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HomeMetaverseCronos Labs Releases Cronos zkEVM Lightpaper, Mainnet Launch Deliberate for June

Cronos Labs Releases Cronos zkEVM Lightpaper, Mainnet Launch Deliberate for June

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 about to begin 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 technology complexities, and consumer expertise boundaries.

Attaining this, the platform establishes shared liquidity through trustless bridges, simplifies earnings with native yield-bearing belongings, and enhances usability by means of account abstraction. These options collectively pave the best way 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 know-how and modular knowledge availability to boost transaction pace and scale back prices, all whereas sustaining strong safety. 

The community distinguishes itself with shared liquidity that allows fluidity throughout hyperchains to handle liquidity fragmentation, yield-bearing belongings that naturally generate yield, and native account abstraction for smoother transactions and an enhanced consumer expertise.

Leveraging Matter Labs‘ ZK Stack framework, Cronos zkEVM is about to perform as a Layer 2 answer 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 international consumer base, comprising over 80 million members of the CROFam.

Aiming to sort out essential challenges and put together the ecosystem for sustainable development 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 good contracts from Ethereum and different EVM-compatible chains.

The blockchain secures the eleventh place among the many prime 20 tasks inside major blockchain networks, totaling near 200, in line with Messari knowledge. At the moment, its Complete Worth Locked (TVL) reaches $355 million.

The introduction of Cronos zkEVM and its upcoming mainnet is about to form the way forward for DeFi, addressing basic challenges and fostering sustainable development inside its evolving panorama.

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