Cronos Labs, the developer behind the Cronos blockchain announced Thursday the launch of a new layer 2 network, joining the growing ranks of second-tier projects that have chosen to build auxiliary networks within the dominant Ethereum ecosystem.
The new “Cronos zkEVM chain” is initially launching as a test network based on Matter Labs software tools, which can be used to spin up new layer 2 and layer 3 “hyperchains” on top of Ethereum.
The testnet, powered by Developed primarily by Matter Labs, zkSync’s ZK Stack software kit will add a new chain to Cronos’ existing ecosystem, which currently consists of the Cronos EVM blockchain and Cronos PoS chain. The crypto exchange Crypto.com is one according to its website, collaborates with Cronos Labs and contributes to the source code of the PoS chain.
According to a press release, it is also the first public testnet to use Matter Labs’ ZK Stack. Cronos zkEVM mainnet will follow, with the aim of having the network operational in the second quarter of 2024.
“Seeing a layer 1 like Cronos be the first to make the move to deploy as a hyperchain is a great testament to the ZK Stack architecture,” Omar Azhar, head of business development at Matter Labs, told CoinDesk via Telegram. Crypto.com has demonstrated the ability to build an impressive community – currently an addressable user base of over 80 million crypto users.”
Cronos, while a fraction of the size of Ethereum, the dominant smart-contract blockchain, nevertheless maintains a respectable position among the top 20 projects, in a universe of primary blockchain networks of which Messari counts nearly 200.
According to DeFiLlama, Cronos has a total value of about $354 million, or TVL – a widely used metric, similar to deposits, that analysts use to assess the relative status of blockchains in decentralized finance. That’s good for a No. 11 ranking in the industry, but still pales in comparison to Ethereum’s $28.2 billion.
The latest blockchain addition to the Cronos ecosystem is part of a broader trend of projects launching layer 2s, made possible by the readily available software stacks, also known as blockchain development kits.
“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 to prepare for the next phase of growth starting in 2024,” said Ken Timsit, general manager of Cronos Labs, said in a press release seen by CoinDesk.
Read more: ZkSync Developer Releases Toolkit for Building Ethereum Rollups