L2 Lab has announced the official launch of the ZKSwap decentralized exchange, built on the basis of a second-level solution for the ZK-Rollups Ethereum network.
Thanks to the use of ZK-Rollups and the use of zero-knowledge proofs, developers expect a significant increase in network bandwidth and a reduction in transaction processing fees.
These problems, according to representatives of L2 Lab, are the “bottleneck” for the development of the DeFi industry. Moreover, the number of transactions on the Ethereum network in January reached a record high of 37 million.
On the first day, the ZKSwap exchange started supporting the trading of 30 ERC-20 tokens. At the moment, $63 million is blocked in the protocol, and the trading volume for the day was $2.7 million.
“ZKSwap is fully functional and very user-friendly. We believe that decentralized exchanges on second-tier solutions have all the opportunities to lead the market. They represent a completely new stage in the development of decentralized platforms, ” said Alex Lee, Head of Development at ZKSwap.
In November, L2 Lab received $1.7 million to develop the exchange, with Bixin Capital, SNZ Capital, FBG Capital and Longling Capital participating in the funding round. At the same time, a test version of ZKSwap was launched.