Home Altcoins NewsTechnology ZKSwap (ZKS) To Help Offset the Discomfort in Transactions with Layer 2 Solutions

ZKSwap (ZKS) To Help Offset the Discomfort in Transactions with Layer 2 Solutions

ZKSwap is a ZK-Rollups

ZKSwap is a ZK-Rollups based layer-2 DEX with the AMM model.  It is officially launched on the Ethereum Mainnet. 

The innovative changes in the blockchain network has led to explosive growth for DeFi.  The value locked in DeFi Protocols has crossed several billion US Dollars.  Further, there has been continual development of several on-chain assets and off-chain assets.  Also, the total value locked in DeFi protocols will cross 100 billion dollars and more.

To put these assets to real-time use, there is a need for trust-free, frictionless, fast, and real-time exchange services which in turn has led to the coming of several (DEX) protocols like the Uniswap.

There are drawbacks despite the developments and the most obvious of them are the high gas fee.  The high gas fees prevents the entry for several new users.  And for every transaction and execution there is a need for one block confirmation to happen and the waiting is unavoidable.  There is also a bottleneck in the transaction numbers and transaction capacity per second due to the TPS of Ethereum and these issues are found in all DEX.

The ZKSwap is a ZK-Rollups based swap protocol based on the ZK-Rollups Technology. Using this technology all the ERC20 tokens are transferred to Layer2.  Based on the continuously generated Zero-Knowledge Proofs the consistent working of the Layer 1 and Layer 2 solutions are ensured.

Thus, all exchanges will be able to execute on Layer 2 providing for real-time swap with Zero Fees. Eventually, leading to unlimited scalability and therefore removing the constraint from the Ethereum TPS and block confirmation time.  Thus, the user need not any longer wait for the one block confirmation time for every transaction.

The good thing about the ZKSwap is that it enables a smooth user experience like that which is available in centralized exchanges; however, at the same time the users will have complete custody over their funds.

It is believed that the ZKSwap way of trading will trigger a significant evolution of all the existing DEX and CEX.

ZKSwap recently expressed, zk-rollup achieved a trustless layer2 solution using a lot of computation power to generate zk proof in real time between layer2 and layer1. That’s a good way to scale layer1 blockchain because it’s trustless, and you can only trust the math.

Also, The zk proof verification time is always 30 minutes late than the commit time because the zk proof system is waiting for 20 l2 blocks to aggregate. That’s why users can do l2 transfer and l2 swap without cost.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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