SINGAPORE, March 4, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) – ZKSwap (https://zks.org/en), the first decentralized AMM-modeled Layer 2 exchange based on the ZKSpeed protocol, announced today announced its official report Roadmap 2021 and the start of the Proof-of-Liquidity (PoL) and Proof-of-TransFee (PoT) mining events with a total prize pool of more than $ 20 million. ZKSwap’s rapidly growing community will be able to benefit from their support and gain a clear understanding of the company’s strategy for the year. The complete 2021 roadmap for ZKSwap can be found here.
With the rise of DeFi, the Ethereum network is expensive and congested. ZKSwap provides a solution to Ethereum’s high gas charges and low throughput to improve DEX user experience and help scale DeFi applications. Since the mainnet launched last month, ZKSwap currently has over $ 60 million in liquidity and a total blocked value of $ 161 million.
“Our goal at ZKSwap is to create transparency about our entire technical progress and to involve the community in the network growth of ZKSwap. Since we launched our mainnet earlier this year, we’ve been working diligently to roll out our mining events and updated roadmap. We are happy to share this and look forward to the feedback and further participation of the community, ”said Alex Lee, Development Manager at ZKSwap.
ZKSwap will officially start the mining events Proof-of-Liquidity Mining (PoL) and Proof-of-TransFee (PoT) on March 6th at 6:00 p.m. (GMT + 8). The first phase of these events lasts 14 days, with 8 million ZKS mining rewards for PoL and 1 million ZKS for PoT. The first phase of PoL mining begins with six trading pairs: ZKS / ETH, USDC / USDT, ZKS / USDT, ETH / WBTC, ETH / USDT, HBTC / WBTC. For PoT, mining will be for USDT / USDC.
A detailed mining tutorial will be published on the ZKSwap official website before the event begins. Additional rewards and trade pairs can be added depending on the event status.
ZKSwap’s roadmap for 2021 is now also available on the company’s Medium blog. The roadmap contains details on ZKSwap V2 and the target date for the start of a separate 100% complete ZK rollup version with L1 and L2 data in the chain to further improve platform security.
ZKSwap uses ZKSpeed to achieve high TPS and low gas tariffs by collecting multiple knowledge-free evidence, processing the PLONK algorithm in parallel, and categorizing data out of the chain. It also enables GPU compatible algorithms for greater efficiency.
With an investment of 1.7 million US dollars, ZKSwap launched its mainnet in February 2021. Before the start, ZKSwap successfully passed the security checks by ABDK, Certik and SlowMist.
ABOUT ZKSWAP
ZKSwap (https://zks.org/en) is a decentralized exchange protocol based on ZKSpeed, a practical ZK roll-up solution. Developed by L2Lab, ZKSwap provides a solution to the high transaction fees and low throughput of Ethereum to improve DEX user experience and help scale DeFi applications. The project is supported by Bixin Capital, SNZ Capital, FBG Capital and Longling Capital and fully audited by ABDK, Certik and SlowMist.
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