ZKSwap recently announced an important development in the form of the V2 launch. As the noise about the platform’s latest step continues to grow, we decided to contact the main developer and ask them a few questions about it.
NewsBTC (NB): Can you tell us more about the ZKSwap V2?
Alex Lee (AL): ZKSwap is one of the first few ZKrollup-based Layer2 DEXs to use the AMM model. This Layer2-DEX has the full functionality like Uniswap, only it happens on Layer2, which means that there is no gas fee for Layer2 transactions and immediate confirmation.
ZKSwap has been live on Ethereum since February 2021 and will soon be implemented on the Binance Smart Chain, HECO and OKEX Chain when V2 goes live at the end of June.
Note: How does it differ from other L2 solutions and what does it mean for the ETH ecosystem?
AL: The two most important ZK Rollup and Optimistic Rollup are among the Layer2 solutions.
We chose ZK-Rollup because it offers the same security as the underlying Layer1 and uses proof of validity, while Optimistic Rollup is fraud-proof. For this reason, the withdrawal time for optimistically based Dex from Layer2 to Layer1 is up to 7 days and ZKSwap only takes 40 minutes.
The finality function is very important for indexes. That is why even Vitalik mentioned in his “An Incomplete Guide to Rollups“Https://vitalik.ca/general/2021/01/05/rollup.html as follows:
“In general, I am of the opinion that in the short term, optimistic rollups for general EVM calculations and ZK rollups will likely prevail for simple payments, exchanges and other application-specific use cases, but in the medium to long term, ZK rollups will prevail in all use cases, when the ZK-SNARK technology improves. “
Note: What improvements does V2 offer compared to its predecessor?
AL: ZKSwap V1 supported full swapping, adding / removing liquidity and transfer functions on layer 2. V2 has optimized the circuitry to make transactions faster and at an even lower cost. Another major update is that V2 allows for unlimited token enumeration.
Note: What fees are associated with listing and trading tokens on Zkswap V2?
AL: We do not charge any fees for the Unlimited Token Listing service, which allows users to list all ERC-20 tokens or token pairs on ZKSwap for free. In the future, we will also open this service to all types of tokens except the ERC-20 tokens.
With ZKSwap, the first 50 transactions are on Layer2, e.g. B. swapping, transferring, adding / removing liquidity, free of charge, but we charge a transaction fee of 0.3% after the first 50 transactions.
Note: Can you tell us more about the adoption rate of Zkswap in the crypto community?
AL: I think we’ve had pretty good results so far. Four months have passed since the start of the ZKSwap mainnet. Our top TVL hit over $ 1 billion, around 70% of total TVL on Layer 2, and the average TVL this week is around $ 200 million.
Also, our total trading volume on Layer 2 has exceeded $ 11.5 billion and the total swap volume has exceeded $ 2.2 billion. More than 3,000 visitors in the last 7 days were active on our mobile APP.
We currently have around 87,000 users and more than 42,000 community members on various media platforms around the world. The number is still growing fast and the community actually contributed a lot to what ZKSwap is today. Many users participated in our product testing program and provided valuable suggestions and feedback on the product experience. The same program with even bigger rewards comes with the introduction of V2 and we expect more participants this time.
Note: What impact do you expect ZkSwap V2 to have on the current DeFi ecosystem?
AL: Gas charges and network congestion are two main problems that are hindering DeFi adoption and development, which is particularly true with Ethereum. As we deploy V2 through Ethereum, BSC, HECO and OKChain, we are creating a more extensive DeFi ecosystem that will allow users to list and swap thousands of new tokens easily and inexpensively. With ZKSwap V2 we want to make the current DeFi ecosystem more accessible with improved scalability and usability.
Note: What are the future plans for ZkSwap?
AL: We have drawn up a very exciting roadmap. Shortly after our V2 start, there will be “Layer2 for everyone”, also known as the implementation of ZKSwap on BSC, HECO and OKEX Chain, and we will probably activate Layer2 NFT swapping on ZKSwap at the same time, which means no gas fee for NFT transactions means transfer.
Also, our 1998 NFT art is in production on BSC and will be presented to the community soon. We will also work on bridging Layer2 and centralized exchanges. Another important milestone will be to activate the universal EVM on ZKSwap by the fourth quarter of 2021.
In general, our goal is to build a Layer2 infrastructure with a robust ecosystem.
Find out more about ZKSwap at – https://zks.org/