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The V2 upgrades to ZKSwap include unlimited token listings and faster withdrawal times.
Decentralized cryptocurrency exchange ZKSwap has announced that its upcoming V2 mainnet will go live on July 28 via the Layer 1 Ethereum mainnet.A layer 2 launch on Binance Smart Chain, Huobi Eco Chain, and OKEx Chain is planned for a later date.
This update will include a number of new features for third-party projects looking to list their tokens for trade, such as the ability to list an unlimited number of tokens and pairs. The update will also reduce cross-layer withdrawal times from 40 minutes to 20 minutes, and users will be able to pay withdrawal fees with a growing list of tokens, including Ether, Tether, and the platform’s own ERC20 token, ZKS.
The team stated that once deployed on all planned networks, ZKSwap v2 will be ready for mass adoption, allowing listed projects to move liquidity across blockchains as they see fit. In terms of scalability, transactions are performed on layer 2 to reduce wait times and fees. As a result, the project claims that users will be able to conduct gas-free transactions every day up to a certain limit. The exchange also plans to hold a campaign at launch to ensure that liquidity providers have a smooth transition.
ZKSwap raised over $1.7 billion in six months after launching in February 2020. Its users are compensated in the platform’s ZKS token, which is currently used in network governance. ZKSwap also makes use of various consensus methods, including proof-of-stake (PoS), proof-of-transfer (PoT), and proof-of-ZK-snarks (PoZK).
In recent days, exchanges, both centralised and decentralised, have struggled to regulate. Binance CEO Changpeng Zhao recently announced his intention to withdraw from decentralisation in order to achieve regulation in even the most difficult countries. Meanwhile, as a result of China’s recent crackdown, crypto-companies are fleeing the country in droves.