- Layer 2 DEX ZKSwap allows users add and swap any cross-chain token with no gas fees and instant settlement.
- The Layer2 smart contracts have been deployed to the Ethereum Testnet (Ropsten), giving traders time to begin experimenting with the protocol before the official launch,” the exchange said.
- A liquidity provider migration campaign will be available at launch, allowing v2 LPs to seamlessly transfer their liquidity to the new V2 protocol. The official launch will be done after the exchange completes “few outstanding items”.
Decentralized Exchange ZKSwap today announced launch of its V2 mainnet. 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.
ZKSap V2 Key Features:
- Unlimited Token Listing
- Fast withdrawal (within 20 – 30 mins through optimized circuits)
- Personalized Fee Token
- L2 deployment on BSC, HECO, and OKEX Chain to follow shortly after the V2 mainnet launch.
These features make ZKSWap V2 become one of the most inclusive and efficient cross-chain protocols.
“The platform will further deploy the cross chain swaps between and across Ethereum, Binance Smart Chain (BSC), OKChain, and Huobi ECO Chain (HECO),” the company said.
ZKSwap utilizes a ZK-Rollup layer 2 scaling solution, 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.
Alex Lee, Head of Development of ZKSwap, said:
“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. 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.
ZKSwap launched its mainnet on Feb 14, 2020, offering swap infrastructure and transactions with ultra-high throughput and zero gas fees to liquidity providers and traders. In less than 6 months since its launch, ZKSWap V1 has facilitated over $1.7 billion in total value locked, ranking as one of the largest Layer2 decentralized exchanges in the world.
ZKSwap announced that it has added 87,000 users in the past six months, a nearly 50 percent increase in the last month alone, and $11.5 billion in total trading volume.
ZKSwap V2 will introduce the key features – unlimited token listing and optimizations, which is likely to boost the exponential growth in Layer2 adoption.
“The Layer2 smart contracts have been deployed to the Ethereum Testnet (Ropsten), giving traders time to begin experimenting with the protocol before the official launch,” the exchange said.
A liquidity provider migration campaign will be available at launch, allowing v2 LPs to seamlessly transfer their liquidity to the new V2 protocol. The official launch will be done after the exchange completes “few outstanding items”.