V2 Goes Live Soon, Layer 2 Trading Protocol ZKSwap Lays Out NFT Track

Layer2 market attention has recently heated up again, with ZK Rollup and Optimistic Rollup being particularly hot

V2 Goes Live Soon, Layer 2 Trading Protocol ZKSwap Lays Out NFT Track

As a Layer2 project based on the technology of ZK-Rollups, ZKSwap is the technology leader in the ZK-Rollups track. The current V1 version of ZKSwap uses CPU for zero-knowledge proof calculation and is supported by more than 100 high-end servers, and the TPS has now reached over 100 (theoretical value of 6000+). In addition to Ether, ZKSwap launched Layer 2 for All program not long ago and has already launched ZKSwap V1 version online on BSC, HECO and OKChain’s test network and debugged through all core functions. It is reported that ZKSwap V2 version will be officially launched at the end of June, when the first Layer 2 independent unlimited coin upload function will be realized.

In addition, NFT “financialization” of the moment, NFT is brought into the mainstream financial applications is the general trend, ZKSwap will also be officially launched in V2 version, in early July released ZKSwap V2.5 version, users can through the ZKSwap platform independent zero fee casting NFT and realize real-time transactions and transfers function.

At the same time, ZKSwap will also issue 1,993 exclusive NFTs on BSC after the launch of V2, part of which will be allocated to ZKS token holders, and these NFTs will enjoy a host of rights and benefits of the BSC version of the ZKSwap ecology, such as governance, coin uploading, mining, agreement fee allocation, etc. It is foreseeable that in the next few months, ZKSwap will bring more technological innovation and ecological development to Layer2.

Layer 2 track heats up, ZKSwap stands out

Recently, due to the market fluctuation, the activity on the chain is high, due to which the effect of miners adjusting the cap of Ether block Gas to 15 million some time ago, which made the fee drop significantly, has basically disappeared. Ether 2.0 can hardly quench the thirst of the near, so Layer 2, especially Rollup, which is regarded as the “optimal solution”, is inevitable, and the main solutions are ZK-Rollups and Optimistic-Rollups.

ZK-Rollups mainly invoke zero-knowledge proof to prove the authenticity of data to the main chain, which is a proof of validity, while Optimistic Rollups abandon zero-knowledge proof and adopt Plasma’s penalty mechanism, which is a fraud proof mechanism. Due to the existence of zero-knowledge proofs, Layer 1 can easily trust the data from ZK-Rollups, so the money exchange between the two is very fast, but its shortcoming is that it is difficult to support universal smart contracts, so it will put higher requirements on developers, and developers face more difficulty and workload.

Optimistic Rollups tend to be nodes that do not do evil, trust costs are high, and it takes at least a week or so for funds to exit from Layer 2 and return to Layer 1, and a very obvious drawback caused by this is that it is very easy to fragment the Layer 2 ecosystem, i.e., different Layer 2 projects that use Optimistic Rollups technology The flow between different Layer 2 projects using Optimistic Rollups technology, and the interaction with Layer 1 will be limited, so we can only rely on the emergence of ace projects to attract traffic and retain funds. But the advantage is that it takes compatibility into account, allowing Layer 2 to run a completely common smart contract, so the threshold is lower, making it easier for developers to get started quickly.

It is easy to conclude that Optimistic Rollup is more friendly to developers for App migration in the short term, but has much less support for DApps that require high-frequency transactions, and is much less efficient for funding than Layer 2 projects that use ZK-Rollups.

ZKSwap, the benchmark product based on ZK-Rollups technology, has successfully implemented a full set of features in Layer 2 using the AMM model, and offers unlimited scalability and privacy. Currently, ZKSwap is able to provide users with trading and liquidity mining functions, ensuring the same level of security as Layer 1, while being able to send 100 transactions in 15 seconds.

Compared with Loopring, which also uses ZK Rollup technology but adopts the order book model, one of the major advantages of ZKSwap is its zero-knowledge proof algorithm based on Plonk, which eliminates the need to reset the circuit every time a new transaction pair is uploaded, making it possible for ZKSwap V2 version to support unlimited coin uploading on its own. This makes it possible for ZKSwap V2 to support autonomous unlimited coin uploads. Based on V1, ZKSwap V2 allows users to add and issue any tokens and create pairs, while improving the efficiency of the circuit and optimizing the experience.

As of May 31, Beijing time, only 3 months after the launch of the project, ZKSwap has already captured 30.05% of Layer 2 market share, with 87,000 total accounts, $230 million TVL, and $42.28 million in 24-hour trading volume, a 47.52% increase from half a month ago. DeFi segment is still in the middle to upper level.

