The new ZKSwap decentralized exchange, which leverages the ZK-Rollup technology, has successfully launched on the Ethereum network, the team behind the DEX shared in a press release with The Chain Bulletin on 16 February.
According to the announcement, ZKSwap has been designed as a solution to Ethereum’s high gas fees and low throughput, which has limited the scalability of DeFi applications on the network. Using the Automated Market Maker (AMM) model, the DEX is able to offer its users real-time, free transfer and swap of ETH and ERC-20 tokens on Layer 1. The head of development at ZKSwap, Alex Lee, said in a statement:
“We believe AMM-based layer-2 DEXes represent a whole new stage in the development of DEXes, and the highly performant DEX of ZKSwap powered by the cutting edge ZK-Rollup technology is well-positioned to be a leader. The solution offered by ZKSwap will be a strong boost to a complete lay-2 DeFi ecosystem.”
Developed by L2Lab, ZKSwap leverages zero-knowledge proofs as a scaling solution, which according to the team has resulted in the exchange having 100x the capacity of other DEXs and 1/100 of the gas fees on the Ethereum network. Initially the exchange will support only 30 tokens, but with time it plans to scale up to 100 tokens, based on community voting.
The exchange is not only focused on high TPS and low gas fees though, and has successfully passed security audits by ABDK, Certik, and SlowMist prior to its mainnet launch. While it is a freshly launched DEX, ZKSwap has already surpassed $63 million in liquidity and $21 million in total locked value.