ZKSwap Launches on Binance Smart Chain Testnet
- Growing demand for BSC has increased network congestion and led to high transaction costs.
- ZKSwap aims to solve these issues by offering zero-fee transactions and fast throughput.
BAIKONUR, KAZAKHSTAN – 11 December 2011 Launch of a Proton M rocketNostalgia for Infinity/Shutterstock
In a press release published on 16 August, ZKSwap announced that it has launched its Layer-2 protocol to the Binance Smart Chain (BSC) testnet.
The team behind ZKSwap said the growing demand for BSC block space and increased congestion of the network have pushed daily transactions to an all-time high of 13.17 million. This has led to a significant increase in transaction costs, with Layer-1 protocols on BSC suggesting users increased their gas submissions to above 5 gwei.
“The deployment of the Layer-2 protocol of ZKSwap on the BSC testnet can be a very direct solution to many of the problems that users encounter in their usage scenarios,” the company said in the press release. “For example—guaranteeing the stability of the single token prices and trading due to low liquidity and high transaction slippage.”
ZKSwap’s deployment on Binance Smart Chain aims to solve these congestion issues. The protocol offers zero-fee transactions and trading and can enable Binance Smart Chain users to swap any BSC-based token. Users encounter transaction fees only when withdrawing their assets to a Layer-1 network.
- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
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- Coinbase’s protocol security team and over 100 external security researchers were involved with testing the upcoming layer 2 Base blockchain over the past six months.
- The project said it has now completed four out of five criteria for Base’s mainnet launch, with the remaining one being to demonstrate “testnet stability”.
- Coinbase has launched the testnet for its own layer-2 network Base, which was designed to be low-cost, open-source, and provide a developer-friendly environment.
- The exchange also revealed it will be joining Optimism as a core developer on the open-source “OP Stack”, which Base was built on top of.