Audited by CertiK, ZKSwap Introduces Zero Fuel Layer 2, Decentralized Trade to Improve Consumer Expertise on Blockchain Networks

ZKSwap has launched a “zero-gas” layer 2 decentralized (or non-custodial) alternate (DEX) to reinforce the general person expertise. 

Totally audited and reportedly backed by a $1.7 million funding, ZKSwap goals to offer an answer to Ethereum’s (ETH) community congestion.

ZKSwap not too long ago introduced the Ethereum blockchain community launch of its “totally audited” and “decentralized” alternate protocol, which is predicated 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 crew. ZKSwap reportedly supplies zero fuel 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 offer an answer to Ethereum’s excessive fuel 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 (because of a dramatic enhance in community visitors). 

As talked about within the announcement, Ethereum alone could not be capable of help 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 know-how whereas providing superior safety and knowledge availability.” In consequence, ZKSwap “presents 100x the capability of the main DEX, Uniswap, and 1/100th of the fuel 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 presents help for 30 totally different crypto tokens, with plans to “scale as much as 100 primarily based on neighborhood voting.” 

Alex Lee, Head of Growth of ZKSwap, acknowledged:

“We’re very proud to current the mainnet launch of ZKSwap, which is now totally useful and really hands-on. We consider AMM-based layer-2 DEXes symbolize an entire new stage within the improvement of DEXes, and the extremely performant DEX of ZKSwap powered by the leading edge ZK-Rollup know-how is well-positioned to be a frontrunner. The answer supplied by ZKSwap shall be a robust increase to an entire lay-2 DeFi ecosystem.”

ZKSwap makes use of ZKSpeed to “obtain excessive TPS and low fuel charges by aggregating a number of zero-knowledge proofs, parallel processing of the PLONK algorithm, and categorization of off-chain knowledge.” It additionally “allows GPU-compatible algorithms for larger effectivity.”

ZKSwap launched its testnet in November of final 12 months. Earlier than introducing its mainnet, ZKSwap “efficiently handed safety audits.” ZKSwap will launch varied liquidity mining and transaction mining initiatives. (Notice: to be taught extra, please go to zks.org.)

ZKSwap is a “decentralized” alternate protocol that’s primarily based 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 purposes scale. The challenge is “totally audited” by ABDK, Certik, and SlowMist.