Cronos Labs has partnered with Matter Labs to launch the Cronos Zero Knowledge Ethereum Virtual Machine (zkEVM) testnet.
Competition in the Ethereum layer-2 sector is increasing with a proliferation of new players. 2023 will see the emergence of many new layer 2 protocols, such as Coinbase’s Base, Blast, and COTI V2.
Cronos prepares for its next phase of growth with the launch of zkEVM testnet.
Ken Timsit, Managing Director of Cronos Labs, said in a press release:
“The Cronos zkEVM testnet represents an opportunity for Cronos Labs and its partners, including VVS, Fulcrom and Veno, to experiment with ZK Layer 2 technology in preparation for the next phase of growth starting in 2024. Other Cronos apps are also warmly invited to participate. Testnet.”
The team defined the Cronos zkEVM testnet as a zero-knowledge layer 2 rollup network on top of the Ethereum Sepolia testnet. Nonetheless, this development did not have a significant impact on the price of Cronos’ native token, CRO. The screenshot below shows that CRO is trading at $0.102481, up just 3.24% in the last 24 hours.
Read more: ZkEVM Explained: Improving Ethereum Scalability
In 2023, projects will become increasingly focused on building Ethereum layer-2 solutions. For example, Coinbase launched the mainnet for its layer 2 protocol Base on August 9, 2023. Blur founders then launched Ethereum layer 2 protocol Blast last month.
Most recently on Wednesday, COTI announced plans for a privacy-focused Ethereum layer-2 solution. COTI planned to launch a Layer 2 testnet in 2024.
The screenshot below shows that among all layer 2 protocols, Arbitrum has had the highest returns over the past 7 days. It posted revenue of $2.05 million in the period.
Learn More: How to Buy Ethereum (ETH) and Everything You Need to Know
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