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Cronos zkEVM and Covalent enhance DeFi with new integration

Press Releases
Cronos zkEVM and Covalent enhance DeFi with new integration

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

In a key partnership, Cronos and Covalent aim to enhance DeFi on Ethereum with faster, more affordable transactions via Cronos zkEVM.

Cronos zkEVM and Covalent enhance DeFi with new integration - 1

In a strategic move set to significantly upgrade the landscape of decentralized finance (DeFi), Cronos and Covalent have joined forces in anticipation of the launch of Cronos zkEVM.

This integration is poised to bring some of the lowest and fastest transactions to the Ethereum ecosystem.

The Covalent integration signifies a concerted effort to foster a more interconnected blockchain ecosystem, presenting Cronos developers with fresh opportunities for integration and application development through CQT’s data access.

Leveraging Covalent’s expansive network and singular Unified API, Cronos zkEVM is set to expand its utility and reach, amplifying its impact across the decentralized application (dApp) space.

The Covalent Unified API serves as a powerful tool designed to seamlessly access real-time and historical blockchain data across +225 blockchains.

It will act as a gateway for Cronos zkEVM to utilize various capabilities, including standardized, human-readable transactions, quick data retrieval, and scalable infrastructure.

Enriching over 240 million wallets with its data, Covalent provides Cronos zkEVM with unparalleled access to insights and analytics possibilities, enabling enhanced 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 landscape of DeFi. 

David Tso, Growth & Customer Success Lead at Covalent says: “Cronos zkEVM aims to launch its Mainnet in June to expand Cronos and connect Cronos dApps even more with Ethereum. We look forward to their launch and believe that their modular data availability and native account abstraction will revolutionize the ecosystem.” 

Cronos zkEVM’s primary objective is to facilitate a paradigm shift in liquidity from centralized platforms to a decentralized, onchain ecosystem.

To achieve this, the platform strategically tackles DeFi challenges by introducing innovative solutions for liquidity fragmentation, yield generation complexities, and user experience barriers.

By establishing shared liquidity via trustless bridges, simplifying earnings with native yield-bearing assets, and enhancing usability through account abstraction, Cronos zkEVM paves the way for a future characterized by unified liquidity, passive yield accrual, and streamlined wallet management.

With Covalent’s expertise, Cronos is well-positioned to lead the charge in zero-knowledge L2 technology and modular data availability, enhancing transaction speed, reducing costs, and ensuring robust security measures are in place.

Together, Cronos zkEVM and Covalent are poised to drive unprecedented innovation and foster a more inclusive, efficient, and secure financial ecosystem for users worldwide.

About Covalent

Covalent (CQT) has created the largest data availability layer of Web3, enabling millions of users to build the new economy of products in AI, Big Data and DeFi. Its deep commitment to democratizing access to structured data is delivered through a singular Unified API for everyone.

A core aspect of the DePIN ecosystem, Covalent serves developers, analysts, innovators & 1000’s of customers with comprehensive, real-time data access to +225 blockchains & growing. Learn how Covalent is building the long term data availability ‘Ethereum Wayback Machine’.

For more information, check out Covalent’s: Official Website | Twitter/X | Discord | Telegram | Blog | API Guides

About Cronos

Cronos is the leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com and more than 500 app developers and partners.

Today, the #CROfam ecosystem represents an addressable user base of more than 80 million people worldwide.

Our mission is to make it easy and safe for the next billion crypto users to adopt Web3, with a focus on decentralized applications in the DeFi, NFTs and GameFi verticals.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.