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Based on ZK-Rollups technology, L2 Labs has launched ZKSpace, a full-featured protocol of Layer-2, including DEX, payment, and NFT function, and it transfers all tokens (including protocols ERC20 and ERC721) onto Layer-2 using ZK-Rollups technology. The consistent state of Layer1 and Layer2 is guaranteed based on continuously generated zero-knowledge proofs, so as to make all token swaps, transfers, and NFT minting and trading on Layer 2, realizing real-time trading with low Gas fees (no need to wait for one-block confirmation). As well, it also has infinite scalability, getting rid of the limit on TPS and one-block confirmation on Ethereum. In addition, users can enjoy CEX and a smooth trading experience like traditional e-commerce platforms and can guarantee asset security of their own in real-time.
ZKSwap is a token swap protocol based on Automated Market Maker (AMM). Through ZK-Rollup technology, the full set of Uniswap functions are realized in Layer-2, while providing unlimited scalability and privacy. ZKSwap offers swap infrastructure and transactions with ultra-high throughput and zero gas fees to liquidity providers and traders.
ZKSwap, a decentralized exchange based on ZK-Rollups under the ZKSpace protocol, has implemented the complete function of Uniswap on Layer2, reducing Gas fees to a tenth of a percent while ensuring the same security as Layer1.
At the moment, most decentralized exchange DEXs such as Uniswap differ from centralized exchanges such as Huobi and OKEx in incorporating automated market makers and replacing manual quotations with established algorithms. As such, decentralized exchange can remove centralized matching and clearing while eliminating the market maker in the transaction. Thus, they can provide users with highly secured and confidential transactions.
However, due to limitations of blockchain technology, long block generation time, and slow confirmation speed of the Ethereum main chain, decentralized exchanges are facing pain points such as low throughput, slow processing speed, and high Gas Fees. These problems directly result in a bad overall user trading experience and lead to the fact that decentralized exchanges can not replicate the centralized exchanges experience.
But ZKSwap carries out the exchange logic of traditional decentralized exchanges on Layer-2 through ZK-Rollups technology, so that all exchanges are completed on Layer-2, reducing the user's transaction costs while ensuring the overall transaction experience. Compared to traditional DEX, ZKSwap has the following advantages:
Low Gas Fee: Instead of generating Gas Fee from transactions on traditional Dex (Gas Fee will continue to increase as the Ethereum price increases), ZKSwap transactions on Layer-2 require low Gas Fee, which greatly reduces transaction cost for users.
High TPS（Transaction Per Second): Hindered by TPS limitations on Ethereum, traditional Dex such as Uniswap has an obvious bottleneck in transaction numbers and capacity per second. Through optimizing GPU, ZKSwap can conduct hundreds and thousands of TPS with the trustless method. While having enough machines to support expansion, ZKSwap's TPS can theoretically reach 6000.
Real-time transaction: All transactions on ZKSwap are transferred to Layer-2 and are valid for real-time transactions, users DO NOT need to wait for the confirmation time of a block.
In the coming days, the implementation of ZKSea will greatly optimize the users’ experience when minting and trading NFTs and can return the pricing authority of NFT products to the artist and the market, which is unlimited for the high gas fee. We will also open the NFT minting interface to all NFT platforms.
The first version of ZKSea will possess the following functions:
- 1.Mining NFT with zero Gas fee on the Layer-2 network;
- 2.For functions of trading and transferring function with zero gas fee of NFT on layer-2, thousands of TPS can be reached theoretically;
- 3.NFT can be deposited and withdrawn between Ethereum Layer-1 and Layer-2 networks;
- 4.There is an NFT storefront, supporting free transactions between users on the Layer-2 network.
In the future, the ZKSpace protocol can further improve the Layer-2 performance and will issue more products to enhance the user experience, extending the ecosystem environment of Layer-2.