L2 Lab has announced the official launch of ZKSwap, a decentralized exchange built on the ZK-Rollups, a second-tier solution for the Ethereum network.
Through the use of ZK-Rollups and the use of zero-knowledge proofs, developers expect to significantly increase network bandwidth and reduce transaction processing fees.
These problems, according to representatives of L2 Lab, are the “bottleneck” for the development of the DeFi industry. Moreover, the number of transactions on the Ethereum network in January reached a record high of 37 million.
On the very first day, the ZKSwap exchange began to support the trading of 30 ERC-20 tokens. At the moment, $ 63 million has been blocked in the protocol, and the daily trading volume was $ 2.7 million.
“ZKSwap is fully functional and very user-friendly. We believe that decentralized exchanges based on second-tier solutions have every opportunity to lead the market. They represent a completely new stage in the development of decentralized platforms, ”said Alex Lee, head of development at ZKSwap.
In November, L2 Lab received $ 1.7 million to develop the exchange, with Bixin Capital, SNZ Capital, FBG Capital and Longling Capital participating in the funding round. A test version of ZKSwap was launched at the same time.
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