EdgeSwap Launches Its Beta Version to Give Users A Cost-effective Swapping and Farming Service

A special campaign will be held for users to experience Edgeswap's functions.

LONDON, April 25, 2022 /PRNewswire/ -- EdgeSwap, an Ethereum-based Layer 2 trading protocol that uses ZK Rollup technology, today announced the launch of its public Beta version. With this version, EdgeSwap has greatly improved its system stability, security and user experience. Users can swap, deposit, transfer or inject their digital assets to liquidity pools, as well as withdraw tokens between Layer 2 and Layer 1 of the public Beta version.

Ethereum's popularity as a store of value has enhanced the blockchain industry and continues to show its dominance. As Ethereum makes deploying smart contracts on-chain possible, the addition of decentralized finance (DeFi) and non-fungible tokens (NFT) has enabled explosive growth for the blockchain industry.

This past year has seen Ethereum's user traffic and on-chain congestion increase significantly, including its notorious gas fees. At the height of the congestion, Ethereum processed approx. 20 transactions per second, despite gas fees exceeding $200. To counter this, EdgeSwap adopts technologies that provide users with greater efficiencies, low rates and a safe service. Features of EdgeSwap beta version are as follows:

• Fast generation of proofs off-chain
  Leveraging strong engineering capabilities, the EdgeSwap team has developed GPU-accelerated zero-knowledge proofs that optimize their circuit gates. These enhance system scalability and speed up system processing. Users can deposit and withdraw funds quickly.

• Low cost on-chain verification
  The EdgeSwap team uses multiple PLONK aggregation proofs that can verify many Layer 2 blocks at a time. This can reduce gas consumption on the second-layer chain and system operating costs, thus reducing user costs. More specifically, the cost of each second-layer transaction has been reduced to a few one-tenth of the first-layer transaction cost.

• High Security
  To ensure the security of users' funds, EdgeSwap has adapted zk Rollup knowledge to support data availability. In addition, EdgeSwap introduces the Ark mode, a new technology that can obtain the latest system updates by processing information stored on layer 1. Users can deposit or withdraw their digital assets smoothly when the second layer can't work, and they can still achieve the same level of financial security as layer 1.

To promote the public version of Edgeswap, the Edgeswap team will hold a special campaign from 12 April to 19 April 2022, during which users can experience Edgeswap's functions, including swap & transfer and liquidity mining. Users will be able to swap, transfer and mine digital assets on Layer2; while deposit and withdraw function will be available between Layer1 and Layer2. USDT-USDC, ETH-USDT, and other five trading pairs will be available for liquidity mining. Users with ordinary addresses have a mining limit of $1000, while the whitelisted users have a mining limit of $5000 during this campaign. Good news — users will have the chance to get whitelisted by joining Edgeswap communities. To learn more about the campaign and how to get whitelisted, click here.

Edgeswap has received seed round investment from Huobi Ventures, SNZ, FBG Capital, Mentha Partners, Catcher VC, Stacker Ventures, and Cobo. The funds will be used for ecological cooperation, team expansion, and research and development. Industry cooperation encompasses pledging to support the smooth circulation of digital assets in various exchanges, public chains and second-layer cross-chains. Edgeswap will also add new functions aimed at cooperation with various wallets in future. Research and development will be centered around re-aggregated proof deployment, KZG introduction, GPU acceleration and proof system upgrading to further reduce on-chain cost and improve user experience.

About EdgeSwap

Developed by Edge Labs, EdgeSwap is an Ethereum-based layer 2 trading protocol that adopts the ZK Rollup technology. With the industry's top-grade hardware acceleration solution and circuit optimization system, EdgeSwap provides the market with high-performance, cost-effective swapping and farming services. At the same time, it protects users' assets and privacy through the highest level of security among layer 2 scaling solutions.

SOURCE EdgeSwap