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Home»TRADING NEWS»Cronos Labs announces zkEVM testnet launch
TRADING NEWS

Cronos Labs announces zkEVM testnet launch

By Crypto FlexsDecember 14, 20232 Mins Read
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Cronos Labs announces zkEVM testnet launch
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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

Kronos (CRO) price. Source: BeInCrypto

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

Revenue and active users of Ethereum Layer-2 projects.  Source: Token Terminal
Revenue and active users of Ethereum Layer-2 projects. Source: Token Terminal

Have something to say about Cronos zkEVM or anything else? Write to us or join the discussion in our Telegram channel. TikTok, Facebook or X (Twitter).

Latest information from BeInCrypto Bitcoin (BTC) analysis, Click here.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.

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