The community of Ethereum layer-2 rollups utilizing zkSync’s ZK Stack acquired a brand new addition Thursday, with the launch of the Cronos zkEVM testnet.
Blockchain developer Cronos Labs is growing its third blockchain, which is the primary to make use of ZK Stack hyperchain to achieve a stay testnet.
The primary chain within the Cronos ecosystem was a Cosmos appchain developed in partnership with the Crypto.com alternate and launched in 2021. Cronos then adopted up with an EVM-compatible chain, additionally constructed utilizing the Cosmos SDK in 2022. This new effort augments, however doesn’t exchange, the prior two chains.
Cronos’ zkEVM is the results of a collaborative effort involving Cronos Labs, Matter Labs (the crew behind zkSync), and several other engineering groups from stakeholders Crypto.com and dapp builders on the prevailing chains.
The zkEVM testnet is constructed on high of the Ethereum Sepolia testnet and leverages zkSync’s new open-source prover, Boojum, a STARK-based zero-knowledge proof system, notable for its low {hardware} necessities and low charges within the layer-2 rollup area.
Learn extra: Polygon Zero and Matter Labs sq. off over open-source norms
Launching a local Ethereum chain was motivated by frustrations with bridging throughout EVM chains and between Cosmos and Ethereum, in line with Ken Timsit, managing director at Cronos.
“After we began constructing Cronos as an EVM chain, we have been, in fact, already satisfied that the Ethereum developer ecosystem has richness and robustness that has no comparability on the subject of constructing DeFi and NFT purposes,” Timsit advised Blockworks.
Good relations with Matter Labs and a need to contribute to the open supply improvement of the ZK Stack led them to take the subsequent step.
Hyperchains share parts of the ZK Stack, together with a shared native bridge to the Ethereum mainnet and zkSync’s trustless bridging mechanism, wherein belongings stay secured by Ethereum.
It can additionally profit from zkSync’s native account abstraction, which permits transactions charge cost in varied cryptocurrencies, similar to Cronos’ token (CRO).
“While you take a look at legacy chains, it’s very exhausting emigrate Ethereum belongings, for instance, to account abstraction enabled wallets,” Timsit mentioned. “And so for us, beginning by default with account abstraction is a method to benefit from what this expertise affords, higher than what we will do on a series which already has an ecosystem of wallets and tokens.”
Cronos’ zkEVM is anticipated to progress to mainnet within the second quarter of 2024.
Rising hyperchains
A handful of different hyperchains are in improvement utilizing the ZK Stack, notably GRVT, (pronounced “gravity”) a derivatives alternate, and Tradable, which is engaged on bringing non-public credit score on-chain.
Tradable intends to have an institutional centered hyperchain, ultimately forming a decentralized chain alongside different institutional companions, in line with Omar Azhar, Matter Labs head of enterprise improvement.
“I believe what you may begin seeing is app particular chains after which ecosystem particular chains,” Azhar advised Blockworks.
Matter Labs sees the zkSync hyperchain as strictly a greater choice than app-specific chains in Cosmos, similar to Cronos’ earlier efforts, mentioned Marco Cora, senior vice chairman of enterprise and operations. That’s as a result of Cosmos chains usually should present for their very own validator set and safety, and lack native token bridges to Ethereum.
“If you’re an appchain developer, why are you taking over these two further initiatives that you just shouldn’t actually concentrate on: constructing the bridge and bootstrapping the safety?” Cora advised Blockworks.
The ZK Stack competes with different well-funded networks constructing zkEVM chains, together with Polygon, whose Chain Growth Equipment (CDK) shares lots of the similar objectives, and StarkWare’s Starknet, the progenitor of STARK prover expertise which each Polygon and zkSync have iterated upon.
Hyperchains also can serve the aim of personal blockchain frameworks similar to Hyperledger or Corda, Cora mentioned, however with all the advantages of Ethereum.
“They’re technically extremely scalable, however they virtually don’t scale. While you communicate with most enterprises, they inform you that is manner too costly for what it’s for me,” he mentioned.
Apart from value concerns, there’s the social coordination drawback.
“In the event you’re Goldman Sachs, you don’t need to be a part of the Morgan Stanley Chain simply because it’s the Morgan Stanley Chain. In the event you’re Constancy, you don’t need to be a part of the BlackRock Chain simply because it’s the BlackRock Chain and so forth and so forth,” Cora mentioned.
“But when the sponsor of the chain…compelled himself to create a zero information proof and at hand this proof to a 3rd celebration — which is Ethereum — they now can declare a a lot greater diploma of credible neutrality,” he added. “Now, this celebration can not mess with the system.”