Cronos Labs has launched the Cronos zkEVM (Zero Knowledge Ethereum Virtual Machine) testnet by partnering with Matter Labs.
The competition is increasing in the Ethereum layer-2 sector, with new players booming. In 2023, many new layer-2 protocols have emerged, such as Coinbase’s Base, Blast, and COTI V2.
Cronos Prepares For Next Set of Growth With zkEVM Testnet Launch
Ken Timsit, the managing director of Cronos Labs, said in a press release:
“The Cronos zkEVM testnet represents an opportunity for Cronos Labs and our partners, including VVS, Fulcrom and Veno, to experiment with ZK layer 2 technology in order to prepare the next phase of growth starting in 2024. Other Cronos apps are warmly invited to join the testnet.”
The team defined Cronos zkEVM testnet as a zero-knowledge layer-2 roll-up network on top of the Ethereum Sepolia testnet. Nonetheless, the development did not have any significant impact on the price of Cronos’ native token – CRO. The screenshot below shows that CRO is trading at $0.102481, just 3.24% up in the past 24 hours.
Read more: ZkEVMs explained: Enhancing Ethereum Scalability
In 2023, the projects have been increasingly focused on building an Ethereum layer-2 solution. For instance, Coinbase launched the mainnet of its layer-2 protocol Base on August 9, 2023. Then, Blur founder launched the Ethereum layer-2 protocol Blast last month.
Most recently, on Wednesday, COTI announced its plans for a privacy-focused Ethereum layer-2 solution. COTI scheduled the testnet launch of layer-2 in 2024.
The screenshot below shows that amidst all the layer-2 protocols, Arbitrum had the highest revenue in the past seven days. It collected a revenue of $2.05 million in the mentioned period.
Learn more: How to Buy Ethereum (ETH) and Everything You Need to Know
Do you have anything to say about Cronos zkEVM or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Source: https://beincrypto.com/cronos-labs-launch-zkevm-testnet/