Hong Kong, Hong Kong, December 12th, 2024,
Chainwire
Cronos has completed the Cronos EVM v1.4.0 Pallene upgrade that
will dramatically enhance the network's transaction processing
capabilities. The upgrade represents a significant advancement in
blockchain scalability, introducing features that will increase
transaction execution by up to 600 times.
At the heart of the Pallene upgrade is the implementation of
Block-STM technology, enabling parallel transaction processing
within single blocks. This will allow the virtual machine to handle
up to 60,000 transactions per second (TPS), positioning Cronos EVM
to meet the demanding requirements of next-generation blockchain
applications.
Pallene also introduces optimistic execution through Cosmos SDK
0.50, streamlining block processing and enhancing network
responsiveness. Additionally, an upgrade of the Inter-Blockchain
Communication (IBC) protocol has strengthened cross-chain
connectivity, facilitating seamless interaction between Cronos and
other blockchain networks.
Cronos Managing Director Ken Timsit said: “The Pallene upgrade
is a defining milestone for Cronos EVM, as it positions the network
to meet the scalability demands of next-generation blockchain
applications. The blockchain's virtual machine can now execute up
to 60,000 transactions per second in parallel. The next step is to
remove any remaining bottlenecks at the networking layer, making
Cronos EVM future-proof to support the rapid evolution of AI agents
and other emerging use cases.”
This upgrade is a pivotal step in positioning Cronos EVM as a
future-ready blockchain network capable of supporting advanced use
cases such as decentralized finance (DeFi), web3 gaming, and
AI-driven agentic experiences. AI agents in particular are expected
to play a transformative role in web3 adoption by automating
complex user tasks, from portfolio management to dapp interactions.
The enhanced processing capacity provided by Pallene will be
essential to support this increased activity.
The implementation of parallel transaction processing reflects
broader industry trends, as Layer 1 networks increasingly focus on
scalability solutions to accommodate growing transaction volumes.
These improvements will be particularly crucial for supporting the
anticipated surge in AI agent activity across the Cronos EVM
network.
The launch of the Pallene upgrade aligns with Cronos’ recently announced roadmap,
which emphasizes the transformative potential of AI agents as
catalysts for mainstream web3 adoption. By equipping the network
with the tools necessary to support these high-demand applications,
Cronos is positioning itself as a key player in the next wave of
blockchain and AI innovation.
About Cronos
Cronos (cronos.org) is a leading blockchain ecosystem that has
partnered with Crypto.com and more than 500 application developers
and contributors representing an addressable user base of more than
a hundred million people around the world. Cronos' mission is to
unlock the future of finance for everyone, making it easy and safe
for communities to adopt self-custody and web3, with a focus on
Decentralized Finance and Gaming, and with AI agents as the new
interface between users and the network.
Cronos ranks among the top 15 blockchain ecosystems,
encompassing more than 6 billion US dollars of user assets. Since
inception, it has securely settled more than 150 million
transactions. It encompasses 3 chains: Cronos zkEVM, a new high
performance layer 2 network secured by Ethereum; Cronos EVM, the
leading Ethereum-compatible blockchain built on the Cosmos SDK; and
Cronos POS, a top Cosmos chain for payments and NFTs.
Transaction fees are paid in Cronos ($CRO), a blue chip
cryptocurrency.
Cronos is supported by Cronos Labs, a 100 M$ web3 start-up
accelerator focused on DeFi, GameFi, and the development of the
Cronos ecosystem.
Contact
Avishay
Litani
pr@marketacross.com