The exponential growth of DeFi (Decentralized Finance) ever since 2020 has been undeniably tremendous. The most compelling evidence of this trend is the emergence of a myriad of DEXs (Decentralized Exchanges), especially AMMs.
Among those AMMs, Uniswap has been the most successful and well-known one. However, there are still some considerable problems for Uniswap users. First, the transactions on Uniswap require a really high gas fee. Second, every transaction needs to wait for at least one block to be executed. And third, due to the limiting technology of Ethereum, Uniswap cannot handle the overwhelming amount of transactions in high traffic time.
ZKSwap aims to develop an alternative product in the field to ameliorate those difficulties.
- What is ZKSwap?
- What is ZKS Token?
- How does ZKSwap work?
- Detailed information about ZKS Token
- ZKS Price Today
- ZKS Key Metrics
- ZKS Token Allocation
- ZKS Token Sale
- ZKS Token Release Schedule
- ZKS Token Use Cases
- How to get ZKS Token
- How to buy ZKS Token
- How to store ZKS Token
- ZKSwap Roadmap
- Team, Investors and Partners
- Is ZKSwap (ZKS) a good investment?
What is ZKSwap?
ZKSwap is a newly introduced AMM using the zkRollup technology. By transferring every token and transaction into Layer 2, ZKSwap can enable zero gas fees, up to 10,000+ TPS (Transactions per second), remove scalability limit and block confirmation time.
To further clarify, zkRollup (Zero-knowledge Rollup) is one of the two Rollups alongside Optimistic Rollup, which are created to increase the scalability of Ethereum. The core characteristics of Rollups is that they execute transactions off-chain (Layer 2) but keep the transaction data on-chain(Layer 1), maintaining the high security from the Layer 1 blockchain (Ethereum) and at the same time producing up to 100x scalability improvements.
What is ZKS Token?
ZKS is the native token of ZKSwap in ERC-20 standard. ZKS plays an essential role in the ZKSwap ecosystem as liquidity incentives to keep the protocol running smoothly.
How does ZKSwap work?
In terms of exchange features, ZKSwap remains the same as Uniswap V2. However, as ZKSwap implements the zkRollup technology, its system consists of four components: on-chain smart contracts, an off-chain ZKSwap server, a Zero-knowledge proof system, and a front-end user interface.
On-chain smart contracts: On-chain smart contracts are used to store the tokens that the users deposit while keeping updating the Layer 2 status and proof. These smart contracts are the connector between off-chain and on-chain.
Off-chain ZKSwap server: The ZKSwap server has the mission of processing all transactions off-chain. Here is how the process goes:
- Every transaction request will be put into the ZKSwap mem pool.
- Afterwards, the Swap Engine will conduct the transaction. The transaction types are the same as those of Uniswap.
- The Block Proposer will roll-up the transactions and create a new block.
- The State Keeper will update the status on Layer 2 and transfer it to the Commiter.
- The Commiter will get in contact with the Prove Server, receive the relative proof and then send both the status and the proof to the ZKSwap smart contract.
Zero-knowledge proof system: This proof system uses the latest Zero-knowledge algorithm up to date, which is the PLONK6. Multiple Provers are supported to receive tasks and generate proofs before sending them back to the Prove Server.
Front-end user interface: It is the application’s interface that users directly interact with.
In order to use ZKSwap, users have to deposit their tokens from Ethereum to ZKSwap's Layer 2. Withdrawing the tokens requires the reverse process. Transferring tokens within the Layer-2 costs 0 gas fees.
Detailed information about ZKS Token
ZKS Price Today
Currently, you can track the price of ZKS on Coin98 Markets: https://markets.coin98.com/currencies/zkswap
Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
ZKS Key Metrics
- Name: ZKSwap.
- Ticker: ZKS.
- Token standard: ERC-20.
- Token type: Governance, Utility.
- Max supply: 1,000,000,000 ZKS.
- Circulating Supply: 223,450,000 ZKS.
- Contract address: 0xe4815ae53b124e7263f08dcdbbb757d41ed658c6.
ZKS Token Allocation
ZKS Token Sale
ZKS Token Release Schedule
ZKS Token Use Cases
Currently, ZKS token has four main use cases:
- Governance voting and proposals.
- Token listing.
- Transaction verification.
- Buy-back and burn. 0.3% of the protocol fee will be split as: 0.25% for liquidity providers, 0.05% to buy back ZKS.
How to get ZKS Token
You can get ZKS through multiple options:
- DEXs: Uniswap, 1inch,...
