Crypto.com supports Cronos Chain, and the L1 network is now going live on the zkSync hyperchain network. The development takes the network live on Ethereum to embrace ZK Stack. Cronos zkEVM testnet comes with a DeFi TVL of $350 million. It has been defined as a significant scalability milestone. The overall objective is to boost mass adoption.
The association entails a total of three benefits. These include access to the Ethereum ecosystem, free flow of liquidity along with users, and liberty to customize the solution.
To begin with, the ecosystem’s free flow, users, and liquidity will be empowered to exchange information and transfer value via Cronos. What facilitates this advantage is the fact that hyperchains are interconnected through hyperbridges. Hence, a free flow of users and liquidity enters into the picture.
Ethereum’s ecosystem comprises a wider base of users along with decentralized applications, often denoted by the acronym dApps.
With this development, Cronos complements the construction of a hyperchain for speedy, secured, and cost-effective access to the ecosystem of Ethereum.
A slight optimism has been fueled within the Ether holders. The price of Ethereum is up 14.67% in the last month to trade at $2,280.84. Based on recent sentiment and Ethereum predictions, ETH is forecasted to skyrocket in the upcoming years.
The customization aspect is rolled out by keeping the code free from rights that would otherwise restrict contributions. The chain can, therefore, be shaped and modified as per the preference. This includes gaining the ability to alter the native gas token – CRO.
Every member of the community has started to pitch in their thoughts. Most are bullish about the future, stating that the development is a win for hyperchains. Others have called zkSync a market leader and a significant milestone in defining the possibility of expanding the use of cryptos in the coming days.
Cronos has most recently implemented a network update that activates dynamic transaction fees. It changes with the volume of transactions, helping apps perform at their best and serve the community’s interest. Per the last report, all participating dApps function correctly, and the network is stable.
Block production is at its best capability, and nearly 25% of them are complete. This means the chain can withstand any sudden surge the network may experience.
zkSync recently welcomed Chainlink Price Feeds to the zkSync Era. This gives their developers access to high-quality and reliable data feeds sourced from different points via effective and efficient Oracle services. The integration aligns with the mission of zkSync to become the most economical rollup for Oracle updates.
Crono embracing ZK Stack is a move toward achieving mass adoption of crypto. The global market cap of the segment is lagging at $1.62 trillion, with a drop of 0.07% at the time of drafting this article.
Source: https://www.cryptonewsz.com/cronos-joins-the-zksync-hyper-chain-network-on-the-ethereum/