SINGAPORE, July 27, 2021 /PRNewswire/ -- ZKSwap, a decentralized exchange (DEX) based on the ZK-Rollup layer 2 scaling solution, today launched V2 of its platform. ZKSwap V2 will also expand its asset ecosystem by enabling users to add and swap any ERC-20 token and shorten the withdrawal time from the ZKSwap layer 2 to a supported layer 1 like Ethereum.
The platform will further deploy the cross chain swaps between and across Ethereum, Binance Smart Chain (BSC), OKChain, and Huobi ECO Chain (HECO).
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 1 withdrawal.
ZKSwap V2 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 to enable cross-chain token swaps beyond Ethereum. Users will also be able to add any token supported by the three exchange chains.
"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."
To allow for maximum scalability and efficiency, user transactions are verified and stored off-chain on the ZKSwap layer 2 until withdrawals are requested. Liquidity providers and users pay gas fees only when they deposit or withdraw tokens from the Ethereum layer 1. ZKSwap currently supports Metamask, imToken, TokenPocket, and Bitpie wallets for zero-free token transfers through ZKSwap.
In addition to support for all token standards, ZKSwap V2 optimizes branch circuits to improve the efficiency and support editing two balances within one account. Layer 2 to layer 1 token withdrawal speeds 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 percent increase in the last month alone, and $11.5 billion in total trading volume.
ZKSwap is a decentralized exchange protocol based on ZKSpeed, a Practical ZK-Rollups 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 DeFi applications scale. 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.