The Cronos blockchain-based perpetual trading platform Fulcrom Finance announced it has now gone multichain, expanding onto the Layer-2 scaling protocol zkSync Era. The move will create more opportunities for loyal traders on its platform while boosting value accrual for holders of its native FUL token, Fulcrom said.
Fulcrom's claims are backed up by concrete evidence, as its protocol has already risen to become one of the top decentralized applications on zkSync Era within a week of its launch.
Fulcrom has made a lot of progress this year considering it only launched on the Cronos blockchain in February this year. It’s a decentralized exchange platform that’s focused on perpetuals trading, and offers low slippage and fees and up to 75-times leverage for traders. Since launching, it has enjoyed significant success, amassing a total trading volume that exceeds $500 million. The protocol has matured rapidly, with today’s announcement coming less than a month after it launched TradeSquare, a social trading feature that enables novices to learn the ropes by copying professional traders on its platform.
Now, Fulcrom wants to expand beyond the Cronos blockchain and it has chosen to do that in a somewhat unconventional way. Rather than creating an entirely new protocol for zkSync Era, it has instead bridged 2.4 billion FUL tokens from Cronos to the new chain. To ensure it hit the ground running, it has also partnered with Syncswap, the top DEX on zkSync Era, in a move that allows it to access that platform’s liquidity. To entice users to try its platform on zkSync Era, Fulcrom has made $100,000 available through a rewards pool that will distribute free tokens to every user. It said the rewards will be paid out to each trader based on their total trading volume.
According to Fulcrom, the subsequent increase in trading activity will benefit existing users immeasurably by boosting the value returned to those who stake their FUL tokens.
Fulcrom's choice of zkSync Era is an exciting one that demonstrates the widely-held belief in the potential of zero-knowledge proofs as a scaling solution for blockchain networks. zkSync Era is an Ethereum-based L2 that aims to preserve the crypto industry’s values of freedom, self-sovereignty and decentralization while enabling greater scalability and security for users.
Fulcrom’s product lead Martin Alastair said the protocol shares many of the same values as zkSync Era with its commitment to leverage ZK-proofs to enhance its speed and scalability while increasing privacy for users. “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,” he promised.
Already, the launch of Fulcrom on zkSync Era has exceeded expectations. Within just five days, Fulcrom accumulated more than $750,000 worth of assets under management, making it one of zkSync Era’s top dApps in terms of total value locked. It has also helped Fulcrom’s trading volume surpass the $500 million milestone, while boosting the number of active wallets interacting with its protocol by more than 30%, Fulcrom said.
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