The blockchain developer company Cronos, in collaboration with the cryptocurrency exchange Crypto.com and the startup Matter Labs, has introduced a new second-layer (L2) network called Cronos zkEVM, which is based on the Ethereum blockchain. Currently, this project is in the testing phase on the Ethereum Sepolia network. Cronos zkEVM, created using the ZK Stack software suite, will be integrated into the Cronos ecosystem, which already includes the Cronos EVM and Cronos PoS networks.

According to Cronos Labs, this project represents the first public testnet utilizing Matter Labs' ZK Stack technology. It will provide partners, including decentralized finance protocols like VVS, Fulcrum, and Veno, the opportunity to "experiment with Zero-Knowledge Proof (ZK) technology on the L2 network in preparation for the next growth phase in 2024." The main launch of Cronos zkEVM is planned for the second quarter of 2024.

At present, the total number of users on Cronos and Crypto.com exceeds 80 million people. Cronos is also among the top 20 largest L1 networks for smart contracts, with a total locked value (TVL) of over $357 million. In August, the American cryptocurrency exchange Coinbase introduced its L2 scaling solution for Ethereum, known as the Base project, ranking 10th in the overall smart contract network ratings with a TVL of $386 million, surpassing the main Cronos network.

In November, the cryptocurrency exchange OKX also launched a testnet for its own L2 solution called X1, using Polygon as the underlying network. The full launch of X1 is expected in the first half of 2024.