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Printed: February 22, 2024 at 5:44 am Up to date: February 22, 2024 at 5:44 am
Edited and fact-checked:
February 22, 2024 at 5:44 am
In Temporary
Cronos Labs launched the lightpaper for its Cronos zkEVM, a Zero-Data Layer 2 blockchain designed to function atop the Ethereum mainnet.
Web3 startup accelerator Cronos Labs, behind the Cronos (CRO) blockchain ecosystem, launched lightpaper model 1.0 for Cronos zkEVM, a Zero-Data Layer 2 blockchain designed to function atop the Ethereum mainnet. The Cronos zkEVM testnet is ready to start shortly, with the mainnet scheduled for June 2024.
Cronos zkEVM seeks to facilitate a liquidity shift from centralized platforms to a decentralized, on-chain ecosystem. Thus, it strategically addresses DeFi challenges by introducing options for liquidity fragmentation, yield era complexities, and person expertise obstacles.
Attaining this, the platform establishes shared liquidity by way of trustless bridges, simplifies earnings with native yield-bearing property, and enhances usability by way of account abstraction. These options collectively pave the way in which for a future marked by unified liquidity, passive yield accrual, and streamlined pockets administration.
Cronos zkEVM delves into the forefront of Zero-Data Layer 2 expertise and modular information availability to boost transaction pace and cut back prices, all whereas sustaining strong safety.
The community distinguishes itself with shared liquidity that permits fluidity throughout hyperchains to handle liquidity fragmentation, yield-bearing property that naturally generate yield, and native account abstraction for smoother transactions and an enhanced person expertise.
Leveraging Matter Labs‘ ZK Stack framework, Cronos zkEVM is ready to operate as a Layer 2 resolution alongside the Cronos blockchain (EVM Layer 1), benefitting from the safety of the Ethereum community.
Cronos zkEVM’s mainnet will make the most of zkCRO, a yield-generating iteration of CRO, as its protocol token to boost the utility of CRO and leverage its world person base, comprising over 80 million members of the CROFam.
Aiming to deal with essential challenges and put together the ecosystem for sustainable progress and broader adoption, Cronos zkEVM represents a deliberate stride within the evolution of the DeFi sector.
Cronos, a blockchain community, seamlessly interoperates with the Cosmos and Ethereum ecosystems, serving domains such because the Metaverse, DeFi, Web3 gaming, and non-fungible tokens (NFT). Pushed by Ethermint, the Cronos blockchain facilitates the swift migration of functions and sensible contracts from Ethereum and different EVM-compatible chains.
The blockchain secures the eleventh place among the many high 20 initiatives inside major blockchain networks, totaling near 200, based on Messari information. Presently, its Complete Worth Locked (TVL) reaches $355 million.
The introduction of Cronos zkEVM and its upcoming mainnet is ready to form the way forward for DeFi, addressing elementary challenges and fostering sustainable progress inside its evolving panorama.
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About The Creator
Alisa is a reporter for the Metaverse Put up. She focuses on investments, AI, metaverse, and the whole lot associated to Web3. Alisa has a level in Enterprise of Artwork and experience in Artwork & Tech. She has developed her ardour for journalism by way of writing for VCs, notable crypto initiatives, and scientific writing. You may contact her at [email protected]
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Alisa Davidson
Alisa is a reporter for the Metaverse Put up. She focuses on investments, AI, metaverse, and the whole lot associated to Web3. Alisa has a level in Enterprise of Artwork and experience in Artwork & Tech. She has developed her ardour for journalism by way of writing for VCs, notable crypto initiatives, and scientific writing. You may contact her at [email protected]
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