New Possibilities for “Unlimited” Coin Uploading on Layer2: ZKSwap V2 Revealed

As the star project of Layer2 track, ZKSwap V2 version is expected to be officially launched in early June, supporting Layer2’s independent unlimited coin uploading for the first time. What are the important updates of ZKSwap V2 version? What are the future development plans?

New Possibilities for "Unlimited" Coin Uploading on Layer2: ZKSwap V2 Revealed

As the star project of Layer2 track, ZKSwap V2 version is expected to be officially launched in early June, supporting Layer2’s autonomous unlimited coin upload for the first time. What are the important updates in ZKSwap V2 version? Alex Lee answered all the questions in the live broadcast.

The following is the transcript of the live broadcast.

Moderator: First of all, please introduce ZKSwap and the background of the project.

Alex Lee: ZKSwap is a set of token swap protocols based on Automated Market Maker (AMM). It implements the full functionality of Uniswap in Layer-2 with ZK-Rollup technology, while providing unlimited scalability and privacy. ZKSwap provides an ultra-high throughput swap infrastructure for liquidity providers and traders, without any Gas fees for transactions.

The ZKSwap project started in August 2020 when the ZKSwap team realized that with the growth of DeFi, the Ethernet mainchain would not be able to support a large number of applications, so it was inevitable that many applications would migrate to Layer2, so we felt that ZKSwap was born out of necessity and in line with the trend.

The characteristics of ZKSwap are: deep roots and continuous innovation. Due to the regulatory environment at home and abroad, the characteristics of the DEX project and the avoidance of early public opinion, ZKSwap’s early development was in Stealth Mode, but the ZKSwap team has many years of accumulation in the blockchain industry, many team members joined the blockchain industry in 2013 and started to research zero-knowledge proofs in 2018. Many team members joined the blockchain industry in 2013 and started to research zero-knowledge proofs in 2018. At present, there are almost 20 team members. As for continuous innovation, the version of ZKSwap launched in Ethernet has fully implemented Uniswap on Layer2, and the transaction capacity of ZKSwap is about 100 times that of Uniswap, and the cost of Gas is only 1/100 of that of Ethernet Layer1, which should contribute to the progress of Layer2 application in the whole industry. It should contribute to the progress of Layer2 application in the whole industry.

Moderator: As a star project in the Layer2 track, what are the important updates in the upcoming V2 release of ZKSwap?

Alex Lee: ZKSwap V2 version is already online on the beta network and is under internal testing and audit. It is expected to be officially online on the main Ethernet network in mid-June, when the new version will support Layer2’s independent unlimited coin uploading, users can independently add their own issued ERC20 token to ZKSwap’s Layer2 payment network and exchange network to realize free real-time transfer of any ERC20 token (including any stable coin) and free real-time exchange of any ERC20 token.

ZKSwap is based on V1, but V2 version has the following new features.

  1. “Unlimited” coin uploading – users can add any Token on their own and create transaction pairs for a set fee.
  2. Optimize the implementation of circuit branching to improve circuit efficiency – support for one account and two balance modifications.
  3. Optimize the withdrawal experience – In V1 version, the withdrawal operation is bundled with the block verification operation. The number of withdrawals in a block was limited due to the per-gas fee limitation, especially in the case of aggregated verification, and V2 will optimize the withdrawal experience for users.

Moderator: Why is “unlimited” coin uploading the core of this update? What is the status of this technical progress in the industry? What does it mean for the ethereum ecosystem?

Alex Lee: The emergence of unlimited coin uploads on ZKSwap V2 will bring several benefits.

The number of Uniswap community users has grown exponentially since the opening of independent coin uploading, and ZKSwap has already received many requests from project owners to upload coins.

The reduction of project side airdrop fee. At present, the gas fee of ethereum is still high, and it is a big extra support for users’ airdrop after the project side has issued coins, and there will be network congestion and transfer failure. If the project owner goes to layer2 to make coins, the airdrop will be free of any fee and any operation on layer2 will be 0 gas fee in real time, which is the ultimate smooth experience for both the project owner and the user.

The biggest bottleneck of Layer2 is the silo, without EVM, other ecological projects can’t have good access and enjoy the advantages of Layer2. The development of the ecosystem will be prosperous.

ZKSwap V2 will allow users to upload unlimited coins on their own after the launch of ZK-Rollup, and the steps to upload coins are very simple. The emergence of Layer2 unlimited coins will attract more project owners to develop, coin and airdrop projects based on Ether.

Host: What are the differences between Fee Token, User Token and LP Token supported by ZKSwap V2?

Alex Lee: Fee Token can only be added by Governor, mainly ETH, ZKS, USDT, USDC and BTC.

User Token users can add any Erc-20 token by paying the token creation fee.

LP Token will be added automatically when the user creates a transaction pair. The number of pairs that can be created by User Token is limited (set by the Governor).

Moderator: Is there no limit to “unlimited coin uploads on your own” here? As you know, the recent cottage coin frenzy represented by animal coins has caused a lot of controversy; there are also some high-risk projects under the guise of “heco/BSC”, will ZKSwap be happy to become a crazy zoo as well? Are value coins more worth chasing?

