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Another Ethereum Layer-2 Enters The Race: Cronos Labs Launches zkEVM Testnet

2 mins
Updated by Ryan James
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In Brief

  • Cronos Labs has launched the Cronos zkEVM testnet, a zero-knowledge layer-2 roll-up network on Ethereum Sepolia testnet.
  • The launch represents a chance for Cronos Labs to experiment with ZK layer 2 technology, preparing for growth in 2024.
  • Amidst all layer-2 protocols, Arbitrum had the highest revenue in the past week, collecting $2.05 million.
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Cronos Labs has launched the Cronos zkEVM (Zero Knowledge Ethereum Virtual Machine) testnet by partnering with Matter Labs.

The competition is increasing in the Ethereum layer-2 sector, with new players booming. In 2023, many new layer-2 protocols have emerged, such as Coinbase’s Base, Blast, and COTI V2.

Cronos Prepares For Next Set of Growth With zkEVM Testnet Launch

Ken Timsit, the managing director of Cronos Labs, said in a press release:

“The Cronos zkEVM testnet represents an opportunity for Cronos Labs and our partners, including VVS, Fulcrom and Veno, to experiment with ZK layer 2 technology in order to prepare the next phase of growth starting in 2024. Other Cronos apps are warmly invited to join the testnet.”

The team defined Cronos zkEVM testnet as a zero-knowledge layer-2 roll-up network on top of the Ethereum Sepolia testnet. Nonetheless, the development did not have any significant impact on the price of Cronos’ native token – CRO. The screenshot below shows that CRO is trading at $0.102481, just 3.24% up in the past 24 hours.

Read more: ZkEVMs explained: Enhancing Ethereum Scalability

Cronos (CRO) Price. Source: BeInCrypto
Cronos (CRO) Price. Source: BeInCrypto

In 2023, the projects have been increasingly focused on building an Ethereum layer-2 solution. For instance, Coinbase launched the mainnet of its layer-2 protocol Base on August 9, 2023. Then, Blur founder launched the Ethereum layer-2 protocol Blast last month.

Most recently, on Wednesday, COTI announced its plans for a privacy-focused Ethereum layer-2 solution. COTI scheduled the testnet launch of layer-2 in 2024. 

The screenshot below shows that amidst all the layer-2 protocols, Arbitrum had the highest revenue in the past seven days. It collected a revenue of $2.05 million in the mentioned period.

Learn more: How to Buy Ethereum (ETH) and Everything You Need to Know

Ethereum Layer-2 Projects' Revenue And Active Users. Source: token terminal
Ethereum Layer-2 Projects’ Revenue And Active Users. Source: token terminal

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