Cronos recently announced joining hands with Caldera for blockchain scalability. The network will use its rollup technology to reach scalability. The partnership was announced on the official Twitter handle of Cronos.
According to the tweet, Cronos has finally released its rollup deployment technology on the mainnet. Thus, the on-demand optimistic L2 rollups are available to developers on Cronos. As the leading EVM-supported L1 blockchain player, Cronos is a primary player on the Cosmos SDK.
It focuses on developing a carbon-neutral and highly scalable application ecosystem for Web3 Gaming, DeFi, and NFT. Names like Crypto.org, Crypto.com, and 500+ app developers and validators support the network.
Cronos Labs has been working with Caldera since April 2013 to test and deploy its optimistic L2 rollup deployment technology across the Cronos network. The collaboration has now managed to deploy the technology on the mainnet as well.
The parties included a set of multiple transactions, such as ERC20 fungible token transfers, standard crypto transfers, complex smart contract calls, and ERC721 NFT transfers in the tests.
During the phase, more than 200k transactions were completed with a 1000% success rate. Even better, the average cost per transaction was deemed at 0.02 CRO, amounting to 0.0001 dollars. This is 50x cheaper than standard Cronos transactions and is achieved by the batching of L2 transactions into L1 records every 20 minutes.
Besides developers and stakeholders, the successful deployment intrigued traders as well. They were eager to see how the development would boost Cronos’ market price.
The Cronos token is still trading at $0.05624 with a market cap of $1,420,734,293. Traders still looked for a precise Cronos price prediction to assess how the token would act in the upcoming months.
Ken Timsit, Cronos Labs’ Managing Director, also praised the development. According to Timsit, L2 rollups are a crucial part of Cronos’ scaling roadmap. The technology facilitates optimized node performance, reduced block times, and even increased block sizes.
The Caldera team has been massive assistance in the development. They have assisted Cronos in achieving low transaction costs and high-speed finality, added Timsit.