Alex Lee: Yes, autonomous unlimited coin uploads will be similar to Uniswap autonomous coin uploads with no restrictions, but user-created Tokens will be issued on Layer2 and we may have innovation and main zones to allow better user screening. After Layer2 coin issuance, project side airdrop will not need to pay any fee and can be transferred to the recipient’s account address by L2 in seconds. Secondly, all operations on Layer2, such as adding/removing liquidity, can enjoy 0 gas fee for hourly transactions.

So far, many project parties have applied to coin on ZKSwap platform, and we can meet that if ZKSwap launches V2 version, there will be more project parties to issue coins on L2, similar to uniswap, there may be good projects and bad projects. The good and bad projects still need to be screened by your own eyes. The recent animal coins are still more of a hype. In our opinion, products without technical support and value application will eventually be eliminated by history. Only projects with technical support will be able to cross the bull and bear.

Moderator: We have seen that the TVL of ZKSwap platform has been rising steadily and once occupied 73.6% of Layer2’s market share across the network. What do you think are the key factors behind this achievement?

Alex Lee: First of all, it is the security and stability of the platform. ZKSwap officially launched on the Ethernet mainnet on February 14 this year, and passed the circuit & smart contract audits of famous auditing institutions at home and abroad, such as Slow Fog, ABDK and Certik, when it was launched, and it has been running smoothly for more than 3 months.

Secondly, the user experience of ZKSwap is now comparable to that of centralized platforms. ZKSwap also launched its app (iOS & Android) mobile in April, allowing users to trade on ZKSwap L2 anytime via web & mobile with 0 gas fees in real time.

Finally, since its launch, ZKSwap has been intermittently launching various activities such as liquidity mining to motivate users to participate. As of 5.14, the total number of users participating in liquidity mining on the ZKSwap platform exceeded 100,000, and the platform’s TVL peaked at nearly $2 billion, with liquidity exceeding $1.5 billion.

Moderator: As we all know, the problem of “expensive” and “congestion” of ethereum is imminent, so there are many solutions to expand capacity. Why did ZKSwap choose ZK-Rollup among many other solutions, and do you think ZK-Rollup will have a unique advantage in the future development of Layer2?

Alex Lee: ZKSwap chose ZK-Rollups technology direction, the core of this technology solution lies in its security, it ensures the validity of transaction data by mathematical means, which gives it the security equivalent to Layer1, that is, its security is based on Ether, and is comparable to Ether. This is something that other Layer 2 solutions cannot do for the time being. In the long run, security is the most scarce resource in the whole crypto field, so it will be the ultimate evolution direction of Layer2 in the future.

The benefit of choosing Optimistic Rollups is to have better portability, but it also sacrifices certain security and user experience, such as the above mentioned need to have a challenge period and a longer withdrawal period, of course, it can also alleviate this problem through other intermediaries, but the overall service process is lengthened and the cost increases, in the short term, it is understandable to make trade-offs in order to land faster.

In the long run, however, ZK-Rollups will gradually win over the market and have a better chance of becoming the ultimate evolutionary direction due to its security and user experience (shorter withdrawal time), etc. The current shortcoming of ZK-Rollups is that it is not compatible with EVM, which makes the threshold for many DeFi projects to adopt ZK-rollups higher. zKSwap has adopted the technology of ZK-Rollups from the beginning and has conducted continuous research on ZK-rollup evm, as you can see on the ZKSwap roadmap. will go live with EVM at the end of this year to break the ecological logjam.

Moderator: V-God also admitted that “Layer2 is needed more now than Ether 2.0”. So on the contrary, when Ether 2.0 matures, will the current Layer2 solution face a huge impact? At the same time, will the valuation of Layer2 concept coin, which is currently on fire, also be affected?

Alex Lee: The scaling problem of Ether is imminent, and the development of Ether 2.0 slice plan is slow, the scaling solution on Layer 2 is most likely to change the congestion status of Ether in the short to medium term. Remember that V God himself said before that the base scaling still needs years to develop, and Layer2 solution is still needed in the medium term to solve the current congestion phenomenon. 2.0 still needs a long time, and Layer2 will evolve very well during this time, and the emergence of Layer2 EVM and the explosive development of Layer2 ecology can be expected. When the future comes, the more likely scenario is that Ether 2.0 will evolve and evolve from the Layer2 base.

Moderator: Last question, what is the future development plan of ZKSwap? Will there be some empowering actions for the platform coin ZKS?

Alex Lee: ZKSwap V2 version has been launched on Ether test network last week on 5.15, currently waiting for the final test and audit report, the main network will be officially launched in early June. We will also deploy ZKSwap V2 on BSC, HECO and OKChain to open the channel between L2 and exchanges and provide Layer2 extension capability based on zero-knowledge proof for more blockchain infrastructures. It becomes a secure, universal and open Layer2 financial infrastructure. In addition, the previously mentioned ZKSwap 1993 vice NFT is currently in production and is expected to be available in ZKSwap BSC version in mid to late June

Posted by:CoinYuppie,Reprinted with attribution to:
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