Revealed: February 22, 2024, 5:44 AM Up to date: February 22, 2024, 5:44 AM
Edited and truth checked: February 22, 2024 5:44am
Put merely
Cronos Labs has launched a lightpaper for Cronos zkEVM, a zero-knowledge layer 2 blockchain designed to run on the Ethereum mainnet.
Cronos Labs, the Web3 startup accelerator powering the Cronos (CRO) blockchain ecosystem, has launched lightpaper model 1.0 of Cronos zkEVM, a zero-knowledge layer 2 blockchain designed to run on the Ethereum mainnet. The Cronos zkEVM testnet will launch quickly, and the mainnet is predicted to launch in June 2024.
Cronos zkEVM goals to facilitate the migration of liquidity from centralized platforms to decentralized on-chain ecosystems. Subsequently, we strategically tackle DeFi challenges by introducing options to liquidity fragmentation, income technology complexity, and person expertise obstacles.
To attain this, the platform establishes shared liquidity through trustless bridges, simplifies returns with native yielding property, and improves ease of use by account abstraction. These options collectively pave the way in which to a future characterised by built-in liquidity, passive yield technology, and streamlined pockets administration.
Cronos zkEVM delves into the frontiers of zero-knowledge layer 2 know-how and modular knowledge availability to extend transaction velocity and cut back prices whereas sustaining strong safety.
The community will tackle liquidity fragmentation by offering shared liquidity that allows liquidity throughout the hyperchain, worthwhile property that naturally generate income, smoother transactions and an enhanced person expertise. It stands out by the abstraction of native accounts that it achieves.
By leveraging Matter Labs' ZK Stack framework, Cronos zkEVM is ready to perform as a layer 2 resolution alongside the Cronos blockchain (EVM layer 1) and profit from the safety of the Ethereum community .
Cronos zkEVM mainnet leverages zkCRO, the yield-producing iteration of CRO, as a protocol token to extend the utility of CRO and leverage CROFam's international person base of over 80 million members To do.
Aiming to handle essential challenges and put together the ecosystem for sustainable progress and widespread adoption, Cronos zkEVM represents an intentional step ahead within the evolution of the DeFi sector.
As a blockchain community, Kronos seamlessly interoperates with the Kosmos and Ethereum ecosystems, serving domains comparable to Metaverse, DeFi, Web3 Gaming, and Non-Fungible Tokens (NFTs). The Cronos blockchain, powered by Ethermint, facilitates the speedy migration of purposes and good contracts from Ethereum and different EVM-compatible chains.
In line with Messari knowledge, blockchain has secured eleventh place among the many high 20 tasks in main blockchain networks, with a complete of practically 200. Presently, his complete worth locked (TVL) stands at $355 million.
The introduction of Cronos zkEVM and its upcoming mainnet will form the way forward for DeFi, addressing elementary challenges and driving sustainable progress in an evolving panorama.
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Concerning the creator
Alisa is a reporter for the Metaverse Put up. She focuses on every part associated to investing, AI, Metaverse, and her Web3. Alisa has a level in artwork enterprise and experience in artwork and know-how. She developed her ardour for journalism by writing for enterprise capital, notable crypto tasks, and scientific papers. You possibly can contact her at (e-mail protected)
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Alisa Davidson
Alisa is a reporter for the Metaverse Put up. She focuses on every part associated to investing, AI, Metaverse, and her Web3. Alisa has a level in artwork enterprise and experience in artwork and know-how. She developed her ardour for journalism by writing for enterprise capital, notable crypto tasks, and scientific papers. You possibly can contact her at (e-mail protected)
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