(PRESS RELEASE – Hong Kong, Hong Kong, May 21, 2024)
Cronos has announced an upgrade of its zkEVM testnet to the latest major version known as Tethys. Its introduction brings the ethereum-secured zero-knowledge (ZK) Layer 2 blockchain an important step toward its mainnet launch, planned for this summer.
The Tetis update is based on zkSync v24 release, which paved the way for zkSync Era to evolve from an independent blockchain to one of many ZK chains within the zkSync ecosystem. The same technology is now being used to accelerate Cronos zkEVM's goal of developing a highly scalable network that supports widespread adoption.
Built with ZK Stack, Tethys was launched in a partnership between Cronos Labs and engineering teams from Matter Labs, crypto.com, VVS Finance, Fulcrom Finance, and Veno Finance. Tethys adds a number of new features, including an improved bridge between ethereum's Sepolia Testnet and Cronos zkEVM Testnet that connects all ZK chains. It also allows for cheaper transaction fees by storing the transaction data in the validium configuration.
x.com/kentimsit?lang=en” target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>and timsit, director of Cronos Labs, said: “Tethys brings us closer to the full launch of Cronos zkEVM and showcases the qualities that make zero-knowledge networks so versatile. Features like reduced transaction fees, better developer tools, and easier upgradeability demonstrate that the Cronos ecosystem remains at the forefront of blockchain innovation.”
Daniel Lumi, Senior Product Manager of ZK Stack at Matter Labs, said: “Cronos has an impressive track record in building a diverse ecosystem along with impressive on-chain financial value and user acquisition. They will inevitably become one of the best use cases for ZK chains, so we are excited to see Cronos zkEVM complete this final milestone before mainnet. “With the Tethys testnet, users can experience the speed, performance and low-fee environment that will make Cronos zkEVM capable of supporting a wide range of use cases and applications.”
To accelerate the adoption of the testnet, Cronos will soon announce a series of missions open to the community. Users who complete simple tasks on the Tethys testnet can provide valuable feedback and will have the opportunity to join the upcoming Cronos zkEVM user reward program. Upcoming Tethys updates will also add features such as an optimized gas price adjuster and the ability to bind ethereum crypto assets to Cronos zkEVM without having any CRO on ethereum.
More information available at: https://docs-zkevm.cronos.org
About Chronos
Cronos (cronos.org) is a leading blockchain ecosystem that has partnered with crypto.com and over 500 application developers and contributors representing an addressable user base of over one hundred million people worldwide. Cronos' mission is to make it easy and secure for the next billion cryptocurrency users to adopt self-custody on Web3, with a focus on decentralized finance and gaming.
The Cronos universe spans 3 chains: Cronos EVM, the leading ethereum-compatible blockchain built on the Cosmos SDK; Cronos POS, leading Cosmos chain in payments and nft; and Cronos zkEVM, a new high-performance Layer 2 network secured by ethereum.
Cronos is among the top 15 blockchain ecosystems and encompasses over $6 billion in user assets. Since its inception, it has securely settled more than 100 million transactions.
Cronos is backed by Cronos Labs, a Web3 startup accelerator focused on DeFi, GameFi, and the development of the Cronos ecosystem.
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