Cronos, a leading blockchain ecosystem and the first blockchain to interoperate between Ethereum and Cosmos, announced the Cronos EVM v1.4.0 Pallene upgrade, which enables parallel transaction processing to increase transaction speed up to 600 times, as shared with Finbold on Thursday, December 12.
Upgrade complete: Pallene is here! Cronos EVM now runs 600x faster with up to 60,000 TPS, paving the way for a new era of scalability.
Learn more about the Pallene upgrade: https://t.co/kL2HDlMkuU https://t.co/0M67bU39Uq
— Cronos (@cronos_chain) December 12, 2024
The new feature implements Block-STM technology to improve blockchain scalability by enabling parallel transactions within a single block. This allows the network to process up to 60,000 transactions per second (TPS), preparing Cronos EVM for the next generation of blockchain applications.
Additionally, the Pallene upgrade introduces two additional improvements: the optimistic execution via Cosmos SDK 0.50, which will optimize processing and increase network responsiveness, and an update to the Inter-Blockchain Communication (IBC) protocol, which will enable further cross-chain connectivity will facilitate.
Cronos EVM to support 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 decisive milestone for Cronos EVM as it positions the network to meet the scalability demands of next-generation blockchain applications. The blockchain 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 network layer, future-proofing Cronos EVM 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.
Additionally, 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.
