Fully audited and backed by a $1.7 million investment, ZKSwap offers a solution to Ethereum’s network congestion
SINGAPORE, Feb. 16, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) – ZKSwap today announced the Ethereum mainnet launch of its fully audited decentralized exchange protocol based on the ZKSpeed Protocol, a Practical ZK-Rollup solution introduced by the ZKSwap team. ZKSwap offers zero gas fees and high transaction throughput using the Automated Market Maker (AMM) model.
Developed by L2Lab and backed by a recent $1.7 million investment from Bixin Capital, SNZ Capital, FBG Capital, and Longling Capital, ZKSwap offers a solution to Ethereum’s high gas fees and low throughput to improve the DEX user experience and help DeFi applications scale.
With $40+ billion now locked in DeFi, the Ethereum network has become expensive and congested. Ethereum alone cannot support the influx of users and applications, prompting many to migrate to Layer 2 solutions and Ethereum Founder Vitalik Buterin to call rollups the “dominant scaling paradigm” for the next couple of years.
Recognizing this demand, ZKSwap built its Layer 2 solution on ZK-Rollups, which scales the transaction capacity on Ethereum using zero-proof technology while offering advanced security and data availability. As a result, ZKSwap offers 100x the capacity of the leading DEX, Uniswap, and 1/100th of the gas fees of Ethereum Layer 1. ZKSwap supports the real-time, free transfer and swap of ETH and ERC-20 tokens on Layer 1, with 100 TPS. ZKSwap currently supports 30 tokens, with plans to scale up to 100 based on community voting.
“We are very proud to present the mainnet release of ZKSwap, which is now fully functional and very hands-on. We believe AMM-based layer-2 DEXes represent a whole new stage in the development of DEXes, and the highly performant DEX of ZKSwap powered by the cutting-edge ZK-Rollup technology is well-positioned to be a leader,” said Alex Lee, Head of Development of ZKSwap. “The solution offered by ZKSwap will be a strong boost to a complete lay-2 DeFi ecosystem.”
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.
ZKSwap launched its testnet in November 2020. Prior to launching its mainnet, ZKSwap successfully passed security audits by ABDK, Certik, and SlowMist. ZKSwap will soon introduce a series of liquidity mining and transaction mining initiatives. To learn more, please visit zks.org.