Asia Cryptocurrency Fintech Latest News

ZKSwap Platform Reaches $1 Billion in Total Value Locked

ZKSwap, the first ZK-Rollups based Layer-2 DEX with an AMM model, has announced its platform has reached $1 Billion in total value locked (TVL), with $913 million in liquidity and $931 million in transactions. As a secure, real-time, gas-free, and scalable decentralized exchange, ZKSwap provides traders with a smooth user experience similar to a centralized exchange (CEX), while giving users full custody over their funds.

With value locked in DeFi protocols exceeding $44 billion, decentralized exchanges require a high-functioning token economy to incentivise all stakeholders. After launching its mainnet last month, ZKSwap’s token economics have catapulted them to the top, reaching almost 25% of Uniswap’s TVL at time of writing. The ZKS token is currently worth $2.86 with a market cap of $565 million according to CoinMarketCap.

“We are thrilled to reach this $1 billion TVL milestone and will continue building a better product experience for our users,” said Alex Lee, Head of Development of ZKSwap. “We are on track to launch a separate 100% full ZK-rollup version later this month where both L1 and L2 data will be on chain to further enhance platform security.”

Early Bitcoin contributor and Chief Scientist for the Bitcoin Foundation, Gavin Andresen said of ZKSwap on Twitter: “Swaps and sends were wicked fast and cheap. Layer2 back to ETH main chain is $5 and takes maybe 30 minutes.”

On ZKSwap, users can deposit Layer-1 assets (ETH and ERC-20 tokens) to ZKSwap smart contracts and complete transfers, token exchanges, and more on Layer-2. The funds on ZKSwap Layer-2 have the same security as Ethereum Layer-1 and transactions on Layer-2 are executed in real-time, with no need to wait for block confirmation. Transactions have zero gas fees and the network has almost unlimited scalability.

Backed by a $1.7 million investment, ZKSwap launched its mainnet in February 2021 after passing security audits by ABDK, Certik, and SlowMist. ZKSwap uses ZKSpeed to achieve high TPS and low gas fees by aggregating multiple zero-knowledge proofs, parallel processing of the PLONK algorithm, and categorisation of off-chain data. It also enables GPU-compatible algorithms for higher efficiency.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

Related posts

Flyreel Announces $10 Million Series A Financing; Acceleration of AI-Assisted Property Underwriting, Risk Management, and Claims

Adam Snyder

Cryptocurrency, Blockchain and Digital Transformation in the Middle East and Africa

Richie Santosdiaz

Latest Fintech Jobs New This Week: 26/07

RebeccaOKeeffe