Cronos Labs opens the testnet for its L2 zkEVM blockchain

Credit: Twitter @cronos_chain

Cronos Labspartner of Crypto.com and the entity behind the ecosystem Cronoslaunched a testnet for its zkEVM network developed using the technology from Matter Labs.

This Thursday, Cronos Labs has announced the launch of the ” Cronos zkEVM Chain “A Zero Knowledge (ZK) blockchain powered by the ZK Stack infrastructure from Matter Labs, the publisher of layer 2 ZKSync.

The Cronos zkEVM testnet represents an opportunity for Cronos Labs and our partners, including VVS, Fulcrom and Veno, to experiment with ZK L2 technology in preparation for the next phase of growth from 2024″, said Ken Timsit, Cronos Labs boss.

More specifically, Cronos zkEVM is online on the Ethereum Sepolia testnet. The network uses TCRO, a “testnet version” of CRO, as its native token to pay transaction fees. It is currently capable of processing around 100 transactions per second.

Cronos Labs reports that the Cronos ecosystem is “now multi-chain” with its L2 zkEVM , its L1 EVM built on the Cosmos SDK and its layer-zero chain named Cronos POS.

With their extensive and diverse ecosystem of millions of users, as well as the impressive financial value stored in the chain, they will be an excellent use case for the mass adoption of hyperchains,” commented Marco Cora, VP Business at Matter Labs.

Hyperchains make it possible “to leverage Ethereum’s vast user base and liquidity while preserving its robust security and decentralization”, according to the startup executive.

Recently, OKX, a rival platform to Crypto.com, announced the launch of a zkEVM Layer 2 network. This is based on Polygon’s CDK technology.

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