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 is planned to occur sometime thereafter on Binance Smart Chain, Huobi Eco Chain, and OKEx Chain.
This update will introduce a variety of new features for third-party projects looking to list their tokens for trade, such as the allowance of unlimited token listings and pairs. The update will also lower cross-layer withdrawal times from 40 minutes down to 20 minutes, and give users the ability to pay their withdrawal fees using an expanding list of tokens, such as Ether, Tether, and the platform’s own ERC20 token, ZKS.
Once deployed on all planned networks, the team noted that ZKSwap v2 will be ready for mass adoption, ensuring listed projects can move liquidity across blockchains as they see fit. As for scalability, transactions take place on layer 2 to minimize wait times and fees. As a result, the project says that users will enjoy gas-free transactions every day up to a predetermined limit. The exchange also intends to hold a campaign at launch to ensure a hassle-free migration for liquidity providers.
After launching in February 2020, ZKSwap locked in over $1.7 billion in just six months. Its users are rewarded in the platform’s ZKS token, which currently plays a role in network governance. ZKSwap also takes advantage of various consensus methods such as proof-of-stake, or PoS, proof-of-transfer, or PoT, and proof-of-ZK-snarks, or PoZK.
Exchanges, decentralized and otherwise, have continued struggling to regulate in recent days. Binance CEO Changpeng Zhao recently announced that he plans to step down from decentralization in an attempt to achieve regulation in even the toughest countries. Meanwhile, crypto-companies are dropping out of China left and right due to its recent crackdown.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.