- CEXs: Huobi, OKEx, Gate,...
- Trading and providing liquidity on ZKSwap.
How to buy ZKS Token
Step 1: Connect Coin98 Extension Wallet.Step 2: Select Uniswap.
Step 3: Choose the trading pair:
- Search ZKS.
- If the result does not come up, you can paste the contract of ZKS into the search box: 0xe4815ae53b124e7263f08dcdbbb757d41ed658c6.
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
How to store ZKS Token
You can store ZKS token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search ZKS Token.
Step 3: Click on the correct result, copy the wallet address and send ZKS to this address.
2021 Q1 mainnet launch:
- Launched liquidity mining activities to provide long-term incentives.
- Launched the 100% zkRollups version of all Layer-1 and Layer-2 transaction data to improve the system’s security.
2021 Q2 - ZKSwap upgrade to V2: Support unlimited token listing:
- Reduce the withdrawal time from Layer 2 to Layer 1.
- Improve the circuit efficiency.
- Publish ZKS governance policy.
2021 Q3 - Expand the Layer-2 ecosystem with business partners:
- Support ERC721 token standard, support NFT token transfer and exchange transactions.
- Launch Layer 2 payment SDK. Provide access to wallets, exchanges and payment service providers.
- Deploying ZKSwap V2 on BSC, HECO and OKChain.
Continuous breakthrough in the future:
- Launch Layer-2 lending service and stable currency exchange service.
- Develop a general EVM model based on zkRollups.
- Connect with more partners.
Team, Investors and Partners
ZKSwap has come to a partnership with multiple popular projects such as Huobi, MXC, DefiBox, DODO,... ZKSwap has also planned to integrate with more protocols in the future.
Is ZKSwap (ZKS) a good investment?
I hope that with the aforementioned information, you have understood what ZKSwap is and how ZKSwap works. This article should give you a deep insight into the project, so there is no financial advice. You should Do Your Own Research before conducting any investment, and be responsible for your own fund. However, Coin98 will provide some notable points of the project to give you the best overview to make your own decisions.
ZKSwap uses the zkRollup technology, an Ethereum’s Layer 2 Scaling Solutions. As there are more blockchains showing up recently with outstanding and cutting edge technology, Ethereum has to seek solutions to its problems including the high gas fees, scalability limitations, and low throughput in order to maintain the top spot. ZKSwap with zkRollup provides the perfect fit.
ZKSwap mainly follows the model of Uniswap. Imagine ZKSwap as Uniswap with additional features: 0 gas fees, faster, and more scalable. Now that Uniswap has been so successful with its model, will an enhanced alternative version of it be as flourishing?
ZkRollup was created a long time ago, but only until recently did people actually notice it. Another product that uses the zkRollup technology to improve the efficiency of DEXs is Loopring. At the moment, the market cap of Loopring and ZKSwap is $700M and $180M respectively, while the TVL (Total Value Locked) in Loopring is $144M compared to only $41M in ZKSwap. It can be clearly seen that a ratio of approximately 1:4 is maintained between these two protocols in terms of both market cap and TVL, and this is no coincidence.
Whereas Loopring has started providing the zkRollup technology for DEXs since 2017, ZKSwap is a relatively new project that just now launched its mainet in 2021. There exists a significant gap for ZKSwap to be able to catch up with other competitors like Loopring, but it is developing really quickly and promising to come on top anytime. Therefore, it is worth keeping track of ZKSwap’s progress.
It is also worth noting that as a zkRollup Layer-2 protocol, the deposit and withdrawal process between Layer 1 and Layer 2 on ZKSwap takes a long time, usually about 30-45 minutes. This is an inconvenient point in using Rollups in general.
Ethereum’s Layer-2 Scaling Solutions are expected to become even more popular in the foreseeable future as Ethereum is still facing a lot of challenges in its scalability. Among them, the zkRollup with its Zero-knowledge proof technology brings an enormous advantage over gas fees, TPS, and scalability, while still maintaining the everlasting security of Ethereum.
In the future, if those Scaling Solutions become trending, zkRollup will be a potential competitor for the top rank. And if that happens, projects like ZKSwap will be readily prepared for practical usage, which may eventually lead to the thrivingness of the project.
You’ve been through an article about Loopring and the LRC token. I hope it has helped you in gaining more valuable insights into this project and understanding its potential.
If you want to know further about ZKSwap (ZKS), please feel free to leave a comment below and join Coin98 Community for further discussions!