Handshake
Shutterstock

As a member of the alliance, ZKSwap will work together with Sushiswap, Bancor, and many other members of the DeFi Alliance Accelerator to drive the global adoption of DeFi technology. In an announcement published on 31 May, ZKSwap said the members of the Accelerator program will work on co-creating a transparent, low-cost, and “trust-able” decentralized finance system.

The DeFi Alliance was founded by Volt Capital, Jump Trading, Aave, CMT Trading, and DRW Trading, and counts industry giants such as Coinbase among its mentors. Aside from notable DeFi protocols such as dYdX and Compound, some of the earliest members of the Alliance were financial institutions such as TD Ameritrade, DV Trading, and Arca. 

The news about becoming the latest member of the DeFi Alliance follows the latest round of ZKS burning. The Layer-2 decentralized exchange completed the second round of its native token burn, destroying a total of 243,595.23815 ZKS worth around $200,000. 

Advertisement

The burnt tokens were the Protocol fee, representing 0.05% of all Layer-2 Swap transaction fees accumulated in a month. The first round of ZKS burning was completed on 30 April, where a total of 397,152.0431 tokens were destroyed. 

Show Comments

Discussion

avatar