ZKSwap, a decentralized change (DEX) constructed on ZK-Rollup expertise, has launched its mainnet as a layer-2 protocol on the Ethereum community.
L2Lab, the workforce behind the DEX, went reside on Sunday, a transfer that got here months after introducing a testnet in November. The agency raised an angel investment round of $1.7 million on the time backed by Bixin, SNZ, FBG and Longling Capital.
L2Lab stated the aim is to make use of zero-proof information as a scaling resolution for the DEX to extend transaction output and decrease fuel charges which have change into a bottleneck for decentralized finance purposes on Ethereum.
ZKSwap comes at a time when month-to-month transaction figures on Ethereum have reached an all-time excessive, with 37 million recorded in January alone in line with information collected by The Block Analysis.
Throughout the first day for the reason that 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 absolutely useful and really hands-on. We imagine AMM-based layer-2 DEXes is well-positioned to be a pacesetter and represents a complete new stage within the growth of DEXes,” Alex Lee, head of growth of ZKSwap, stated in a press release.
