Layer-two decentralized exchange ZKSwap lets users add and swap any cross-chain token with no gas fees and instant settlement.
ZKSwap, a decentralized exchange based on the ZK-Rollup layer-two scaling solution, announced today the launch of the v2 testnet of its platform, which will enable cross-chain token swaps between and across Ethereum, Binance Smart Chain, OKChain and Huobi Eco Chain (HECO) once the v2 mainnet launches. The ZKSwap v2 mainnet will go live two weeks after the smooth operation of the v2 testnet. There is no functional difference between the testnet and mainnet of v2. ZKSwap’s v2 will also expand its asset ecosystem by enabling users to add and swap any ERC-20 token and shorten the withdrawal time from ZKSwap’s layer two to a supported layer one such as Ethereum.
ZKSwap utilizes a ZK-Rollup architecture, which enables the DEX to bundle hundreds of token swaps into a single transaction for greater efficiency and lower gas fees. This allows users to trade on the ZKSwap exchange without high gas fees common on other Ethereum-based DEXs, greatly reducing user friction and empowering users to trade freely. Users can make up to 50 transactions per day without incurring any gas fees, and fees are only paid on layer-one withdrawal.
The ZKSwap v2 testnet also allows anyone to add any ERC-20 token or create a token pair, and all ERC-20 token and stablecoin transactions on ZKSwap are free and settled in real-time. Cross-chain support for BSC, OKChain and HECO will be added within the next couple of weeks after the v2 mainnet launch to enable cross-chain token swaps beyond Ethereum. Users will also be able to add any tokens supported by the three exchange chains.
“By opening up our platform to any token standard, we’re creating a more expansive decentralized finance ecosystem that allows users to list and swap thousands of new tokens with ease,” said Alex Lee, head of development at ZKSwap, adding, “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 to solve scalability and usability by offering a more efficient solution for the network and its users.”
To allow for maximum scalability and efficiency, user transactions are verified and stored off-chain on ZKSwap’s second layer until withdrawals are requested. Liquidity providers and users pay gas fees only when they deposit or withdraw tokens from Ethereum’s first layer. ZKSwap currently supports MetaMask, imToken, TokenPocket and Bitpie wallets for zero-free token transfers through ZKSwap.
In addition, to support all token standards, the ZKSwap v2 testnet optimizes branch circuits to improve efficiency and support editing two balances within one account. Token withdrawal speeds from layer two to layer one have also increased to create a more seamless user experience.
The v2 launch of ZKSwap comes as the exchange attracts new DeFi users looking for a more cost-efficient way to swap between a wide variety of tokens amid the recent DeFi boom. Since its mainnet launch in February 2021, ZKSwap has grown to 87,000 users, a nearly 50% increase in the last month alone, and $11.5 billion in total trading volume.
ZKSwap is a DEX protocol based on ZKSpeed, a practical ZK-Rollup solution. Developed by L2Lab, ZKSwap offers a solution to Ethereum’s high transaction fees and low throughput to improve the DEX user experience and help scale DeFi applications. The project is backed by Bixin Capital, SNZ Capital, FBG Capital and Longling Capital, and fully audited by ABDK, CertiK and SlowMist.
For more information, visit https://zks.org.