ZKSwap to Deploy on BSC, Issue 1,993 Cypherpunk NFTs
- Deploying on BSC will allow its users to benefit from instant, gasless swaps and trades.
- To commemorate the first mass-media discussion of the Cypherpunk movement, ZKSwap will issue 1,993 NFTs on BSC.
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Cypherpunks were a group of early proponents of cryptography and privacy-enhancing technologies that gathered around the “Cypherpunk” mailing list in the early 1990s. In 1993, the Cypherpunks were featured in Wired magazine, sparking the first mass-media discussion about the topic of online privacy. Members of the group drove advances in cryptography that ultimately led to the creation of Bitcoin.
The 1,993 NFTs will be the first ZKSwap tokens issued on the Binance Smart Chain (BSC). The NFTs will represent the BSC version of the ZKSwap ecosystem, including governance, listing, mining, and protocol fee allocations. A portion of the NFTs will be allocated to existing ZKS token holders.
According to the company’s announcement, the massive surge in popularity BSC has seen in the past several months has the potential to lead to the same congestion issues Ethereum faces. Deploying the ZKSwap Layer2 on BSC will enable users to transfer and swap tokens in real-time without paying gas fees. ZKSwap is also set to build a Layer2 ecosystem for the Binance Smart Chain to help the network achieve “unlimited scalability.
Less than a month after its mainnet launch, ZKSwap accumulated over $833 million in total value locked (TVL) and recorded $2.1 billion in trading volume (in total). The Ethereum-based swap protocol leverages zkRollup technology and can process around 5 million transactions per day.
Aside from deploying on BSC, the protocol will support user-initiated unlimited token listings as well as non-fungible ERC 721 token standard and NFT token transactions and swaps in Q2 2021.
- The Google Play store has changed its policy on digital assets, and will now allow developers to incorporate NFTs into their apps and games on the platform.
- Publishers will have to follow certain rules, however, such as maintaining transparency regarding the use of NFTs and not allowing gambling in their apps and games.
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- 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.
- 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.