SINGAPORE, Feb. 16, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) – ZKSwap (https://zks.org/en) at the moment introduced the Ethereum mainnet launch of its absolutely audited decentralized trade protocol based mostly on the ZKSpeed Protocol, a Sensible ZK-Rollup answer launched by the ZKSwap workforce. ZKSwap provides zero fuel charges and excessive transaction throughput utilizing the Automated Market Maker (AMM) mannequin.
Developed by L2Lab and backed by a latest $1.7 million funding from Bixin Capital, SNZ Capital, FBG Capital, and Longling Capital, ZKSwap provides an answer to Ethereum’s excessive fuel charges and low throughput to enhance the DEX consumer expertise and assist DeFi purposes scale.
With $40+ billion now locked in DeFi, the Ethereum community has turn out to be costly and congested. Ethereum alone can’t help the inflow of customers and purposes, prompting many emigrate to Layer 2 options and Ethereum Founder Vitalik Buterin to name rollups the “dominant scaling paradigm” for the following couple of years.
Recognizing this demand, ZKSwap constructed 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. Consequently, ZKSwap provides 100x the capability of the main DEX, Uniswap, and 1/a hundredth of the fuel charges of Ethereum Layer 1. ZKSwap helps the real-time, free switch and swap of ETH and ERC-20 tokens on Layer 1, with 100 TPS. ZKSwap at the moment helps 30 tokens, with plans to scale as much as 100 based mostly on group voting.
“We’re very proud to current the mainnet launch of ZKSwap, which is now absolutely purposeful 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 pacesetter,” mentioned Alex Lee, Head of Growth of ZKSwap. “The answer provided by ZKSwap can be a powerful increase to an entire lay-2 DeFi ecosystem.”
ZKSwap makes use of ZKSpeed to attain 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 permits GPU-compatible algorithms for increased effectivity.
ZKSwap launched its testnet in November 2020. Previous to launching its mainnet, ZKSwap efficiently passed security audits by ABDK, Certik, and SlowMist. ZKSwap will quickly introduce a collection of liquidity mining and transaction mining initiatives. To be taught extra, please go to zks.org.
ZKSwap (https://zks.org/en) is a decentralized trade protocol based mostly on ZKSpeed, a Sensible ZK-Rollups Resolution. Developed by L2Lab, ZKSwap provides an answer to Ethereum’s excessive transaction charges and low throughput to enhance the DEX consumer expertise and assist DeFi purposes scale. The challenge is backed by Bixin Capital, SNZ Capital, FBG Capital, and Longling Capital, and absolutely audited by ABDK, Certik, and SlowMist.
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