ZKSwap v2 Launches L2 Testnet on Binance Smart Chain: Details
After successful launch of its v2 mechanisms on Ethereum (ETH), AMM-powered Layer 2 decentralized exchange ZKSwap (ZKS) is going to roll out its scaling mechanisms on Binance Smart Chain (BSC).
Bringing unmatched scaling to fastest-growing smart contracts platform
ZKSwap v2, a unique Layer 2 decentralized exchange with an automated market-making engine, is going to expand its presence on Binance Smart Chain (BSC), the world’s fastest-growing smart contracts environment by leading DEX Binance (BNB).
?️ZKSwap is ready for testing on the BSC Testnet
— ZKSwap (@ZKSwapOfficial) August 16, 2021
?Check out this Tutorial and get testing!https://t.co/3ryTJKAzQM pic.twitter.com/baed9YtmNZ
ZKSwap v2 engineers noticed that, just like Ethereum (ETH) in late Q2, 2021, Binance Smart Chain (BSC) is on the verge of dangerous congestion due to increased transactional pressure. Namely, its daily transactions rocketed to print a new all-time high of 13.17 million txs. That is why BSC-based services should implement second-layer solutions to proactively avoid “traffic collapse.”
Transaction fees (gas prices) also increased with traffic spikes: right now, it is far higher than the average, “comfortable,” level of 5 Gwei. Researchers and analysts also noticed that transaction times have grown dramatically, e.g., from 10-15 seconds to 10-15 minutes.
Defiant engineer Sam Farmer noticed that, in times of higher network overload, Binance Smart Chain nodes were not synchronizing and crucial network infrastructure services (like blockchain explorers) were out.
ZKSwap’s novel scaling infrastructure could erase the negative effects these processes have on BSC-based dApps, their economies and user experience.
How is ZKSwap going to address issues with BSC network congestion?
ZKSwap’s seamless solution for L1/L2 integration and value transfer allows traders of all BSC-based DEXes to see their transaction times and fee rates decreased. As the entire set of L2 operations on ZKSwap is feeless, users only pay when their assets are withdrawn/deposited to Layer 1.
As such, users will be able to swap any BSC-based assets in a lightning-fast and cost-efficient manner. Besides advancing the UX of BSC-based DEXes, integrating ZKSwap’s solutions can reduce price slippage, making AMM-powered trading far more profitable for traders and liquidity providers.
Also, with its fresh Unlimited Token Listing option, enthusiasts of Binance Smart Chain (BSC) can easily list every asset against Binance Coin (BNB), Binance USD (BUSD) and US Dollar Tether (USDT) with zero listing fees.
ZKSwap’s solutions are empowered with zk-proofs, a mainstream scaling technology for Ethereum (ETH) and EVM-compatible blockchains. ZKSwap has pioneered distributed architecture in zk-proofs utilizing the latest zero-knowledge proof algorithm, PLONK, to generate proofs.
Its global trust setup only needs to be generated once, and the circuit can be used for repeated transactions: it lowers the fees and transactional bandwidth required.
Vladislav SopovZKSwap also created an API module and SDK for Solidity developers. As its scaling solution is modular, it can be integrated by every Ethereum-like blockchain, such as Huobi Ecosystem Chain (HECO) and OKEx Chain.
Arman Shirinyan
Alex Dovbnya
Dan Burgin