rewrite this content using a minimum of 1000 words and keep HTML tags
Alisa Davidson
Published: January 31, 2025 at 10:00 am Updated: January 31, 2025 at 5:30 am
Edited and fact-checked:
January 31, 2025 at 10:00 am
In Brief
Cronos Labs announced that LayerZero is now live on Cronos EVM and Cronos zkEVM, covering mainnet and testnet networks, enabling developers to build bridges, expand token ecosystems, and create a wide range of cross-chain apps.
Web3 startup accelerator focused on the development of the Cronos blockchain ecosystem, Cronos Labs announced today that the LayerZero interoperability protocol is now live on both Cronos EVM and Cronos zkEVM, covering both mainnet and testnet networks.
This integration allows developers to build bridges, expand token ecosystems, and create a wide array of cross-blockchain applications. It connects Cronos users to the aggregated liquidity of over 115 blockchain networks supported by LayerZero, including Ethereum, Solana, and most other EVM-compatible layer 1 and layer 2 networks.
“Cross-chain interoperability has been a major priority of the Cronos project since its inception,” said Ken Timsit, Managing Director of Cronos Labs, in a written statement. “Given the significant security and liquidity challenges associated with the fragmentation of the crypto industry, Cronos Labs is executing on that priority with caution and determination. In 2025, we expect much greater connectivity between crypto projects and traditional finance. The integration with LayerZero enables that,” he added.
This milestone is expected to lead to numerous other protocol integrations, as hundreds of applications utilizing LayerZero can now extend their services to Cronos users and securely access billions of US dollars in cryptocurrency assets hosted on the Cronos network.
For Cronos EVM, which is the leading EVM-compatible Layer 1 network built on the Cosmos SDK, this integration will allow users to easily transfer assets between the Cosmos SDK ecosystem and various other EVM-compatible blockchains, including Solana. Cronos EVM achieves interoperability with the Cosmos SDK ecosystem through the Inter Blockchain Communication (IBC) protocol.
For Cronos zkEVM, the first Elastic Chain to launch on mainnet after ZKSync Era, users will continue to benefit from the native Ethereum bridge, which connects to more than 10 other Elastic chains. Additionally, they will be able to execute faster cross-blockchain transfers across a broad range of Layer 1 and Layer 2 networks.
“Cronos zkEVM is one of the first Elastic Chains that LayerZero is expanding to, which is exciting, as the whole point of interoperability is to connect different types of chains,” said Bryan Pellegrino, CEO of LayerZero Labs, in a written statement. “I’m excited to see what is built here,” he added.
Cronos To Expand Cross-Blockchain Bridging Capabilities With LayerZero Integration
As LayerZero primarily serves as a developer tool, the exciting cross-blockchain functionalities are not yet available to most end users. However, more announcements are expected in the upcoming weeks. New cross-blockchain bridging options will be introduced as third-party links on the official Cronos bridge portals. These options will include CRO/zkCRO and other token bridging solutions between Cronos EVM and Cronos zkEVM, which will be developed over the next few weeks.
In the meantime, Cronos Labs is prepared to support any developers looking to utilize these new features. In addition to token bridging, Cronos Labs is particularly focused on supporting decentralized applications (dApps) that leverage LayerZero’s technology to create use cases such as cross-chain prediction markets, tokenization of real-world assets, trading platforms for synthetic assets, cross-chain lending protocols, and other decentralized finance (DeFi) applications capable of utilizing locked collateral across multiple chains. The platform is also interested in supporting liquid staking and restaking protocols.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this
Source link
