[SIP-33] Unlocking DeFi Potential with Symbiosis and Cronos zkEVM Integration

Voting ended about 1 year agoSucceeded

Context

Cronos (cronos.org) is a blockchain ecosystem encompasses 3 chains: Cronos EVM, an Ethereum-compatible blockchain built on the Cosmos SDK; Cronos POS, a Cosmos chain for payments and NFTs; and Cronos zkEVM, a new high-performance layer 2 network secured by Ethereum, powered by ZKsync technology.

Cronos zkEVM supports the vision of the Elastic Chain—a collaborative, scalable environment built on Ethereum, where multiple autonomous ZK Chains operate securely and efficiently through shared smart contracts on Ethereum.

Innovations in Cronos zkEVM:

Native Ethereum Bridge: Secured by Ethereum smart contracts and shared with other ZK chains and Cronos EVM, enhancing cross-chain security.
Native Account Abstraction: Built into the protocol from day one, allowing for smart accounts and enabling developers to create innovative payment solutions.

Mission: Cronos aims to simplify and secure self-custody for the next billion crypto users in Web3, with a primary focus on Decentralized Finance (DeFi) and Gaming applications.

Symbiosis protocol enabled support for Cronos EVM in June 2024.

Proposal

Enable support for Cronos zkEVM in the Symbiosis protocol. The integration includes the following:

Adding support for Cronos zkEVM on the Symbiosis protocol, including USDC for Cronos zkEVM in the Symbiosis AMM DEX on the host chain.
Deploying and tuning Symbiosis contracts on Cronos zkEVM.
Implementing on-chain routing via existing DEXs on Cronos zkEVM.
Activating the Symbiosis relayer network to work with the new blockchain.

Key points

Scalability for Mass Adoption: Leveraging ZK technology, Cronos zkEVM provides high throughput and low fees, essential for scaling DeFi and gaming applications to support a large user base.
Developer-Friendly Environment: Built-in account abstraction on Cronos zkEVM attracts developers to build flexible, user-centric applications, enhancing DeFi and gaming experiences.
Seamless Integration: As an EVM-compatible chain, Cronos zkEVM can be seamlessly integrated into the Symbiosis protocol, ensuring a smooth transition and immediate benefits.

Off-Chain Vote

Yes

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Timeline

Nov 13, 2024Proposal created

Nov 13, 2024Proposal vote started

Nov 15, 2024Proposal vote ended

Nov 15, 2024Proposal updated

Context

Innovations in Cronos zkEVM:

Native Ethereum Bridge: Secured by Ethereum smart contracts and shared with other ZK chains and Cronos EVM, enhancing cross-chain security.

Native Account Abstraction: Built into the protocol from day one, allowing for smart accounts and enabling developers to create innovative payment solutions.

Mission: Cronos aims to simplify and secure self-custody for the next billion crypto users in Web3, with a primary focus on Decentralized Finance (DeFi) and Gaming applications.

Symbiosis protocol enabled support for Cronos EVM in June 2024.

Proposal

Enable support for Cronos zkEVM in the Symbiosis protocol. The integration includes the following:

Adding support for Cronos zkEVM on the Symbiosis protocol, including USDC for Cronos zkEVM in the Symbiosis AMM DEX on the host chain.

Deploying and tuning Symbiosis contracts on Cronos zkEVM.

Implementing on-chain routing via existing DEXs on Cronos zkEVM.

Activating the Symbiosis relayer network to work with the new blockchain.

Key points

Scalability for Mass Adoption: Leveraging ZK technology, Cronos zkEVM provides high throughput and low fees, essential for scaling DeFi and gaming applications to support a large user base.

Developer-Friendly Environment: Built-in account abstraction on Cronos zkEVM attracts developers to build flexible, user-centric applications, enhancing DeFi and gaming experiences.

Seamless Integration: As an EVM-compatible chain, Cronos zkEVM can be seamlessly integrated into the Symbiosis protocol, ensuring a smooth transition and immediate benefits.