NFT financialization process accelerates, ZKSwap layout in advance

Looking at the trading history of NFT (non-homogenized tokens), its cyclical fluctuating nature is more obvious and can be seen to be still in its early days. Unlike the short-term heat fluctuations, the ecological construction around NFT is becoming more and more perfect.

Recently, eBay, an online auction and shopping site with millions of users worldwide, announced that it will offer NFT trading services to its customers. As one of the earliest online auction platforms, eBay also has keen market insight in the face of the NFT boom, becoming the first e-commerce company to access the NFT business, which is also an excellent channel to bring NFT transactions from the crypto asset circle to the mainstream online trading market. The future, along with the increasing improvement of NFT industry regulations, will create more space for imagination.

In addition, Uniswap V3 version has recently gone live, which uses the ERC-721 protocol to replace the original ERC-20, supports position differentiation management, and realizes the function of market making in stages, which also leaves great feasibility and operation space for the subsequent NFT design and its expansion in the financial field of application scale. With the increasing improvement of such preliminary underlying design and the further expansion of the application scale, it is a sign that the future NFT ecology will usher in a more solid and sustained full-blown explosion.

The ZKSwap team has been working on the continued fermentation of the NFT boom for a long time. According to the current design specification, the Layer2 protocol will support other NFT platforms to access, and support users to issue and transfer NFT on ZKSwap’s Layer2 network, as well as purchase NFT on the Layer2 network, and support users to The protocol will support users to withdraw NFTs to the Layer 1 network of Ethernet and ensure the consistency of Layer 2 NFTs and Layer 1 NFTs.

With the release of ZKSwap V2 at the end of June, the V2 version will support users to upload unlimited coins on layer2 independently and support all ERC20 free real-time transfers and exchanges. The ZKSwap team expects to officially launch the Layer 2 network’s NFT protocol on the main ethereum network in July, when ZKSwap will support AMM’s DEX function and the atomic operation-based NFT issue transfer transaction function, and both the DEX function and the NFT function are 0 Gas fee, and all NFT transfers are also 0 Gas and real-time, the The Layer2 protocol is an open protocol, other NFT platforms that are already online can access the Layer2 protocol at any time, so that their users can create and publish NFTs at 0 cost, without being limited by the Gas and capacity of Ether. The details of the protocol are as follows.

  1. users can create and issue NFTs on ZKSwap L2, with a maximum of 65,536 NFTs per L2 account.
  2. NFTs can be interoperable between L1 and L2, and users can recharge NFTs from L1 to L2 and withdraw them from L2 to L1.
  3. users can make transfers of NFTs on ZKSwap L2
  4. users can purchase NFT on ZKSwap L2 (NFT Token + Token transfer, atomic operation).
  5. NFT on ZKSwap platform will co-exist with AMM functionality.
  6. support other Ethernet-based NFT platforms to access this Layer2 protocol. At the same time, by carrying out the exploration of NFT-related products and technologies, it can also provide a valuable practical basis and prior experience for future NFT platform layout and services.

Paul Veradittakit, a partner at Pantera Capital, mentioned during a recent event that the reason for the NFT boom now rather than in 2017 is infrastructure. provided important nutrients.

Notably, as one of the first Layer2 AMM DEXs to use ZK-Rollups as its technology model, ZKSwap adheres to the Bitcoin “decentralization” ideology and aims to achieve a common Layer2 trust-free infrastructure. ZKSwap leverages ZK Rollup’s strengths in transaction performance and transaction costs, and puts proof of computation on Layer2 in real-time, shortening withdrawal times and reducing GAS fees while ensuring security.

The Layer2 solution for NFT greatly improves the operability and experience of NFT transactions in practical application scenarios. The development of the digital economy is accompanied by multiple digitalization processes such as digitization of assets, commodities, and finance, etc. The potential of NFT to link to real-world application scenarios with DeFi protocols and infrastructure is being unleashed, and this is also an opportunity that cannot be missed for ZKSwap. In the future, ZKSwap’s advantages as a Layer2 trust-free infrastructure will continue to be proven in many scenarios, including the financialization of NFT.

As we continue to build on Layer2’s technological strengths, ZKSwap is not stopping there. The tide of DeFi and NFT technology applications and industry development is coming, and a series of experiments, opportunities and challenges around these concepts are bringing us a new digital economy experience.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/v2-goes-live-soon-layer-2-trading-protocol-zkswap-lays-out-nft-track/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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