Cronos EVM Announces Pallene Upgrade Bringing 600x Faster Execution to Power AI Agents

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