blockchainreporter.net
Fulcrom Finance, a leading perpetual trading protocol on the Cronos blockchain, incubated by Cronos Labs, has made a significant move toward the future of decentralized finance. In a recent announcement, Fulcrom revealed a major multi-chain upgrade, expanding its platform to the zkSync Era layer-2 protocol. Within days of this expansion, Fulcrom Finance surged to become one of the most prominent decentralized applications on zkSync Era, boasting substantial Total Value Locked (TVL).
Fulcrom Finance, which initially launched in February 2023, quickly established itself as the go-to perpetual exchange for professional traders on the Cronos blockchain. Its success has been attributed to its emphasis on low slippage, minimal fees, and generous 75x leverage opportunities, resulting in an impressive total trading volume of over $500 million.
Becoming a Top dApp on zkSync Era
To further accelerate its growth and support its growing community of stakers, Fulcrom made the strategic decision to expand to zkSync Era on October 5th. Rather than creating an entirely new protocol, Fulcrom facilitated the bridging of 2.4 billion $FUL tokens from Cronos to zkSync Era, thus fostering a mutually beneficial relationship for users on both chains. zkSync Era is a layer-2 protocol designed to enhance the scalability of Ethereum through advanced zero-knowledge technology, while preserving key principles of freedom, self-sovereignty, and decentralization.
zkSync Era has garnered the support of over 200 projects and aims to achieve hyper-scalability, security, improved user experience, and community ownership. Fulcrom’s collaboration with zkSync Era reflects a shared vision of a multi-chain future, aligning with Cronos and Fulcrom’s commitment to reshape the derivatives trading landscape. The move promises to create unprecedented opportunities for traders.
By joining the zkSync Era platform, Fulcrom seeks to accelerate value accrual for $FUL token holders, enabling them to benefit from the increased trading activity and user base expansion beyond Cronos. The integration with zkSync Era has been met with rapid success, as Fulcrom Finance quickly became one of the top decentralized applications on the platform in terms of TVL, managing over $750,000 in assets within just five days of its launch.
This expansion has resulted in a remarkable increase in Fulcrom’s trading volume on both platforms, exceeding $500 million, and a 36% surge in the number of unique active wallets engaging with the protocol over the past 30 days. This early triumph can be attributed in part to Fulcrom’s partnership with Syncswap, the premier decentralized exchange on zkSync Era, which grants Fulcrom access to the liquidity of the platform.
Leveraging ZK-Proofs and Bridging Tokens for Growth
To celebrate its successful launch on zkSync Era, Fulcrom has introduced a $100,000 rewards pool, which will be distributed to traders based on their trading volume between now and January 5, 2024. In recent weeks, Fulcrom’s platform has matured to match the industry’s leading DeFi protocols. Today’s announcement follows the launch of TradeSquare, a social trading feature that allows users to discover and follow the trades of top traders on the Fulcrom platform.
Martin Alastair, Product Lead at Fulcrom Finance, stated, “Fulcrom Finance shares the same foundational values of freedom, self-sovereignty and decentralization with zkSync Era, and is committed to leveraging ZK-proofs to increase user privacy and enhance speed and scalability. By bridging a significant portion of $FUL tokens, Fulcrom will grow its trading volume and significantly increase the rewards generated by token holders on both Cronos and zkSync Era.”
Fulcrom Finance, available on both Cronos and zkSync Era, empowers users to trade leveraged positions with up to 75x leverage, minimal fees, and zero price impact. All trades and collateral are transparently stored on-chain, ensuring security and reliability. Fulcrom Finance is incubated by Cronos Labs, a Web3 startup accelerator committed to fostering user-friendly applications on the Cronos blockchain and driving mainstream adoption of Web3.
Cronos, the leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com and over 500 app developers and partners, aims to make it easy and safe for the next billion crypto users to embrace Web3, with a particular focus on decentralized applications in the DeFi, NFTs, and GameFi sectors.
Shortly after its 2021 launch, Cronos achieved a top 10 position among all chains by TVL, boasting a user base of more than 1 million and over 500 dApps. Transaction fees on Cronos are paid in Cronos ($CRO), a blue-chip cryptocurrency. Cronos Labs, the startup accelerator of the Cronos chain, provides ongoing support for the Cronos ecosystem.