Zkswap is a layer 2 protocol for trading Ethereum Tokens and NFTs that gives users instant trade confirmation, huge scalability , and zero gas fees without compromising user ownership. Zkswap’s goal is to make minting and trading NFTs easier than trading traditional digital assets.
In all reality, ZKSwap is a layer 2 scaling solution that leverages the power and security of the Ethereum blockchain, rather than compete against it. Let’s take a look at what ZKSwap will offer their users.
Users are not required to do anything when they join this protocol, it’s very simple and you can use your existing digital wallet. This means that the private key that is required to power this protocol is generated by your existing wallet. So, you can use popular wallets such as MetaMask, or any other solution you’d like to use.
What does liquidity on the blockchain actually mean? It means you can always buy and sell any asset on the blockchain for a reasonable price. That is exactly what Zkswap allows you to do. Even more so, Immutable has maximized liquidity by allowing the creation of virtual fungible markets, based on any subset of the tokens characteristics.
Technically speaking, if you want to achieve scalability on the blockchain then you’re either treading away from overall security, or you are moving away from decentralization.
That’s why ZKSwap and ZKBox teamed up together to allow massive batching of trades off-chain, with users signing for the transaction, and then being put on-chain in a single proof that essentially compresses those trades into a single transaction at a fixed gas cost, which ZKswap pays.
On-chain validity-based proof:
Zkswap uses a validity-based proof. Validity-based proof means that your assets can never be traded without your permission, which is the same security measure as the Ethereum mainchain, and your items can never be taken from you either.
Ultimately, the most important thing that Zkswap has done is create a solution that is not competing with Ethereum, rather it is built on top of Ethereum, ensuring that users still benefit from all the advantages which the Ethereum mainchain offers.
L2 address : 0x436A636C66FA23e3F96C4dE046416de58985c4cf