blockchainreporter.net
In a significant advancement for blockchain efficiency, Cronos has announced a 50% reduction in transaction fees on its zkEVM platform. This upgrade was scheduled for today and now the platform has announced the completion of the upgrade. This development was shared via the official Cronos account on X. This development highlights the network’s commitment to enhancing user experience while promoting scalability and adoption.
Cronos zkEVM transaction fees have been cut by 50%!
— Cronos (@cronos_chain) October 2, 2024
And don't forget that, due to how ZKsync technology works, transaction fees are almost always lower than what you see when you sign a transaction.
After taking fees to secure the transaction, the network refunds unused… https://t.co/GcEz3GgoLS
Cronos Offers 30-65% Refunds on Unused Transaction Fees
The reduction in fees is achievable only due to the underlying ZKsync protocol that enables it to provide relaxation. It returns those fees that is unused at the time of signing the transaction. This has further allowed the network operators to engage in more economic transactions in their network.
However, what is even more attractive to the Cronos users is another feature which involves refunding the remaining unused transaction fees after the transaction with refunds being in the range of 30-65%. This functionality is further confirmed on the blockchain explorer and this is why Cronos is developed with the users in mind.
This upgrade will enable Cronos to onboard a larger number of users, expanding its reach and accessibility. Additionally, it offers a valuable opportunity to drive demand for the Cronos ecosystem and its associated assets. This development is part of the network’s ongoing efforts to democratize decentralized finance (DeFi) and related applications, making them more accessible to a broader audience and fostering greater adoption of blockchain technology. Through this initiative, Cronos aims to strengthen its position in the evolving DeFi landscape.
Cronos Plans Major Improvements to Boost Scalability
The Cronos team aims to introduce new improvements in the following weeks and months. These steps will also be beneficial for stakeholders. These initiatives are to make possible the scaling of membership that is expected to be massive and maintain competitiveness in the evolving blockchain environment.
Finally, this fee reduction is good news for Cronos. Because of these activities, the platform aims to become one of the heaviest players in the sphere of zkEVM platforms and revitalize the crypto community through the reduction of the transaction fees.