Bybit Overhauls Institutional Trading Platform Bybit Institutional

Cronos Labs launches zkEVM chain testnetCronos Labs, the developer behind the Cronos blockchain ecosystem, is charting a new path in the blockchain space by launching a zkEVM chain.From Cosmos to EthereumThe Cronos zkEVM chain is being launched in the first instance as a test network. The layer-2 blockchain will rely upon ZK Stack, the software kit developed by Matter Labs. In this way, the project will be extending its scaling roadmap from Cosmos to Ethereum. As Matter Lab’s SVP of Business and Operations, Marco Cora put it:“When we introduced the ZK Stack, we opened up the door for anyone wanting to build on top of Ethereum to do so by deploying hyperchains. Whether you’re building a specialized Rollup or a general purpose one, hyperchains allow you to tap into Ethereum’s extensive userbase base and liquidity while preserving its robust security and decentralization.”The journey began with the creation of the first chain in the Cronos ecosystem — a Cosmos appchain developed in collaboration with Singapore-headquartered crypto platform Crypto.com and launched in 2021. Subsequently, Cronos introduced an EVM-compatible chain in 2022, built using the Cosmos SDK. Notably, these new endeavors complement, rather than replace, the earlier established chains.Photo by Kanchanara on UnsplashThe product of collaborative effortsA significant development in Cronos’ evolution is the introduction of zkEVM, a result of collaborative efforts involving Cronos Labs, Matter Labs and engineering teams from stakeholders Crypto.com and existing dApp developers. The zkEVM testnet is a breakthrough, utilizing Ethereum’s Sepolia testnet and incorporating zkSync’s open-source prover, Boojum — a STARK-based zero-knowledge proof system known for its efficiency in the layer-2 rollup space, with low hardware requirements and fees.The decision to launch a native Ethereum chain stemmed from challenges in bridging EVM chains and bridging between Cosmos and Ethereum, according to Ken Timsit, Managing Director at Cronos. Timsit emphasized the richness and robustness of the Ethereum developer ecosystem for building DeFi and NFT applications.Native account abstractionHyperchains within the ZK Stack share components, including a native bridge to the Ethereum mainnet and zkSync’s trustless bridging mechanism, ensuring assets remain secured by Ethereum. The implementation of zkSync’s native account abstraction allows transaction fee payments in various cryptocurrencies, including Cronos’ native token (CRO).Cronos’ zkEVM is anticipated to progress to the mainnet in the second quarter of 2024, marking a pivotal moment in the evolution of hyperchains.The landscape of hyperchains is expanding, with projects like GRVT and Tradable utilizing the ZK Stack. GRVT, a derivatives exchange, and Tradable, a tech firm focused on bringing private credit on-chain, exemplify the diversity and specialization within this emerging sector. Tradable aims to establish an institutional-focused hyperchain, potentially forming a decentralized chain alongside other institutional partners.Matter Labs views the zkSync hyperchain as a superior option compared to app-specific chains in Cosmos, emphasizing the scalability and security benefits. Hyperchains, a potential alternative to private blockchain frameworks like Hyperledger or Corda, offer technical scalability with the benefits of Ethereum. However, practical scalability remains a challenge due to cost considerations and the social coordination problem.

