Cronos zkEVM Makes Its Debut on Alpha Mainnet on ZKsync

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As a seasoned crypto investor with over a decade of experience under my belt, I find the recent announcement about Cronos zkEVM particularly intriguing. Having witnessed the evolution of Ethereum and its struggles with scalability, it’s refreshing to see a solution like this emerging from the Cronos ecosystem.

According to an announcement made public through Coinspeaker, the team behind Matter Labs (also known as ZKsync) has partnered with Crypto.com, VVS Finance, Fulcrom Finance, Veno Finance, and approximately 20 other digital asset entities. Together, they are set to launch the debut of zkEVM on the Ethereum mainnet, which is called Cronos.

In February 2023, Cronos zkEVM was launched, later reaching a significant milestone of 3 million unique user addresses and processing countless transactions. Moving forward, this innovative solution will be introduced alongside both the Cronos EVM and Cronos POS on the Ethereum mainnet, forming part of the comprehensive Cronos ecosystem, which currently holds over $6 billion in assets belonging to its users.

According to Kem Timsit from Cronos Labs, “The team behind Cronos has consistently utilized top-notch blockchain technology to develop intriguing applications and also support open-source initiatives. By introducing Cronos zkEVM and integrating with ZKsync, we aim to facilitate the realization of Ethereum’s long-term vision, which includes achieving unlimited scalability and mainstream acceptance.”

As an analyst, I’m excited to note that Cronos zkEVM is set to benefit from its strong user and developer community, CROFam, within the Cronos ecosystem. This vibrant community, which boasts approximately 100 million members according to a recent official press release, will undoubtedly provide an additional impetus for our scaling solution in the long term. Notably, top developers have already expressed their intention to extend their operations to the new chain, further bolstering our growth prospects.

In simpler terms, within the Cronos decentralized finance (DeFi) network, a variety of transaction fees are accepted and users can enjoy multiple income streams, often referred to as “triple yield”. This allows crypto asset owners to not only hold their assets but also earn returns. Firstly, they can earn token staking rewards from tokens such as zkCRO, vETH, and vUSD. Secondly, they can gain additional yields through DeFi applications on the blockchain. Lastly, users will be rewarded with loyalty points for accomplishing various tasks within the Cronos ecosystem.

Cronos zkEVM Pioneer Program

The Cronos zkEVM Loyalty Program for Users awards points to individuals for participating in various activities and contributing to the Cronos DeFi community. Furthermore, the incentive pool holds an impressive 5 million ZK tokens, which were gathered by Cronos zkEVM from the ZK Nation airdrop distribution.

“The Cronos zkEVM Pioneer Program website has unveiled specific tasks, including moving funds, making transactions, and utilizing eligible decentralized applications. By the end of the program period, users may find out the estimated worth of their points in several supported cryptocurrencies and can gradually redeem these digital currencies.”

Significantly, the initial phase of Cronos’ zkEVM mainnet is expected to continue for several weeks until late September 2024. After this period, the company plans to transition into the beta phase, marking a significant achievement in the development of the blockchain ecosystem.

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2024-08-15 09:24