Cronos Labs, a pioneering force in the realm of web3 start-up acceleration and the driving force behind the Cronos ecosystem, has just rolled out an exciting development. They have officially launched a zero-knowledge Ethereum Virtual Machine (zkEVM) testnet blockchain network, and it’s making waves on the Ethereum Sepolia testnet.
In a groundbreaking collaborative effort, Cronos Labs has partnered with Matter Labs and harnessed the engineering prowess of the digital asset exchange, Crypto.com, as well as the decentralized finance (DeFi) platforms, VVS Finance, Veno Finance, and Fulcrom Finance. This alliance has given birth to the Cronos zkEVM Chain testnet, marking a significant milestone in blockchain technology.
A Closer Look at the zkEVM Testnet
The Cronos zkEVM testnet is a hyperchain that leverages the ZK Scalable Transparent Argument of Knowledge (STARK) modular framework. Positioned atop the Sepolia faucet, it benefits from the security provided by the Ethereum testnet, ensuring robust final settlement and data availability.
Cronos Labs proudly touts the zkEVM testnet as the pioneering public testnet utilizing the ZK Stack framework. Operating as a hyperchain, it coexists with the Ethereum mainnet for common settlement. Excitingly, in the near future, by 2024, a shared native bridge to the Ethereum mainnet is anticipated. This development will empower users to effortlessly transmit tokens and messages while benefiting from the impeccable security the Ethereum mainnet guarantees.
Ken Timsit’s Perspective
Ken Timsit, the esteemed Managing Director of Cronos Labs, expressed his enthusiasm about the zkEVM testnet. He emphasized how it represents a golden opportunity for Cronos Labs and its esteemed partners, including VVS, Fulcrom, and Veno. He underscored that this initiative allows them to delve into the world of ZK layer 2 technology, setting the stage for a promising phase of growth commencing in 2024. Moreover, Ken Timsit warmly extended an invitation to other Cronos apps, inviting them to join the testnet and explore its potential.
This innovative network relies on a Boojum STARK-based ZK-proof system, which efficiently operates on general processing units (GPUs) while simultaneously reducing transaction fees. Additionally, the zkEVM chain employs TCRO, a testnet variant of CRO, the native cryptocurrency of the Cronos ecosystem, for processing transaction fees. It’s worth noting that due to the native account abstraction implemented at the protocol level, users have the flexibility to make fee payments using other cryptocurrencies.
Marco Cora’s Insight
Marco Cora, the accomplished Senior Vice President of Business and Operations at Matter Labs, the firm responsible for the Ethereum-based layer-2 scaling solution zkSync, emphasized the significance of the ZK Stack. He emphasized how it has opened up opportunities for anyone seeking to build atop Ethereum by deploying hyperchains. Whether it’s a specialized Rollup or a general-purpose one, hyperchains serve as a gateway to tap into Ethereum’s expansive user base and liquidity while preserving the impeccable security and decentralization that Ethereum is renowned for.
As the newest sibling in the Cronos network, the zkEVM testnet plays a pivotal role in facilitating seamless liquidity movement between the Cronos ecosystem and Ethereum. This development is set to reshape the dynamics of the blockchain landscape, offering users unparalleled opportunities and flexibility.