The ZK-Rollup-based, Automatic Market Making (AMM) featured Layer2 DEX, ZKSwap V1 launched its mainnet on Feb 14, 2021, offering swap infrastructure and transactions with ultra-high throughput and zero gas fees to liquidity providers and traders. In less than 6 months since its launch, ZKSWap V1 has facilitated over $1.7 billion in total value locked, ranking as one of the largest Layer2 decentralized exchanges in the world.
ZKSwap V2 will officially introduce the key features - unlimited token listing and optimizations, setting the stage for exponential growth in Layer2 adoption.
Today, we are excited to present an overview of ZKSwap V2. We are targeting a Layer1 Ethereum mainnet launch on July 28, with a Layer2 deployment on BSC, HECO, OEC (OKEx Chain) set to follow shortly after.
ZKSwap V2 Introduces:
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Unlimited Token Listing
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Fast withdrawal (within 20 - 30 mins through optimized circuits)
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Personalized Fee Token
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L2 deployment on BSC, HECO, and OKEX Chain to follow shortly after the V2 mainnet launch
These features make ZKSWap V2 become one of the most inclusive and efficient cross-chain protocols.
Unlimited Token Listing
For V2, users can list any ERC20 standard tokens after paying gas fees. ZKSwap will charge no fees for the token listing service, which is currently only available on the ZKSwap website. Shortly, ZKSwap will support unlimited tokens and token pairs of all standards on both APP and WEB versions.
Faster Withdrawal from Layer2 to Layer1
ZKSwap V2 dynamically modified its circuit system, improving the speed of transaction aggregation packaged on the chain according to the actual situation; after this modification, the user’s transfer and exchange experience in Layer2 will be silkier smooth, and the withdrawal time from Layer2 to Layer1 processed by smart contract will be directly shortened from 40 minutes to 20 minutes.
Personalized Fee Token
ZKSwap V2 allows users to select a token among ZKS, WBTC, ETH, and USDT to pay the withdrawal fee. In the near future, more fee tokens will be added and applied to more use cases, including but not limited to adding/removing liquidity and asset transfers. (Fees are only applicable when users exceed the daily limit of free transactions.)
Launch Details
The Layer2 smart contracts have been deployed to the Ethereum Testnet (Ropsten), giving traders time to begin experimenting with the protocol before the official launch.
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The ZKSwap v2 mainnet contains the essential, unlimited token listing, swap, transfer, deposit, withdrawal, PoL, and liquidity adding and removal contracts and circuits that power the protocol.
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The ZKSwap v2 contains a collection of smart contracts and circuits designed to ease user interaction with the mainnet V2 platform.
A liquidity provider migration campaign will be available at launch, allowing v2 LPs to seamlessly transfer their liquidity to the new V2 protocol.
In the meantime, there are few outstanding items to complete:
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Partners and integrations can begin listing on ZKSwap immediately, in preparation for mainnet launch (Email bd@zks.org)!
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The interface, analytics site, API, and developer SDK have been redesigned to work with ZKSwap V2.
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The ZKSwap V2 contracts are completed and audited by Certick and ABDK while still subject to change, they are available on Github (GitHub - l2labs/zkswap-security-audit-certification).
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Documentation, guides, and further examples are in progress (Tutorials - ZKSpace Wiki (English)).
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Additional infrastructure to support fungible positions, liquidity mining, more complex strategies, and various other use cases will be built by L2 Labs together with the ZKSwap community after mainnet launch.