Fulcrom Finance, a leading perpetual trading protocol on the Cronos blockchain, incubated by Cronos Labs, has taken a major step towards the future of decentralized finance. In a recent announcement, Fulcrom unveiled a major multi-chain upgrade, expanding its platform to include the zkSync Era layer-2 protocol. Within days of this expansion, Fulcrom Finance grew to become one of the most prominent decentralized applications on zkSync Era, with a substantial Total Value Locked (TVL).
Initially launched in February 2023, Fulcrom Finance quickly established itself as the perennial exchange for professional traders on the Cronos blockchain. Its success is attributed to its emphasis on low slippage, minimal fees and generous leverage options of 75x, resulting in an impressive total trading volume of over $500 million.
Becoming a Top dApp in zkSync Era
To further accelerate growth and support the growing community of stakers, Fulcrom made the strategic decision on October 5 to expand to zkSync Era. Rather than creating an entirely new protocol, Fulcrom facilitated the bridge of 2.4 billion $FUL tokens from Cronos to zkSync Era, fostering a mutually beneficial relationship for users on both chains. zkSync Era is a layer-2 protocol designed to improve the scalability of Ethereum through advanced zero-knowledge technology, while maintaining the key principles of freedom, self-sovereignty and decentralization.
zkSync Era has received the support of more than 200 projects and is committed to hyper-scalability, security, improved user experience and community ownership. Fulcrom’s partnership with zkSync Era reflects a shared vision of a multi-chain future, aligned with Cronos and Fulcrom’s commitment to reshaping the derivatives trading landscape. The move promises to create unprecedented opportunities for traders.
By joining the zkSync Era platform, Fulcrom aims to accelerate value accrual for $FUL token holders, allowing them to benefit from increased trading activity and the expansion of the user base beyond Cronos. The integration with zkSync Era saw rapid success, as Fulcrom Finance quickly became one of the top decentralized applications on the platform in terms of TVL, managing over $750,000 in assets within just five days of launch.
This expansion has resulted in a notable increase in Fulcrom’s trading volume on both platforms, to over $500 million, and a 36% increase in the number of unique active wallets engaging with the protocol in the last 30 days. This early triumph can be partially attributed to Fulcrom’s partnership with Syncswap, the main decentralized exchange on zkSync Era, which gives Fulcrom access to the platform’s liquidity.
Using ZK-Proofs and Bridging Tokens for growth
To celebrate the successful launch on zkSync Era, Fulcrom has introduced a $100,000 rewards pool, which will be distributed to traders based on their trading volume between now and January 5, 2024. In recent weeks, Fulcrom’s platform has matured to match the industry’s leading DeFi technology. protocols. Today’s announcement follows the launch of TradeSquare, a social trading feature that allows users to discover and track the trades of top traders on the Fulcrom platform.
Martin Alastair, Product Lead at Fulcrom Finance, said: “Fulcrom Finance shares the same fundamental values of freedom, self-sovereignty and decentralization with zkSync Era, and is committed to deploying ZK-proofs to increase user privacy and improve speed and improve scalability. By bridging a significant portion of the $FUL tokens, Fulcrom will increase its trading volume and significantly increase the rewards generated by token holders on both Cronos and zkSync Era.”
Fulcrom Finance, available on both Cronos and zkSync Era, allows users to trade leveraged positions with up to 75x leverage, minimal fees and no price impact. All transactions and collateral are stored transparently in the chain, which guarantees security and reliability. Fulcrom Finance is an initiative of Cronos Labs, a Web3 startup accelerator committed to advancing easy-to-use applications on the Cronos blockchain and driving mainstream adoption of Web3.
Cronos, the leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, powered by Crypto.com and over 500 app developers and partners, aims to make it easy and secure for the next billion crypto users to Embrace Web3, with a particular focus on decentralized applications in the DeFi, NFTs and GameFi sectors.
Shortly after launching in 2021, Cronos achieved a top 10 position among all TVL chains, with a user base of over 1 million and more than 500 dApps. Transaction fees on Cronos are paid in Cronos ($CRO), a blue-chip cryptocurrency. Cronos Labs, the startup accelerator of the Cronos chain, provides ongoing support for the Cronos ecosystem.