In order to significantly improve the DeFi ecosystem, Cronos and Covalent Network (CQT) announced a partnership and plans to launch Cronos zkEVM. This strategic cooperation aims to reduce transaction costs, increase transaction speed, and improve users’ transaction experience in the Ethereum ecosystem. By integrating technology and resources, both parties will work together to promote the development of the DeFi industry and bring users a more efficient and convenient trading experience. This initiative is expected to inject new vitality into the entire DeFi ecosystem, provide users and developers with more opportunities for innovation, and promote further development of the industry.

The integration of Covalent Network (CQT) and Cronos represents the joint efforts of both parties to promote a closer blockchain ecosystem. CQT's data access provides Cronos developers with new integration and application development opportunities. Cronos zkEVM will expand its influence within the decentralized application (dApp) ecosystem by leveraging Covalent Network’s (CQT) extensive network system and unique unified API to expand its utility and reach.

Covalent Network’s (CQT) Unified API is a powerful tool designed to seamlessly access live and historical blockchain data on over 225 blockchains. It will serve as the entry point for Cronos zkEVM to leverage various features, including standardized, human-readable transactions, fast data retrieval and scalable infrastructure. By providing data to over 240 million wallets, Covalent Network (CQT) provides Cronos zkEVM with unparalleled insights and analytics, enabling it to improve decision-making and user experience within the ecosystem. With its support, Cronos zkEVM is poised to unlock new levels of efficiency, transparency, and accessibility in the rapidly evolving DeFi space.

David Tso, Head of Growth and Customer Success at Covalent Network (CQT) said: “Cronos zkEVM will officially launch its mainnet in June, which will help expand the Cronos platform and strengthen Cronos dApps’ integration with Ethereum. We are excited about their upcoming launch and are confident in the modular data availability and local account abstraction they have demonstrated in terms of ecosystem innovation.”

Key goals of Cronos zkEVM , is to promote the paradigm shift of liquidity from centralized platforms to decentralized, on-chain ecosystems. To achieve this goal, the platform introduces innovative solutions to strategically address the challenges faced by DeFi, including liquidity fragmentation, revenue generation complexity, and user experience barriers. By creating trustless bridges for shared liquidity, native yield assets that simplify yields, and enhanced usability through account abstraction, Cronos zkEVM is building a foundation that will pave the way for a future that captures features such as unified liquidity, passive yield accumulation, and simplified wallet management. Flat road.

Powered by the Covalent Network (CQT), Cronos is well-positioned with zero-knowledge Layer2 technology and modular data availability, increasing transaction speeds, reducing costs, and building a robust set of security measures. Cronos zkEVM and Covalent Network (CQT) work together to drive unprecedented innovation and cultivate a more inclusive, efficient and secure financial ecosystem for users around the world.

About Covalent Network (CQT)

Covalent (CQT) creates Web3’s largest data availability layer, empowering millions of users to build new economic products in the fields of AI, big data, and DeFi. It is deeply committed to democratizing data acquisition by making structured data accessible to everyone through a unique unified API. As a core component of the DePIN ecosystem, Covalent Network (CQT) provides developers, analysts, innovators, and thousands of customers with comprehensive, real-time access to more than 225 blockchains and growing data .

About Cronos

Cronos is the leading Ethereum-compatible Layer 1 network built on the Cosmos SDK and has the support of more than 500 application developers and partners including Crypto.com support. Today, the #CROfam ecosystem represents a potential user base of over 80 million globally. Our mission is to enable easy and secure adoption of Web3 by the next billion crypto users, with a focus on decentralized applications in the DeFi, NFTs, and GameFi verticals.

The above is the detailed content of Cronos zkEVM is based on the Covalent Network (CQT) data availability API. For more information, please follow other related articles on the PHP Chinese website!