2023 - 12:49

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2 min

What’s new? Cronos, a blockchain developer, in cooperation with the Crypto com crypto exchange and the Matter Labs startup, has launched the Cronos zkEVM Layer 2 (L2) network based on the Ethereum blockchain. For now, the project is functioning in test mode based on the Ethereum Sepolia testnet. Cronos zkEVM, created using the ZK Stack framework, will become part of the Cronos ecosystem, which currently includes Cronos EVM and Cronos PoS networks.

CryptoPotato’s material

What else is known? Cronos Labs claims that the project is the first public testnet using Matter Labs’ ZK Stack. The company says it will allow partners, including decentralized finance protocols VVS, Fulcrom, and Veno, to “experiment with ZK Layer 2 technology in order to prepare the next phase of growth starting in 2024. The Cronos zkEVM mainnet is scheduled to launch in Q2 2024.

Cronos and Crypto com currently have a combined user base of over 80 million users. Cronos is among the top 20 L1s for smart contracts with a total value locked (TVL) of over $357 million.

Ubisoft becomes a validator of the Cronos blockchain

The game studio will participate in the management and approval of network updates

In August, US crypto exchange Coinbase launched its own L2 solution to scale Ethereum. In the overall ranking of networks for smart contracts, the Base project ranks 10th with a TVL of $386 million, ahead of the Cronos mainnet.

In November, the OKX crypto exchange also launched a testnet of its own L2 solution called X1, using Polygon as its underlying network. The full-fledged launch of X1 is expected in the first half of 2024.

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