ZKSwap Partners With DeFi Alliance to Drive Adoption
- As a member of the DeFi Alliance, ZKSwap will join SushiSwap, Bancor, Compound, and dYdX in promoting DeFi adoption.
- The Layer-2 DEX also completed the second round of its token burn, destroying around $200,000 worth of ZKS.
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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.
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.
- ZKSwap V1 will shut down to make room for the faster and better V2.
- The 30-day process will begin on 26 August and last until 25 September when V1 will officially shut down.
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- 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.
- ZKSwap is targeting a Layer-1 Ethereum mainnet launch on 28 July, with L2 deployments on BSC, HECO, and OEC to follow soon after.
- V2 will enable users to list any ERC-20 token and choose between 4 different tokens when paying withdrawal fees.