ZKSwap announces its partnership with SofaSwap as part of its expansion plans in the DeFi ecosystem. Both ZKSwap and SofaSwap are aiming to explore liquidity mining, in order to drive innovation and growth in the DeFi market.
With this partnership, ZKSwap and SofaSwap would allow their users to start mainstream token contracts (BTC, ETH) using ZKS at SofaSwap. The settlement token in this case, can be any digital asset that is chosen to be staked by the Market Maker LP. Users will get plenty of trading opportunities due to the deepened product and marketing cooperation between ZKSwap and SofaSwap.
A zero-knowledge proof system
ZKSwap has a zero-knowledge proof algorithm, PLONK to generate proofs. PLONK has a global trust setup that only needs to be generated once and the circuit can be reused within a certain range, thereby reducing stakes for using zero-knowledge proofs.
Users also get access to API and SDK to achieve fast programmatic transactions.
ZKSwap deploys a series of smart contracts on Layer1 blockchains such as Ethereum and BSC, in order to store tokens deposited by users, while also recording and verifying Layer2 status updates and related proof.
Currently, the ZKS Market value in circulation is $204.337,557, with a total token supply of 1,000,000,000.
ZKSwap’s upcoming V3 aims to build a safe and open universal blockchain infrastructure with the capacity to create and trade NFTs with no gas fees, and at a faster speed, by incorporating ZKBox, a Layer2 NFT protocol. This would allow ZKSwap users to directly purchase, create and trade NFTs on the ZKBox platform with their L2 token asset, instantly, at a lower cost.
Disclaimer: This is a paid post and should not be treated as news/advice.