Context

Layer 1 (L1) blockchain networks face challenges, including slow transaction speeds, high transaction costs, and network isolation. These limitations hinder the efficiency and scalability of decentralized applications (dApps) and reduce overall user experience.

Cronos EVM is an EVM-compatible L1 blockchain built on the Cosmos SDK. It offers high transaction throughput, fast transaction finality, and low transaction fees. Its Proof of Authority (PoA) consensus mechanism provides a balance of decentralization, scalability, and efficient transaction processing with minimal environmental impact.

Inter-Blockchain Communication (IBC) allows Cronos EVM to communicate with other Cosmos SDK-based blockchains that have IBC enabled. IBC features include asset transfer and cross-chain execution. An upcoming canonical Ethereum-Cronos bridge will enable bridging ERC-20 tokens from other EVM-compatible chains to the Cronos ecosystem.

Proposal

Enable support for Cronos EVM in the Symbiosis protocol to enhance Symbiosis DeFi offerings for L1 blockchains. The integration includes the following:

• The stablecoin on Cronos EVM to operate will be USDC.
• Add support for the new blockchain to the Symbiosis protocol. This involves including the new stablecoin in the Symbiosis AMM DEX on the host chain. At the same time, the Symbiosis relayer network should start working with the new blockchain.
• Deploy and tune Symbiosis contracts on Cronos EVM.
• Implement on-chain routing via existing DEXs on Cronos EVM.

Key points

• Cronos EVM is web3-developer friendly. It offers a comprehensive set of tools for creating new and porting existing web3 applications to the chain. Additionally, it boasts strong community support and a focus on environmental sustainability.
• Cronos EVM actively develops its DeFi and NFT ecosystems, attracting numerous projects and developers to create innovative applications.
• Cronos EVM has established partnerships with leading infrastructure providers and decentralized exchanges (DEX), ensuring wide support and integration.
• As an EVM-compatible chain, Cronos EVM can be seamlessly integrated into the Symbiosis protocol, ensuring a smooth transition and immediate benefits.