Cronos Labs, a leading name in the blockchain industry, has recently unveiled a new development in collaboration with LayerZero, another contemporarily influential blockchain platform. On January 31, they revealed that the LayerZero cross-chain messaging protocol is now live on two major technologies; Cronos Ethereum (ETH) Virtual Machine (EVM) and Cronos zero-knowledge EVM (zkEVM). The protocol, which is now accessible on both the mainnet and testnet, is all set to empower developers in building cross-chain bridges, expanding token ecosystems, and creating apps that link Cronos users to over 115 supported chains, such as Ethereum and Solana.
A New Era of Cross-Chain Transfers on Cronos
With the advent of LayerZero’s protocol on Cronos EVM, users on the platform can expect a seamless experience of asset transfers. Cronos EVM, recognised for being compatible with the leading Layer-1 (L1) blockchain built on the Cosmos source development kit (SDK), will now offer effortless transfer assets across the Cosmos ecosystem and multiple EVM chains.
Meanwhile, Cronos zkEVM, known for being the first Elastic Chain to launch in the mainnet during the ZKSync Era, will also gain a boost in connectivity. While preserving its native ETH bridge, the platform will now see quicker cross-chain transfers. It’s worth mentioning that Cronos EVM is already interoperable with Cosmos SDK networks, thanks to the Inter-Blockchain Communication (IBC) protocol.
Ken Timsit, the Managing Director of Cronos Labs, accentuated the importance of interoperability in the company’s goals, stating, “Cross-chain interoperability has been a significant concern for Cronos since its conception. Given the substantial security and liquidity issues that arise from the fragmentation of the crypto industry, our project executes this priority with caution and determination. By 2025, we expect and aim for greater connectivity between crypto projects and traditional finance, and our integration with LayerZero is a step towards that.”
Redefining DeFi with Advanced Bridging Solutions
Bryan Pellegrino, the CEO of LayerZero Labs, hailed Cronos zkEVM as one of the initial Elastic Chains that LayerZero is venturing into. Although the LayerZero features currently cater primarily to developers, there are plans to introduce more functionalities directed towards the end-users. These include additional cross-chain bridging options on the official Cronos bridge portals and the new CRO/zkCRO token transfers.
Cronos Labs is also focusing on aiding developers in using LayerZero’s technology to create innovative applications. These applications may range from cross-chain prediction markets, tokenization of real-world assets (RWA), synthetic asset trading platforms, and cross-chain lending to decentralized finance (DeFi) solutions and liquid staking and restaking protocols.
FAQs
1. What does the LayerZero protocol offer to developers?
The LayerZero protocol helps developers build cross-chain bridges, expand token ecosystems, and develop apps that connect Cronos users to over 115 supported chains, such as Ethereum and Solana.
2. How does LayerZero’s protocol on Cronos EVM affect users?
The integration of LayerZero’s protocol on Cronos EVM enables users to seamlessly transfer assets across the Cosmos ecosystem and multiple EVM chains.
3. What are some future functionalities expected from LayerZero?
LayerZero plans to introduce more end-user functionalities, including additional cross-chain bridging options on the official Cronos bridge portals and new CRO/zkCRO token transfers.
4. How is Cronos Labs using LayerZero’s technology?
Cronos Labs supports developers in using LayerZero’s technology to build innovative applications, such as cross-chain prediction markets, RWA tokenization, synthetic asset trading platforms, cross-chain lending, DeFi solutions, and liquid staking and restaking protocols.
