High-speed and low-cost decentralized exchange “ZKSwap” launched on ZKSync Era

Multi-chain deployment of ZKSwap

ZKSpace, which handles multiple layer 2 (L2) related products, announced on the 6th that it has expanded the decentralized exchange “ZKSwap” to the L2 network “ZKSync Era”.

ZKSwap is the first Layer 2 AMM (automated market maker) that uses ZK rollup technology, and was launched on Ethereum in February 2021 as a high-speed, low-cost DEX (distributed exchange).

ZKSwap’s new chain deployment, ZKSync Era, is an Ethereum Layer 2 scaling solution that utilizes “ZK Rollup” with zero-knowledge proofs. It is classified as “zkEVM”, which is compatible with Ethereum’s virtual machine (EVM).

ZK Rollup is a method of aggregating transactions, processing them off-chain (a place away from the main blockchain), and storing only cryptographic proofs on the main chain. The accuracy of off-chain calculations is guaranteed by a zero-knowledge proof algorithm, which purports to keep ZKSwap as secure as the Ethereum mainnet.

The ZKSpace project team explained the reason for deploying ZKSwap on ZKSync Era because of the advantages of ZK-Rollups technology and the team’s dedication to building ZK-based Layer 2 applications for all users. says there is.

ZK Rollup is widely used in the L2 space, with ConsenSys, a layer 2 scaling solution for Ethereum, and Polygon’s new product.

connection:Polygon Announces Proposal to Upgrade ‘MATIC’ Cryptocurrency to ‘POL’

ZKSpace Prospects

Founded in 2020, ZKSpace has aimed to develop the key infrastructure for Ethereum’s scaling solution. It develops progressive features based on the principles of decentralization, security and ease of use. Some of its features include multiple selection of fee payment tokens, transfer of NFTs between Layer 1 and Layer 2 networks, eco-deposit and fast withdrawal features.

In addition to ZKSwap, the platform offers ZKSquare, which allows tokens to be moved between different Layer 2 wallets, and Layer 2 domain name solution, ZNS.

ZKSpace has disclosed its vision going forward, and for ZKSwap, it plans to introduce a centralized liquidity solution to improve capital efficiency and reduce trade slippage. We also plan to support liquidity sharing between ZKSpace and ZKSync Era by developing a cross-chain DEX.

With the increase in ZK applications, we expect an increase in demand for ZKPs (zero-knowledge proofs). ZKSpace plans to build a decentralized hashrate marketplace for ZKP and redefine how computing power is delivered.

connection:L2 Labs releases L2 platform “ZKSpace” with ZKSwap v3.0 and NFT functions

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