Cronos, a leading blockchain ecosystem and the first blockchain that interoperates between Ethereum and Cosmos, has announced the Cronos EVM v1.4.0 Pallene upgrade, which enables parallel transaction processing to increase transaction speed by up to 600 times, as shared with Finbold on Thursday, December 12.
⚡Upgrade complete: Pallene is here! Cronos EVM is now running 600x faster with up to 60,000 TPS — setting the stage for a new era of scalability.
Learn more about Pallene upgrade: https://t.co/kL2HDlMkuU https://t.co/0M67bU39Uq
— Cronos (@cronos_chain) December 12, 2024
The new feature implements Block-STM technology to enhance the blockchain’s scalability by allowing parallel transactions within a single block. This allows the network to handle up to 60,000 transactions per second (TPS), preparing Cronos EVM for next-gen blockchain applications.
Additionally, the Pallene upgrade introduces two additional improvements: the optimistic execution through Cosmos SDK 0.50, which will optimize processing and boost network responsiveness, and an update to the Inter-Blockchain Communication (IBC) protocol, which will facilitate further cross-chain connectivity.
Cronos EVM to aid the development of Web3 and AI agents
Cronos Managing Director Ken Timsit praised the scalability of the new upgrade and announced the next step toward artificial intelligence applications:
“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.”
Timsit added:
“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.”
The Cronos EVM v1.4.0 Pallene upgrade should help the blockchain ecosystem prepare for future use cases, such as decentralized finance (DeFi), Web3 gaming, and AI-powered agentic experiences.
Furthermore, the new upgrade brings Cronos one step closer to automating complex user tasks, from dapp interactions to portfolio management, with a particular emphasis on artificial intelligence due to its likely transformative role in Web3 adoption.