GRVT Debuts zkSync’s Inaugural ‘Hyperchain’GRVT, the hybrid crypto exchange incorporated in the British Virgin Islands, is all set to debut as zkSync’s inaugural “hyperchain,” marking a significant milestone in the zkSync ecosystem’s evolution.zkSync represents Ethereum’s second layer solution offering cheaper and faster transactions.Photo by Shubham Dhage on UnsplashCombining CEX and DEX qualitiesPronounced “gravity,” GRVT is an innovative platform that attempts to seamlessly blend the advantages of centralized and decentralized exchanges. It promises users a Robinhood-like experience while integrating self-custodial features akin to Uniswap-style exchanges. Matter Labs, the developer brains behind zkSync, shared news of GRVT's imminent project milestone in an interview with The Block.The introduction of GRVT as the first Hyperchain within the zkSync ecosystem has broadened the horizons of potential applications for this technology, according to Matter Labs. The project stated:“There is nothing like GRVT being built, not in the zkSync ecosystem nor outside of it. By being able to design and deploy custom hyperchains connected through hyperbridges, teams like GRVT’s can build entirely new use cases.”The ability to design and deploy custom hyperchains connected via hyperbridges opens the door to entirely new use cases, affording projects like GRVT the freedom to explore innovative possibilities.A layer 3 ValidiumGRVT will play a role as a Layer 3 Validium within the zkSync ecosystem. Validiums are Ethereum scaling networks that bear similarities to zk-rollups found in Layer 2 solutions. The critical differentiator is in how they handle data. Zk-rollups maintain data on-chain, whereas Validiums securely store it off-chain. This approach enhances user security by safeguarding against front-running and market manipulation.GRVT’s alpha version is set to make its debut next month, followed by the mainnet release in the first quarter of the upcoming year. Promising a transaction speed of up to 600,000 trades per second and less than two milliseconds of latency, GRVT leverages zkSync’s “horizontally scaling” infrastructure to deliver enhanced performance.Explaining the concept of horizontally scaling, Hong Yea, GRVT’s co-founder and CEO, told The Block:“Horizontally scaling means to deploy additional underlying pairs as new hyperchains. Say BTC/USDT perpetual futures is one hyperchain and so on. And we can look to add other infrastructure components like this as new hyperchains to scale throughout, as they can interoperate. This allows high-frequency traders to trade more efficiently with high transactions per second similar to a central exchange.”Token launchGRVT enjoys the backing of CMS Holdings, Hong Kong’s digital assets wealth manager Metalpha, alongside Matter Labs and others. Yea founded the company alongside CTO Aaron Ong and CCO Matthew Quek. Although incorporated in the British Virgin Islands, the firm employs people who are based in Hong Kong, the UK, Lithuania, and Singapore.It recently disclosed that it had successfully raised $7.1 million in pre-seed and seed funding in an equity with a token warrant round, achieving a $39 million post-money valuation. The launch of GRVT’s token is anticipated in 2024.GRVT is also making a concerted effort to obtain trading licenses in various jurisdictions. Currently, it has attained a virtual asset service provider (VASP) license in Lithuania, with work ongoing to achieve licensing in Bermuda. The firm hopes to then expand in Europe and the Middle East going forward.

Momentica’s NFT Photo Cards Captivate K-Pop EnthusiastsMomentica, a fan-artist engagement platform, has been captivating K-pop enthusiasts with NFT photo cards featuring their favorite artists.Dunamu and HYBELevvels, the company behind Momentica, has garnered significant attention from both the tech and the entertainment industries, as it is a joint venture between Dunamu, the operator of Korea’s leading crypto exchange, and HYBE, the agency representing world-renowned boy band BTS.K-pop photo cardsOne of the primary goals of this promising company is to introduce the K-pop fandom culture to global audiences. K-pop fans enjoy collecting photo cards featuring their favorite singers or actors, and thanks to blockchain technology, these cards can now be transformed into non-fungible tokens (NFTs), ensuring their authenticity and preventing forgeries and counterfeits. Dunamu’s blockchain expertise has combined with HYBE’s intellectual property to create a range of collectible items for K-pop fans.In a recent interview with Donga Ilbo, Levvels CEO Cha Sang-hoon explained the company’s current status and future plans. Cha said that Levvels is primarily a blockchain-based Web3 company aiming to leverage various technological tools to offer a range of services.Levvels’ Momentica issues digital photo cards called TAKEs, which capture unique and memorable moments of artists, and the collection, appreciation, and trading of these cards are facilitated through the Momentica app. Fans can use Momentica to collect digital cards featuring artists such as Seventeen, Le Sserafim, and Fromis_9. The authenticity of TAKEs is verifiable, as they are recorded on the blockchain.© Pexels/Sebastian ErviPhysical to digitalMomentica transitions the fan experience from the physical world to the digital realm. Through the app, K-pop aficionados can now exchange photo cards, promote their favorite stars, and maintain a virtual album. Exclusive content, including pictures, videos, and handwriting from some artists, will be available only on Momentica.Cha mentioned that Momentica has users across 93 countries, with Koreans constituting 40% of the total. Japanese users represent over 30%, indicating the app’s strong presence in the Japanese market. Taiwan, Indonesia, and the US follow in the number of users. Overall, the app’s popularity aligns with regional interest in K-pop.Beyond HYBEWhile the current service focuses on limited collections of digital photo cards, Momentica plans to enhance the experience by allowing K-pop fans to personalize and directly exchange cards. The company is also working on collaborations with artists from labels beyond HYBE for them to participate in Momentica.