The Blockchain Revolution Continues: Cronos Labs Launches New Layer-2 Network

Cronos and Crypto.com Team Up Introducing a Layer 2 Network by Matter Labs

Cronos, Crypto.com’s partner, launching Layer 2 network with Matter Labs.

Hey there, digital asset investors! Brace yourselves for some exciting news in the world of blockchain technology. Cronos Labs, the mastermind behind the innovative Cronos blockchain, has just announced the launch of their new layer-2 network. But hold on to your hats, because this is no ordinary network, my friends!

Introducing the “Cronos zkEVM chain” – a revolutionary addition to the Ethereum ecosystem. Picture it as a layer-2 network on steroids, flexing its muscles as it joins the ranks of second-tier projects that are building auxiliary networks within Ethereum’s dominant domain. This new network, currently in the testing phase, is powered by Matter Labs’ mind-blowing software tools. These tools allow developers to spin up new layer-2 and layer-3 “hyperchains” atop Ethereum. It’s like unleashing a swarm of hyperactive bees onto the blockchain!

But what powers this testnet, you ask? Well, the answer lies in the genius of zkSync’s ZK Stack. Developed primarily by Matter Labs, this magical software kit adds a whole new chain to Cronos’ existing ecosystem, which consists of the Cronos EVM blockchain and the Cronos PoS chain. And get this – the incredible folks at Crypto.com are partnering with Cronos Labs and contributing to the source code of the PoS chain. It’s a match made in crypto heaven!

But wait, there’s more! This testnet marks the first time that Matter Labs’ ZK Stack is being showcased to the public. It’s like unveiling a groundbreaking magic trick for the very first time. The Cronos zkEVM mainnet is set to follow, with plans to launch in the second quarter of 2024. The clock is ticking, and the countdown to blockchain greatness has officially begun!

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Omar Azhar, the head of business development at Matter Labs, expressed his excitement over Cronos’ innovative move, saying, “Seeing a layer 1 like Cronos being the first to make the move to deploy as a hyperchain is a great testament to the ZK Stack architecture.” He also highlighted the impressive community that Cronos and our friends at Crypto.com have built, boasting an addressable user base of over 80 million crypto enthusiasts. That’s one big happy crypto family!

Now, we know that Ethereum is the reigning king of smart-contract blockchains. But let me tell you, Cronos may be smaller in size, but it packs a punch. In fact, among the top 20 projects, Cronos holds its head high, standing tall in a vast universe of around 200 primary blockchain networks. According to DeFiLlama, Cronos has a staggering $354 million of total value locked (TVL) – a metric used to rank blockchains in decentralized finance. This impressive feat places Cronos at a commendable No. 11 spot in the industry. But let’s not forget that Ethereum is still the heavyweight champion with a whopping $28.2 billion. It’s like comparing a David and a Goliath, but hey, David is holding his own!

This new addition to the Cronos ecosystem is part of a larger trend. Many projects are launching layer-2 networks, thanks to the wizardry of easily available software stacks. It’s like a never-ending buffet of blockchain development kits, serving up layers upon layers of innovation and progress.

Ken Timsit, the managing director of Cronos Labs, sums it up perfectly: “The Cronos zkEVM testnet represents an opportunity for Cronos Labs and our partners to experiment with ZK layer-2 technology in order to prepare for the next phase of growth starting in 2024.” It’s like they’re sharpening their swords, preparing to conquer the blockchain kingdom!

So, fellow crypto enthusiasts, fasten your seatbelts and get ready for a wild ride. The blockchain revolution marches on, and Cronos is leading the charge. Exciting times lie ahead, full of innovation, growth, and endless possibilities. Keep your eyes peeled for more updates, and remember to stay invested – both in your digital assets and in the extraordinary world of blockchain technology.

Are you as thrilled about this news as we are? Share your thoughts and let’s ride this wave of technological brilliance together!

Read more: “ZkSync Developer Releases Toolkit for Building Ethereum Rollups”

Edited by Bradley Keoun.

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