ZKSwap has launched a “zero-gas” layer 2 decentralized (or non-custodial) change (DEX) to boost the general person expertise.
Totally audited and reportedly backed by a $1.7 million funding, ZKSwap goals to supply an answer to Ethereum’s (ETH) community congestion.
ZKSwap just lately introduced the Ethereum blockchain community launch of its “totally audited” and “decentralized” change protocol, which relies on the ZKSpeed Protocol.
As defined in a launch shared with Crowdfund Insider, ZKSpeed protocol is “a sensible ZK-Rollup answer” launched by the ZKSwap staff. ZKSwap reportedly supplies zero gasoline charges and excessive transaction throughput by leveraging the Automated Market Maker (AMM) mannequin.
Developed by L2Lab and supported by investments from Bixin Capital, SNZ Capital, FBG Capital, and Longling Capital, ZKSwap goals to supply an answer to Ethereum’s excessive gasoline charges and comparatively low throughput as a way to improve the DEX person expertise and assist decentralized finance (DeFi) platforms turn out to be extra scalable.
With greater than $40 billion now locked into DeFi contracts, the Ethereum distributed ledger tech (DLT) community has turn out to be fairly costly (for transactions) and congested (resulting from a dramatic enhance in community site visitors).
As talked about within the announcement, Ethereum alone might not have the ability to assist the large inflow of latest customers and apps, which has led to many customers migrating to Layer 2 options and Ethereum Founder Vitalik Buterin has now referred to rollups because the “dominant scaling paradigm” for the following few years.
Realizing this demand, ZKSwap developed its Layer 2 answer on ZK-Rollups, which “scales the transaction capability on Ethereum utilizing zero-proof expertise whereas providing superior safety and information availability.” Consequently, ZKSwap “affords 100x the capability of the main DEX, Uniswap, and 1/one centesimal of the gasoline charges of Ethereum Layer 1.”
ZKSwap helps real-time, “free switch” and swap of ETH and ERC-20 tokens on Layer 1, with 100 transactions per second. ZKSwap affords assist for 30 totally different crypto tokens, with plans to “scale as much as 100 based mostly on group voting.”
Alex Lee, Head of Growth of ZKSwap, said:
“We’re very proud to current the mainnet launch of ZKSwap, which is now totally purposeful and really hands-on. We consider AMM-based layer-2 DEXes characterize an entire new stage within the improvement of DEXes, and the extremely performant DEX of ZKSwap powered by the leading edge ZK-Rollup expertise is well-positioned to be a frontrunner. The answer supplied by ZKSwap shall be a powerful enhance to an entire lay-2 DeFi ecosystem.”
ZKSwap makes use of ZKSpeed to “obtain excessive TPS and low gasoline charges by aggregating a number of zero-knowledge proofs, parallel processing of the PLONK algorithm, and categorization of off-chain information.” It additionally “permits GPU-compatible algorithms for increased effectivity.”
ZKSwap launched its testnet in November of final yr. Earlier than introducing its mainnet, ZKSwap “efficiently handed safety audits.” ZKSwap will launch numerous liquidity mining and transaction mining initiatives. (Notice: to be taught extra, please go to zks.org.)
ZKSwap is a “decentralized” change protocol that’s based mostly on ZKSpeed, a “sensible” ZK-Rollups answer. Carried out by L2Lab, ZKSwap supplies an answer to Ethereum community’s congestion by enhancing the DEX person expertise and serving to DeFi functions scale. The undertaking is “totally audited” by ABDK, Certik, and SlowMist.