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ZKSwap (ZKS) and SofaSwap Launch Joint Staking Program to Boost Earning Opportunities

Mon, 09/06/2021 - 07:00
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Vladislav Sopov
ZKSwap is introducing Single Token Staking initiative
ZKSwap (ZKS) and SofaSwap Launch Joint Staking Program to Boost Earning Opportunities
Cover image via stock.adobe.com

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Leading L2 decentralized cryptocurrencies exchange ZKSwap (ZKS) is planning to introduce a shared staking initiative - Single Token Staking - with another mainstream DeFi ecosystem, SofaSwap.

ZKSwap (ZKS) and SofaSwap introduce Single Token Staking

According to a joint official announcement by the two teams, ZKSwap (ZKS) and SofaSwap are going to start a shared staking program, dubbed Single Token Staking.

With this program, SofaSwap users can start mainstream token staking contracts (for Bitcoins (BTC), Ethereums (ETH), and so on) using ZKS, a core native asset of the ZKSwap decentralized exchange.

While trading these contracts, any token (including ZKS) can be chosen as a settlement instrument. To use an asset for settlement, a SofaSwap user should indicate that it should be staked by the Market Maker LP.

As stressed in the statement shared by the two teams, this collaboration will boost the profits of traders, stakers and liquidity providers on SofaSwap:

The deepened cooperation on product and marketing between ZKSwap and SofaSwap will provide users with abundant trading opportunities.

As covered by U.Today previously, in mid-August, 2021, ZKSwap (ZKS) and SofaSwap announced the start of its long-term strategic collaboration.

Related
Leading Layer2 DEX ZKSwap Reached Strategic Partnership with SofaSwap

The collaboration is focused on joint experiments in the L2 and DeFi segments, as well as on the promotion of DEX innovations.

ZKSwap V3 release is in the cards: What will change?

ZKSwap (ZKS), the pioneer of Layer 2 decentralized trading protocols on Ethereum (ETH), is going to release its third iteration, ZKSwap V3. In collaboration with ZKBox, the first-ever NFT platform using L2 technology zk-proofs, ZKSwap V3 will allow its users to mint and trade NFTs for zero fees.

Users will be able to create and exchange their NFTs directly with their L2 tokens without the necessity of transferring them to Layer 1. This innovative technique will significantly improve the UX and resource-efficiency of NFT trading.

In Q3, 2021, ZKSwap (ZKS) launched its testnet and mainnet mechanisms on two mainstream smart contracts platforms, i.e., Ethereum (ETH) and Binance Smart Chain (BSC).

ZKSwap’s (ZKS) operations are powered by the most advanced zero-knowledge proof algorithm PLONK. PLONK's global trust setup is only generated once and then reused; this feature reduces the costs of zk-proofs utilization dramatically.

Related
Leading Layer2 DEX ZKSwap Reached Strategic Partnership with SofaSwap

Also, ZKSwap (ZKS) has deployed an open source API and SDK to allow all Ethereum (ETH) developers to experiment with the latest L2 scaling technologies.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)