ZKSwap, the primary ZK-Rollups based mostly Layer-2 DEX with an AMM mannequin, has introduced its platform has reached $1 Billion in whole worth locked (TVL), with $913 million in liquidity and $931 million in transactions. As a safe, real-time, gas-free, and scalable decentralized alternate, ZKSwap gives merchants with a clean person expertise much like a centralized alternate (CEX), whereas giving customers full custody over their funds.
With worth locked in DeFi protocols exceeding $44 billion, decentralized exchanges require a high-functioning token economic system to incentivise all stakeholders. After launching its mainnet final month, ZKSwap’s token economics have catapulted them to the highest, reaching virtually 25% of Uniswap’s TVL at time of writing. The ZKS token is currently worth $2.86 with a market cap of $565 million in accordance with CoinMarketCap.
“We’re thrilled to achieve this $1 billion TVL milestone and can proceed constructing a greater product expertise for our customers,” mentioned Alex Lee, Head of Improvement of ZKSwap. “We’re on observe to launch a separate 100% full ZK-rollup model later this month the place each L1 and L2 knowledge shall be on chain to additional improve platform safety.”
Early Bitcoin contributor and Chief Scientist for the Bitcoin Basis, Gavin Andresen mentioned of ZKSwap on Twitter: “Swaps and sends have been depraved quick and low cost. Layer2 again to ETH fundamental chain is $5 and takes perhaps 30 minutes.”
On ZKSwap, customers can deposit Layer-1 property (ETH and ERC-20 tokens) to ZKSwap sensible contracts and full transfers, token exchanges, and extra on Layer-2. The funds on ZKSwap Layer-2 have the identical safety as Ethereum Layer-1 and transactions on Layer-2 are executed in real-time, without having to attend for block affirmation. Transactions have zero fuel charges and the community has virtually limitless scalability.
Backed by a $1.7 million funding, ZKSwap launched its mainnet in February 2021 after passing safety audits by ABDK, Certik, and SlowMist. ZKSwap makes use of ZKSpeed to realize excessive TPS and low fuel charges by aggregating a number of zero-knowledge proofs, parallel processing of the PLONK algorithm, and categorisation of off-chain knowledge. It additionally permits GPU-compatible algorithms for greater effectivity.