In a blog post on 27th July, ZKSwap announced its upcoming V2 mainnet will go live on 28th July via the Layer 1 Ethereum mainnet. With the V2 launch, ZKSwap aims to expand on its asset ecosystem and enable its users to add and swap ERC-20 tokens while also shortening the withdrawal time from a layer 2 to a layer 1 solution like Ethereum. Layer 2 will then be launched on Binance Smart Chain, Huobi Eco Chain, and OKEx Chain.
ZKSwap utilizes ZK-Rollup architecture, which enables the DEX to bundle hundreds of token swaps into a single transaction for greater efficiency and lower gas fees. This helps to reduce user friction and empowers them to trade more freely.
The platform allows users to conduct up to 50 transactions in a day without incurring any gas fee. they are required to pay a fee only on layer 1 withdrawals.
ZKSwap is also planning to add dd cross-chain support for BSC, OKChain, and HECO within the next few weeks. This would let users conduct cross-chain token swaps beyond Ethereum. They will also get the facility to add any tokens that are supported by these three exchanges.
“By opening up our platform to any token standard, we’re creating a more expansive DeFi ecosystem that allows users to list and swap thousands of new tokens with ease,” said Alex Lee, Head of Development of ZKSwap. “With ZKSwap V2, we’re also aiming to make DeFi more accessible to the masses. Gas fees and network congestion are two major barriers to DeFi adoption, especially on Ethereum, so we’re helping solve for scalability and usability by offering a more efficient solution for the network and its users.”
How Zkswap V2 mainnet works
User transactions are verified and stored off-chain on the ZKSwap layer 2 until withdrawals are requested. This would allow maximum scalability and efficiency. Liquidity providers and users pay gas fees only when they deposit or withdraw tokens from the Ethereum layer 1. ZKSwap currently supports Metamask, imToken, TokenPocket, and Bitpie wallets for zero-free token transfers through ZKSwap.
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In addition, to support all token standards, ZKSwap V2 optimizes branch circuits to improve efficiency. It also supports editing two balances within one account. Layer 2 to layer 1 token withdrawal speeds have also increased to create a more seamless user experience.
