Cronos and Matter Labs Launch Layer 2 Network for Crypto.com

• Cronos Labs Unveils New Layer-2 Network - Cronos zkEVM Chain
• New Layer-2 Network Launch
• Matter Labs' ZK Stack's First Public Testnet
• Cronos' Stance in the Blockchain Universe
• The Introduction of the latest Blockchain in the Cronos Ecosystem

Cronos Labs Unveils New Layer-2 Network - Cronos zkEVM Chain

Cronos$0.099 -0.71% Labs, the group responsible for the Cronos blockchain, disclosed the introduction of a fresh layer-2 network this Thursday. This adds to the increasing list of second-tier projects deciding to construct auxiliary networks inside the predominant Ethereum$2,315 -2.42% ecosystem.

New Layer-2 Network Launch

The recently announced Cronos zkEVM chain starts off as a test network. Its foundation is Matter Labs' software tools, utilized to create new layer 2 and layer 3 hyperchains atop Ethereum. ZkSync's ZK Stack software kit, largely developed by Matter Labs, powers the testnet. This new chain supplements Cronos' current ecosystem, which encompasses the Cronos EVM blockchain and Cronos PoS chain.

Crypto.com, a notable crypto exchange, collaborates with Cronos Labs, contributing to the PoS chain's source code based on the exchange's website information.

Matter Labs' ZK Stack's First Public Testnet

The Cronos zkEVM chain marks the first public testnet to utilize Matter Labs' ZK Stack, as per a press release. The mainnet of Cronos zkEVM is expected to follow, with the network set to go live in the second quarter of 2024.

Omar Azhar, head of business development at Matter Labs, shared via Telegram, Cronos and Crypto.com have demonstrated their capacity to cultivate an impressive community - currently comprising more than 80 million crypto users. Cronos, as a Layer 1, being the primary to deploy as a hyperchain, speaks volumes about the ZK Stack architecture.

Cronos' Stance in the Blockchain Universe

Despite Cronos being a fraction of Ethereum's size, the leading smart-contract blockchain, it still holds a respectable position among the top-20 projects. The universe of primary blockchain networks, which Messari estimates to be nearing 200, includes this.

DeFiLlama reports Cronos to possess approximately $354 million of total value locked or TVL. Analysts commonly utilize TVL, akin to deposits, to rank the relative stature of blockchains in decentralized finance. This value places Cronos at No. 11 in the industry, however, it still trails Ethereum's staggering $28.2 billion.

The Introduction of the latest Blockchain in the Cronos Ecosystem

The latest addition to the Cronos ecosystem, a blockchain, is a part of broader trend of projects launching layer-2s. This is feasible through the readily available software stacks, also, on occasion, referred to as blockchain development kits.

The Cronos zkEVM testnet provides an avenue for Cronos Labs, along with our partners, including VVS, Fulcrom, and Veno, to play around with ZK layer 2 technology in anticipation of the next growth phase commencing in 2024, voiced Ken Timsit, the managing director of Cronos Labs, in a press release.

Edited by Jonathan Stoker