ZKSpace Releases Eco Mode to Substantially Reduce Gas Fees for L1-to-L2 Deposits

ZKSpace will introduce an Eco Deposit method on Jan 28, 2022, at 10:00 UTC to help users save gas fees substantially for deposits from Layer 1 to Layer 2. Currently, ZKSpace offers two deposit methods: deposit from the Layer 1 account or deposit from the Layer 2 account. Deposit from the Layer 1 account means that users will need to first transfer assets from their Layer 1 wallets to the ZKSpace Layer 2 wallets. Massive gas fees will be incurred during the process, especially when the Ethereum network is congested.

From Jan 28 to Feb 11 , the top 5,000 users will be awarded 200 ZKS each for making a deposit on ZKSpace via either the Deposit or the Eco Deposit method. Each address can only participate in the campaign once.

Eco Deposit Rules

To help users save the gas fee, ZKSpace will launch the “Eco Deposit” mode and provide initial Layer 2 liquidity to 4 tokens: ETH, USDT, ZKS, and WBTC, each 500,000 USD respectively. Users can transfer tokens to the official address through the deposit page or their wallets. Once the transaction is successful, their Layer 2 addresses will receive the tokens deposited minus a $2 Eco Deposit gas fee (based on the latest pricing on Layer 2), which is 70% cheaper than the primary deposit method from Layer 1.

For the protection of L2 security, a single deposit cannot be higher than $200K. Please make the transfer > $200K through a primary deposit method. If there’s an error, please get in touch with customer service for a refund. Currently, ZKSpace doesn’t accept a single deposit lower than $10.

ZKSpace will replenish the funds from Layer 1 to Layer 2 based on the balance of the Layer 2 liquidity. Once any tokens’ Layer 2 liquidity balance is lower than $200K, ZKSpace will perform a deposit and add liquidity. The gas fee for deposit will be covered by every user’s $2 Eco Deposit gas fee.

Eco Deposit User Interface

  1. The deposit page will display “Deposit”, “Eco Deposit” and “L2-to-L2”.

  2. The Eco Deposit page will direct users to transfer tokens to the official address.

  3. The deposit transactions record will display two categories: Deposit and Eco Deposit.

The Eco Deposit option is an effective solution to help address the expensive gas fee issue. ZKSpace has been diligently working on new product development and user experience optimization. Please stay tuned for our latest adventures!

Note:
Due to system upgrades, ZKSpace will only provide initial Layer 2 liquidity to 3 tokens at this stage, including ETH, USDT, and ZKS, each 500,000 USD respectively. We are sorry for any inconvenience caused. Please stay tuned for further updates!

About ZKSpace

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 EMV-compatible ZK-Rollups and bring the community more layer 2-based products soon.

Stay Tuned

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