The blockchain landscape is about to witness a major transformation as Cronos unveiled a major upgrade to its zkEVM testnet with the release of Tethys this week. Tethys, a zero-knowledge (ZK) layer-2 blockchain secured by Ethereum, promises a faster, cheaper, and feature-rich blockchain experience. This upgrade marks a crucial step toward the anticipated public mainnet launch of Cronos zkEVM, Scheduled for this summer.
Tethys introduces a suite of innovations aimed at addressing the scalability issues that have long plagued Ethereum. Leveraging zkSync, a technology designed to increase transaction speed and reduce costs while maintaining Ethereum’s robust security, Tethys represents a significant advancement. High fees and slow transaction times have been major obstacles to the widespread adoption of Ethereum, and zkSync offers a solution.
Tethys is built on the foundations of zkSync’s v24 release, a pivotal update that has allowed zkSync Era to transition from a standalone blockchain into one of multiple ZK Chains within the zkSync ecosystem. This same zkSync technology is now propelling the development of Cronos zkEVM, a highly scalable network aimed at supporting mainstream blockchain adoption.
Tethys emerges from a collaboration involving Cronos Labs, Matter Labs, Crypto.com, VVS Finance, Fulcrom Finance, and Veno Finance. Utilizing the ZK Stack framework, Tethys introduces several innovative features. These include an enhanced bridge connecting Ethereum’s Sepolia Testnet with the Cronos zkEVM Testnet, facilitating interconnected ZK Chains, and enabling lower transaction fees through a validium configuration for transaction data storage.
Highlighting the significance of Tethys, Ken Timsit, Head of Cronos Labs, said:
“Tethys brings us closer to the full release of the Cronos zkEVM and showcases the qualities that make zero-knowledge networks so versatile. Features such as reduced transaction fees, better developer tooling, and easier upgradability demonstrate that the Cronos ecosystem remains at the forefront of blockchain innovation.”
Echoing this sentiment, Daniel Lumi, Senior Product Manager of ZK Stack at Matter Labs, remarked, “Cronos has an impressive track record of building a diverse ecosystem along with significant on-chain financial value and user acquisition. They are poised to become one of the standout use cases for ZK Chains. We’re excited to see Cronos zkEVM reach this final milestone before mainnet. With Tethys testnet, users can experience the speed, throughput, and low fees that will make Cronos zkEVM capable of supporting a wide range of applications.”
To foster testnet adoption, Cronos also plans to announce a series of community quests. Users who participate in these tasks on the Tethys testnet will provide valuable feedback and have the chance to join the upcoming Cronos zkEVM user reward program. Future upgrades to Tethys are set to include features like an optimized gas price adjuster and the capability to bridge crypto assets from Ethereum to Cronos zkEVM without requiring any CRO on Ethereum.
As Tethys continues to evolve, it represents a significant step forward in the ongoing effort to enhance blockchain scalability and usability, reinforcing Ethereum’s role as a leading platform in the digital asset ecosystem.
Since its inception, Cronos, in partnership with Crypto.com, has collaborated with over 500 application developers and contributors, reaching a global user base of more than 100 million people. With a mission to facilitate safe and easy self-custody in Web3 for the next billion crypto users, Cronos focuses on Decentralized Finance (DeFi) and Gaming.
The Cronos ecosystem comprises three key chains: Cronos EVM, an Ethereum-compatible blockchain built on the Cosmos SDK; Cronos POS, a Cosmos-based chain tailored for payments and NFTs; and Cronos zkEVM, a high-performance layer 2 network secured by Ethereum.
Ranked among the top 15 blockchain ecosystems, Cronos manages over $6 billion in user assets and has securely processed more than 100 million transactions since its inception. Supported by Cronos Labs, a Web3 start-up accelerator, the ecosystem emphasizes DeFi, GameFi, and the continuous development of its platform.
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- Source: https://techstartups.com/2024/05/23/cronos-zkevm-testnet-gets-major-tethys-upgrade-before-the-mainnet-launch/
