ZKSwap is a decentralized exchange based on the ZK-Rollup layer 2 scaling solution. It offers its users swap infrastructure and transactions with high throughput. The traders and liquidity providers also get to avail zero gas fees on their transactions.
The platform is backed by Bixin Capital, SNZ Capital, FBG Capital, and Longling Capital, and fully audited by ABDK, Certik, and SlowMist. It aims to offer a solution to the high transaction fees on the Ethereum network.
The V2 launch
With the V2 launch, ZKSwap aims to expand on its asset ecosystem and enable its users to add and swap ERC-20 tokens while also shortening the withdrawal time from a layer 2 to a layer 1 solution like Ethereum.
Furthermore, the platform will also deploy cross-chain swaps between and across Ethereum, Binance Smart Chain, OKChain, and Huobi ECO Chain.
The V2 will also allow users to add any ERC-20 token to the platform or create any token pairs. All ERC-20 and stablecoin transactions on the platform are settled in real-time and free.
Offering better trading solutions
To allow its users to trade on the ZKSwap exchange, the platform uses a ZK-Rollup architecture which enables them to bundle hundreds of token swaps into one single transaction for better efficiency and lower gas fees. This helps to reduce user friction and empowers them to trade more freely.
The platform allows users to conduct up to 50 transactions in a day without incurring any gas fees, they are required to pay a fee only on layer 1 withdrawals.
ZKSwap is planning to add cross-chain support for BSC, OKChain, and HECO within the next few weeks, this would enable users to conduct cross-chain token swaps beyond Ethereum. They will also get the facility to add any tokens that are supported by these three exchanges.
“By opening up our platform to any token standard, we’re creating a more expansive DeFi ecosystem that allows users to list and swap thousands of new tokens with ease,” said Alex Lee, Head of Development of ZKSwap. “With ZKSwap V2, we’re also aiming to make DeFi more accessible to the masses. Gas fees and network congestion are two major barriers to DeFi adoption, especially on Ethereum, so we’re helping solve for scalability and usability by offering a more efficient solution for the network and its users.”
In order to allow maximum scalability and efficiency for its users, ZKSwap stores transactions off-chain on its layer 2 until withdrawals are requested. The platform currently supports Metamask, imToken, TokenPocket, and Bitpie wallets for their zero-free token transfers.
To optimize branch circuits and support two balances within an account, the platform has increased Layer 2 to Layer 1 token withdrawal speeds. This helps to create a seamless user experience.
The platform has grown to over 87,000 users with a 50% increase in the last month alone. The trading volume on the platform has also grown to $11.5 billion over this course.
The ZKSwap V2 launch looks promising as the platform is attracting new DeFi users who are looking for a cost-efficient way to swap between a range of tokens.
For more information about ZKSwap, check out their website.
Disclaimer: This is a paid post and should not be treated as news/advice.