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ZKSwap, a decentralized exchange (DEX) based on the ZK-Rollup layer 2 scaling solution, has announced the mainnet launch of its V2. ZKSwap’s V2 will allow users to add and any cross-chain token with no gas fees and instant settlement.
According to an announcement by ZKSwap on Tuesday, July 27th, V2 will enable unlimited token listing that allows users to add and swap any ERC-20 token, and shorten the withdrawal time from the ZKSwap layer 2 to a supporting layer 1 like Ethereum.
The main features of the update are unlimited token offering that will allow any third-party projects to add any ERC-20 token or create a token pair and shortened withdrawal time that will lower cross-layer withdrawal times from 40 minutes down to 20 minutes.
ZKSwap is a decentralized exchange (DEX) protocol based on ZKSpeed, a layer-2 Practical ZK-Rollups Solution, and uses Automated Market Maker (AMM) algorithm to facilitate token trading. Developed by L2Lab, the exchange aims to solve Ethereum’s high transaction fees and low throughput to improve the DEX user experience and help DeFi applications scale. The exchange launched the V1 mainnet in February of 2021 and now has 87,000 loyal users with $11.5 billion in total trading volume.
All ERC-20 token and stablecoin transactions on ZKSwap are free and settled in real-time. By using ZK-Rollup architecture, this DEX bundles bundle hundreds of token swaps into a single transaction for greater efficiency and lower gas fees. Users can make up to 50 transactions per day without incurring any gas fees. Liquidity providers and users pay gas fees only when they deposit or withdraw tokens from the Ethereum layer 1.
ZKSwap currently supports Ethereum but in V2, cross-chain support for Binance Smart Chain (BSC), OKChain, and Huobi Eco Chain (HECO) will be added within the next couple of weeks to enable cross-chain token swaps beyond Ethereum.
The exchange currently counts $1.05 billion in total value locked (TVL). ZKS is its native token that plays a role in network governance.
Alex Lee, Head of Development of ZKSwap, commented:
“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. 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.”
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