In Collaboration With Matter Labs, Cronos, The Strategic Partner of Crypto.com, is Gearing Up To İntroduce A Layer 2 Network

Crypto News- On Thursday, Cronos Labs, the mastermind behind the innovative Cronos blockchain, unveiled an exciting development with the launch of a cutting-edge layer-2 network. This move aligns with the prevailing trend in which numerous second-tier projects are choosing to establish auxiliary networks within the formidable Ethereum ecosystem.

In Collaboration With Matter Labs, Cronos, The Strategic Partner of Crypto.com, is Gearing Up To İntroduce A Layer 2 Network

The freshly introduced “Cronos zkEVM chain” is initially being rolled out as a test network, leveraging Matter Labs’ software tools. These tools enable the creation of new layer 2 and layer 3 “hyperchains” on the Ethereum platform. The testnet, fueled by zkSync’s ZK Stack software kit primarily crafted by Matter Labs, expands Cronos’ existing ecosystem, which currently encompasses the Cronos EVM blockchain and Cronos PoS chain. Notably, cryptocurrency exchange giant Crypto.com is a strategic partner with Cronos Labs, contributing to the source code of the PoS chain.

This launch marks the maiden public testnet to utilize Matter Labs’ ZK Stack, as emphasized in the official press release. The anticipated Cronos zkEVM mainnet is slated to debut in the second quarter of 2024.

Omar Azhar, Head of Business Development at Matter Labs, expressed enthusiasm, stating, “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 noted that Cronos and Crypto.com have successfully built an impressive community with an addressable user base surpassing 80 million crypto enthusiasts.

Despite being a fraction of Ethereum’s size, Cronos maintains a respectable position among the top 20 blockchain projects, with over 200 primary blockchain networks in existence, according to Messari. DeFiLlama reports Cronos boasting a total value locked (TVL) of $354 million, securing the project the 11th position in the industry. However, this pales in comparison to Ethereum’s massive $28.2 billion TVL.