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ZKSwap (ZKS) Layer2 Exchange Has its v2 Deployed to BSC Mainnet

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Wed, 08/25/2021 - 07:00
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Vladislav Sopov
Binance Smart Chain (BSC) users can now exchange their assets in a novel way
ZKSwap (ZKS) Layer2 Exchange Has its v2 Deployed to BSC Mainnet
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ZKSwap (ZKS), a flagship decentralized cryptocurrency exchange based on zero-knowledge proofs, expands its operations to the main network of Binance Smart Chain (BSC), the fastest-growing smart contracts environment.

ZKSwap (ZKS) DEX goes live on BSC main network: What is changing?

According to the press release shared with U.Today by the ZKSwap (ZKS) team, its mechanisms have been deployed to Binance Smart Chain’s mainnet.

ZKSwap goes live on BSC mainnet
Image by ZKSwap

Thus, ZKSwap (ZKS) became the first-ever decentralized exchange based on Layer 2 solutions to go live on Binance Smart Chain (BSC). As on Ethereum (ETH), Binance Smart Chain (BSC) transactions are aggregated and packaged to reduce the volume of data submitted on-chain. As a result, the process of interaction with mainnet becomes faster and more cost-efficient.

Unlike the Ethereum-based version of ZKSwap v2 protocol, BSC ZKSwap V2 will accept Binance Coin (BNB), Binance U.S. Dollar (BUSD) and U.S. Dollar Tether (USDT) as payment methods from its very first days on the Binance Smart Chain (BSC).

Also, ZKSwap (ZKS) will integrate the most trending tokens on Binance Smart Chain (BSC), like CAKE, a core utility and governance token of its flagship decentralized exchange, PancakeSwap. The BSC-based version of ZKSwap v2 (ZKS) will support an Unlimited Token Listing function for its users.

As on Ethereum (ETH), all interactions between L1 and L2 infrastructure on Binance Smart Chain (BSC) - transactions, deposits/withdrawals, liquidity adding/removal - are feeless and take between 5 and 20 minutes.

Building multi-chain Layer 2 exchange ecosystem

Previously, ZKSwap v2 was successfully deployed and stress tested in Binance Smart Chain’s testnet. As covered by U.Today previously, the team of the leading DEX decided to address BSC scaling to prevent the congestion that seems inevitable with increased transaction pressure on the network.

Related
ZKSwap v2 Launches L2 Testnet on Binance Smart Chain: Details

The limitations of BSC were amplified by the increasing price of Binance Coin (BNB), a core element of its tokenomics. At press time, the BNB/USDT rate is flirting with the $500 level. As such, the average transaction fee may be above $250.

According to its v2 expansion roadmap, ZKSwap (ZKS) will also deploy its mechanisms to other blockchains compatible with Ethereum Virtual Machine (EVM), including Huobi Eco Chain (HECO), OKEx Chain and so on.

Related
ZKSwap Empowers Ethereum’s AMMs with Layer 2 Scalability: Most Crucial Milestones Accomplished

In the last six months, ZKSwap (ZKS) deployed its first and second iterations to Ethereum’s mainnet. The latest release implemented the Unlimited Token Listing option and reconsidered L1/L2 interaction logic and new types of commands.

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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.)