ZKSwap solves Ethereum’s high gas fees and low throughput to improve the DEX user experience and help DeFi applications scale
SINGAPORE Mar 04 2021 (Blockchain Wire)
ZKSwap (https://zks.org/en), the first AMM-modeled Layer 2 decentralized exchange based on the ZKSpeed protocol, today announced its official 2021 roadmap and the launch of its Proof-of-Liquidity (PoL) and Proof-of-TransFee (PoT) mining events with a total prize pool worth more than $20 million. ZKSwap’s rapidly growing community will be able to reap profits from their support and gain a clear understanding of the company’s strategy for the year. ZKSwap’s full 2021 roadmap can be found here.
With the rise of DeFi, the Ethereum network has become expensive and congested. ZKSwap offers a solution to Ethereum’s high gas fees and low throughput to improve the DEX user experience and help DeFi applications scale. Since its mainnet launch last month, ZKSwap currently has over $60 million in liquidity and $161 million total value locked.
“At ZKSwap, our goal is to provide transparency throughout our technical progress and involve the community in ZKSwap’s network growth. Since we launched our mainnet earlier this year, we’ve been working diligently to roll out our mining events and updated roadmap. We’re excited to share these and look forward to the community’s feedback and continued involvement,” said Alex Lee, Head of Development of ZKSwap.
ZKSwap will officially launch the Proof-of-Liquidity mining (PoL) and Proof-of-TransFee (PoT) mining events on March 6 at 18:00 (GMT+8). The first phase of these events will last 14 days with 8 million ZKS mining rewards allocated for PoL and 1 million ZKS allocated for PoT. The first phase of PoL mining will launch with six trading pairs: ZKS/ETH, USDC/USDT, ZKS/USDT, ETH/WBTC, ETH/USDT, HBTC/WBTC. For PoT, mining will be for USDT/USDC.
A detailed mining tutorial will be released on ZKSwap’s official website before the event starts. Additional rewards and trading pairs may be added according to the event status.
ZKSwap’s roadmap for 2021 is also now available on the company’s Medium blog. The roadmap details ZKSwap V2 and includes the target date to launch a separate 100% full ZK-rollup version with both L1 and L2 data on chain to further enhance platform security.
ZKSwap uses ZKSpeed to achieve high TPS and low gas fees by aggregating multiple zero-knowledge proofs, parallel processing of the PLONK algorithm, and categorization of off-chain data. It also enables GPU-compatible algorithms for higher efficiency.
Backed by a $1.7 million investment, ZKSwap launched its mainnet in February 2021. Prior to launch ZKSwap successfully passed security audits by ABDK, Certik, and SlowMist.
ZKSwap (https://zks.org/en) 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.