Decentralized exchange built using ZK-Rollup tech launches on Ethereum

Feb 15, 2021 | The Block News | 0 comments


ZKSwap, a decentralized exchange (DEX) built on ZK-Rollup technology, has launched its mainnet as a layer-2 protocol on the Ethereum network.

L2Lab, the team behind the DEX, went live on Sunday, a move that came months after introducing a testnet in November. The firm raised an angel investment round of $1.7 million at the time backed by Bixin, SNZ, FBG and Longling Capital. 

L2Lab said the goal is to use zero-proof knowledge as a scaling solution for the DEX to increase transaction output and lower gas fees that have become a bottleneck for decentralized finance applications on Ethereum.

ZKSwap comes at a time when monthly transaction figures on Ethereum have reached an all-time high, with 37 million recorded in January alone according to data collected by The Block Research.

Within the first day since the mainnet launch, supporting trades for 30 ERC-20 tokens, ZKSwap has locked in $62 million in liquidity and $72 million in total locked value.

“ZKSwap is now fully functional and very hands-on. We believe AMM-based layer-2 DEXes is well-positioned to be a leader and represents a whole new stage in the development of DEXes,” Alex Lee, head of development of ZKSwap, said in a statement.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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