ZKSwap, the first AMM-modeled Layer 2 decentralized exchange based on the ZKSpeed protocol, has announced its official 2021 roadmap and the launch of its Proof-of-Liquidity (PoL) and Proof-of-TransFee (PoT) mining events with a total prize pool worth more than $20 million. ZKSwap’s rapidly growing community will be able to reap profits from their support and gain a clear understanding of the company’s strategy for the year.
With the rise of DeFi, the Ethereum network has become expensive and congested. ZKSwap offers a solution to Ethereum’s high gas fees and low throughput to improve the DEX user experience and help DeFi applications scale. Since its mainnet launch last month, ZKSwap currently has over $60 million in liquidity and $161 million total value locked.
“At ZKSwap, our goal is to provide transparency throughout our technical progress and involve the community in ZKSwap’s network growth. Since we launched our mainnet earlier this year, we’ve been working diligently to roll out our mining events and updated roadmap. We’re excited to share these and look forward to the community’s feedback and continued involvement,” said Alex Lee, Head of Development of ZKSwap.
ZKSwap will officially launch the Proof-of-Liquidity mining (PoL) and Proof-of-TransFee (PoT) mining events on 6th March. The first phase of these events will last 14 days with 8 million ZKS mining rewards allocated for PoL and 1 million ZKS allocated for PoT.
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.
Backed by a $1.7 million investment, ZKSwap launched its mainnet in February 2021. Prior to launch ZKSwap successfully passed security audits by ABDK, Certik, and SlowMist.