Layer-two decentralized alternate ZKSwap lets customers add and swap any cross-chain token with no fuel charges and instantaneous settlement.
Singapore, June 16, 2021 —, a decentralized alternate based mostly on the ZK-Rollup layer-two scaling resolution, right now launched v2 of its platform, which is able to allow cross-chain token swaps between and throughout Ethereum, Binance Good Chain, OKChain and Huobi ECO Chain (HECO). ZKSwap v2 additionally expands its asset ecosystem by enabling customers so as to add and swap any ERC-20 token and shortens the withdrawal time from the ZKSwap layer two to a supported layer one like Ethereum.
ZKSwap makes use of a ZK-Rollup structure, which allows the DEX to bundle tons of of token swaps right into a single transaction for better effectivity and decrease fuel charges. This permits customers to commerce on the ZKSwap alternate with out excessive fuel charges widespread on different Ethereum-based DEXs, drastically decreasing person friction and empowering customers to commerce freely. Customers could make as much as 50 transactions per day with out incurring any fuel charges, and costs are solely paid on layer-one withdrawals.
ZKSwap v2 additionally permits anybody so as 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 assist for BSC, OKChain and HECO will likely be added inside the subsequent couple of weeks to allow cross-chain token swaps past Ethereum. Customers may also be capable to add any token supported by the three alternate blockchains.
“By opening up our platform to any token commonplace, we’re making a extra expansive DeFi ecosystem that enables customers to record and swap 1000’s of latest tokens with ease,” mentioned Alex Lee, head of improvement at ZKSwap. “With ZKSwap v2, we’re additionally aiming to make DeFi extra accessible to the lots. Fuel charges and community congestion are two main limitations to DeFi adoption, particularly on Ethereum, so we’re serving to clear up for scalability and usefulness by providing a extra environment friendly resolution for the community and its customers.”
To permit for max scalability and effectivity, person transactions are verified and saved off-chain on the ZKSwap layer two till withdrawals are requested. Liquidity suppliers and customers pay fuel charges solely after they deposit or withdraw tokens from the Ethereum layer one. ZKSwap at present helps MetaMask, imToken, TokenPocket and Bitpie wallets for zero-free token transfers via ZKSwap.
To assist all token requirements, ZKSwap v2 optimizes department circuits to enhance effectivity and assist modifying two balances inside one account. Layer-two to layer-one token withdrawal speeds have additionally elevated to create a extra seamless person expertise.
The v2 launch of ZKSwap comes because the alternate attracts new decentralized fiinance customers on the lookout for a extra cost-efficient approach to swap between all kinds of tokens amid the latest DeFi increase. Since its mainnet launch in February 2021, ZKSwap has grown to 87,000 customers, an almost 50% improve within the final month alone, and $11.5 billion in whole buying and selling quantity.
ZKSwap is a decentralized alternate protocol based mostly on ZKSpeed, a sensible ZK-Rollups resolution. Developed by L2Lab, ZKSwap affords an answer to Ethereum’s excessive transaction charges and low throughput to enhance the DEX person expertise and assist DeFi functions scale. The undertaking is backed by Bixin Capital, SNZ Capital, FBG Capital, and Longling Capital, and totally audited by ABDK, Certik and SlowMist.
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