ZKSwap is a decentralized cryptocurrency exchange. It has recently announced it will launch its future V2 mainnet on July 28. They will launch it through the Ethereum Class 1 mainnet of lists and token pairs. They have also planned to launch a layer 2 that will occur after some time on Huobi Eco Chain, Binance Smart Chain, and OKEx Chain. This new update is going to add a lot of different features. These features will be introduced mainly for third-party projects that are looking to list their tokens for trade. It includes the allowance of unlimited token listings and pairs. Moreover, the new update will reduce the withdrawal time between tiers from 40 minutes to 20 minutes, enabling users to use more and more tokens (such as Ether, Tether, and the platform’s ERC20 token ZKS) to pay for withdrawal fees.
More On ZKSwap’s V2 Mainnet
After the team will implement it on all the planned networks, the team determined that ZKSwap v2 will be ready for large-scale adoption in order to ensure that the listed projects can transfer liquidity between blockchains at their own discretion. Layer 2 is quite scalable. The transactions on this layer can minimize the wait times and fees. This is why the draft envisages that users will conduct fuel-free transactions within a given limit every day. The exchange also intends to launch an introductory event to ensure a smooth transition for liquidity providers. Since its launch in February 2020, the protocol has locked more than $1.7 billion in just six months. Its users will receive the platform’s ZKS token as a reward.
They play a comparatively very significant role in network governance. ZKSwap also uses various consensus procedures, such as proof of stake or PoS, proof of transfer or PoT, and proof of ZKsnarks or PoZK. Decentralized exchanges and other exchanges have continued to struggle for regulation in the past few days. Changpeng Zhao, the CEO of Binance, recently announced that he has plans to move away from decentralization in order to achieve regulation in the most complex countries. In the meantime, due to the recent crackdown, China has moved from left to right.