Hong Kong, Hong Kong, October 24th, 2023, Chainwire
Fulcrom Finance, the largest perpetual trading protocol on the Cronos blockchain, incubated by Cronos Labs, announced a major multi-chain upgrade, expanding its platform to the zkSync Era layer-2 protocol. In less than a week following the launch, Fulcrom Finance grew to become one of the top decentralized applications on zkSync Era in terms of total value locked.
Fulcrom Finance has emerged as the leading perpetual exchange on Cronos for pro traders since its initial launch in Feb. 2023, with its focus on low slippage, minimal fees and 75x leverage. It has been hugely successful, accruing a total trading volume of more than $500 million.
To accelerate its growth and support its existing community of stakers, Fulcrom announced its expansion to zkSync Era on Oct. 5. Rather than launch a separate protocol, Fulcrom bridged 2.4 billion $FUL tokens from Cronos to zkSync Era to support its presence there – a move that will benefit users on both chains. zkSync Era is a layer-2 protocol that scales Ethereum with cutting-edge zero-knowledge technology to preserve its foundational values of freedom, self-sovereignty, and decentralization. It aims to achieve hyper-scalability, security, UX, and community ownership, and has been backed by more than 200 projects.
Fulcrom’s decision to collaborate with zkSync Era is the vision of a multi-chain future which is shared by Cronos and Fulcrom. The move will help to reshape the derivatives trading landscape by creating unprecedented opportunities for traders. By launching on zkSync Era, Fulcrom will accelerate value accrual for $FUL token holders. As it grows its user base beyond Cronos, $FUL stakers on both blockchains will benefit from the influx of trading activity.
The integration with zkSync Era has hit the ground running, as Fulcrom rose rapidly to become one of the top dApps on the platform in TVL (with more than $750K assets under management) within just five days of its launch. The launch has increased Fulcrom’s trading volume on both platforms to over $500 million, while there has been a 36% increase in the number of unique active wallets interacting with the protocol in the last 30 days. One of the key reasons for Fulcrom’s flying start is its partnership with Syncswap, the top DEX on zkSync Era, enabling it to access the liquidity of that platform.
To celebrate its launch on zkSync Era, Fulcrom has announced the creation of a $100k rewards pool that will be distributed to traders between now and Jan. 5 2024, based on their trading volume.
“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 $FUL tokens, Fulcrom will grow its trading volume and significantly increase the rewards generated by token holders on both Cronos and zkSync Era,” said Martin Alastair, Product Lead at Fulcrom Finance.
In recent weeks, Fulcrom’s platform has matured to attain parity with the industry’s leading DeFi protocols. Today’s announcement comes hot on the heels of last month’s launch of TradeSquare, a new social trading feature that allows users to discover the top traders on its platform and follow their trades.
About Fulcrom Finance
Fulcrom Finance is a decentralized perpetual exchange on Cronos and zkSync Era that allows users to trade leveraged positions with up to 75x leverage, low fees, and zero price impact, whilst having the peace of mind that all trades and collateral are stored transparently on-chain.
Fulcrom Finance is incubated by Cronos Labs – the Web3 startup accelerator that helps builders to create user-friendly applications on the Cronos blockchain and to drive mainstream adoption of Web3.
About Cronos
Cronos (cronos.org) is the leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com and more than 500 app developers and partners. Today, the #CROfam ecosystem represents an addressable user base of more than 80 million people worldwide. Our mission is to make it easy and safe for the next billion crypto users to adopt Web3, with a focus on decentralized applications in the DeFi, NFTs and GameFi verticals.
Shortly after launch in 2021, Cronos achieved a top 10 position amongst all chains by TVL. It is home to more than 1 million users and 500+ dApps.
Transaction fees are paid in Cronos ($CRO), a blue chip cryptocurrency.
The Cronos ecosystem is supported by Cronos Labs, the start-up accelerator of Cronos chain.
Contact
Avishay Litani
MarketAcross
pr@marketacross.com
