To provide users with a faster and cheaper L2-L1 withdrawal experience, we are excited to launch a new feature called Fast Withdraw on Mar 1, 2022.
As its name indicates, this new feature aims to help users save more than 90% of the withdrawal time and more than 30% of gas fees.
It also enables withdrawals from L2 to any ERC20 address.
How does Fast Withdraw outperform the regular withdrawal mode?
1. Withdraw (regular mode)
ZKSpace currently offers two withdrawal modes, i.e., Withdraw and Fast Withdraw.
For the regular “Withdraw” option, you need to wait for a L2 block to be packaged on the chain, which means that it could take about an hour for your funds to reach your account, let alone the massive gas cost, currently 30 USDT, incurred during this process.
2. Fast Withdraw
This soon-to-be-launched option is designed to address this problem.
In the case of Fast Withdraw, you need to pay a Fast Withdraw gas fee equivalent to 20 USDT when you submit your withdrawal request, transferring the tokens you need to withdraw firstly to ZKSpace’s official L2 address through the “Withdraw” page.
Similar to the “Eco deposit” mode launched one month earlier, initial liquidity for each token will be provided. Once we receive your tokens, your L1 address, which can be changed by yourself before submission, will receive your corresponding funds.
You only need to pay 20 USDT for this, which is much cheaper than the 30 USDT required by traditional withdrawals.
Fast Withdraw currently supports ETH、USDT and ZKS.
For network security reasons, a single transfer using Fast Withdraw should not be higher than $100,000.
Our developing team has been constantly optimizing the products based on feedback submitted by the community. Stay tuned for updates!
The all-new ZKSpace platform consists of three main parts: ZKSwap, the innovative Layer 2 AMM DEX utilizing ZK-Rollups technology, payment service ZKSquare, and an NFT minting center and marketplace called ZKSea. With an all-new-look user interface, NFT support, unlimited token listing, smoother withdrawal, optimized efficiency, and multi-chain support, ZKSpace aims to implement EVM-compatible ZK-Rollups and bring the community more layer 2-based products soon.