Cronos Labs, the web3 start-up accelerator behind the Cronos ecosystem, has launched a zero-knowledge Ethereum Virtual Machine (zkEVM) testnet blockchain network on top of the Ethereum Sepolia testnet.
According to an announcement shared with CryptoPotato, the Cronos zkEVM Chain testnet is launched in an alliance between Cronos Labs, Matter Labs, engineering teams from digital asset exchange Crypto.com, and decentralized finance (DeFi) platforms VVS Finance, Veno Finance, and Fulcrom Finance.
Cronos Labs Launches zkEVM Chain Testnet
The Cronos zkEVM testnet is a hyperchain using the ZK Scalable Transparent Argument of Knowledge (STARK) modular framework. As it is on top of the Sepolia faucet, the chain is secured by the Ethereum testnet from a final settlement and data availability standpoint.
Cronos Labs claims the new chain is the first public testnet utilizing the ZK Stack framework. As a hyperchain, the zkEVM testnet runs alongside a common settlement on the Ethereum mainnet. By 2024, the network will adopt a shared native bridge to the Ethereum mainnet, enabling users to send tokens and messages while enjoying the latter’s security.
Ken Timsit, Managing Director of Cronos Labs, said: “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.”
Cronos’ zkEVM Testnet to Use TCRO
The new network uses a Boojum STARK-based ZK-proof system, which runs on general processing units (GPUs) while reducing fees. The zkEVM chain also uses TCRO, a testnet version of , the native cryptocurrency of the Cronos ecosystem, to pay transaction fees. Cronos Labs said fee payments can be made in other cryptocurrencies due to the native account abstraction implemented at the protocol level.
“When we introduced the ZK Stack, we opened up the door for anyone wanting to build on top of Ethereum to do so by deploying hyperchains. Whether you’re building a specialized Rollup or a general purpose one, hyperchains allow you to tap into Ethereum’s extensive userbase base and liquidity while preserving its robust security and decentralization”, said Marco Cora, senior vice president of business and operations at Matter Labs, the firm behind Ethereum-based layer-2 scaling solution zkSync.
As the latest sister chain in the Cronos network, the zkEVM testnet will ease the movement of liquidity between the ecosystem and Ethereum.
