Cronos Chain is supported by Crypto.com, and the L1 network on the zkSync hyperchain network is currently operational. In order to integrate ZK Stack, the development puts the network live on Ethereum. The Cronos zkEVM testnet has a $350 million DeFi TVL. It’s been described as an important milestone for scalability. The ultimate goal is to increase widespread adoption.
There are three benefits associated with the association. These consist of freedom to modify the solution, unrestricted user and liquidity flow, and access to the Ethereum ecosystem.
First, Cronos will enable the free flow, liquidity, and users of the ecosystem to transfer value and exchange information. This benefit is made possible by the way hyperchains are joined via hyperbridges. As a result, liquidity and user movement become more open.
In addition to a larger user base, Ethereum’s ecosystem includes decentralised apps, or dApps as they are commonly known. With this innovation, Cronos enhances the creation of a hyperchain to provide quick, safe, and affordable access to the Ethereum ecosystem.
The holders of Ether are feeling a tinge of confidence. In the past month, Ethereum’s price has increased 14.67% to $2,280.84. Predictions about Ethereum and current sentiment indicate that ETH will soar in the next years.
By removing rights that would otherwise limit contributions, the customisation feature is enabled. As a result, the chain can be formed and altered to suit personal preferences. Gaining the capacity to modify the native petrol token, CRO, is part of this.
Everyone in the community has begun to share their opinions. The majority believe that the development is a victory for hyperchains and are optimistic about the future. Others have referred to zkSync as an industry leader and a critical turning point in defining the potential for growing the usage of cryptocurrencies in the days ahead.
The most recent network update from Cronos enabled dynamic transaction costs. It adapts to the amount of transactions, enabling apps to function optimally and meet the needs of the community. As per the last update, the network is stable and all participating dApps are operating as intended.
Block production is running close to 25% of its maximum capacity. This indicates that the chain is resilient to any unexpected spikes the network may encounter.
Chainlink Price Feeds were recently welcomed into the zkSync Era by zkSync. As a result, its engineers have access to dependable and high-quality data feeds that are sourced from many locations through effective and efficient Oracle services. The integration is in line with zkSync‘s goal of becoming the most affordable rollup for Oracle updates.
The adoption of ZK Stack by Crono is a step in the direction of widespread cryptocurrency use. The segment’s $1.62 trillion worldwide market cap is trailing at the time this article was written, down 0.07%.
