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Big news! The developer behind the Cronos blockchain, Cronos Labs, just revealed the launch of a new layer-2 network. This innovative move adds to the growing number of second-tier projects within the Ethereum ecosystem.
The new “Cronos zkEVM chain” is initially launching as a test network, based on Matter Labs’ software tools. These tools can be used to create new layer 2 and layer 3 “hyperchains” on Ethereum.
Partnered with Cronos Labs is crypto exchange Crypto.com, which is contributing to the source code of the PoS chain. The presence of Crypto.com, with an addressable user base of more than 80 million crypto users, provides a solid foundation for Cronos and its new network.
While Cronos is much smaller than Ethereum, it still maintains a respectable rank among the top-20 projects in the blockchain universe, with the new network being part of a wider trend of projects launching layer-2s. This move into layer-2 technology will help Cronos Labs and its partners prepare for a significant phase of growth starting in 2024.
For more details, read the full article here.