ZKSwap team has completed the deployment of V2 version on the mainnet of BNB Smart Chain (formerly known as Binance Smart Chain) as a part of the continued expansion plan for the Layer2 ecosystem. Based on the zero-knowledge proof technology, the expansion is achieved by packaging and aggregating transactions on the Layer2 network and submitting the data on-chain. Users can enjoy faster transaction speed with lower transaction cost compared to trading on the Layer1 network. And all the transaction data is still recorded on the Layer1 network after aggregation, ensuring the safety of users’ funds.
Different from the V2 protocol at Ethereum, the BNB Chain ZKSwap V2 will take BNB, USDT, BUSD as payment options for users. In terms of listed token varieties, in addition to the mainstream tokens, popular tokens on the BNB Chain, such as CAKE, will also be listed on ZKSwap. The unlimited token listing feature is also available to users at the BNB Chain ZKSwap V2.
All operations of BNB Chain ZKSwap Layer2 are free of Gas fees for users, including transaction, trading, withdrawing, liquidity adding, liquidity removal, participation in mining, etc. It normally takes about 5 minutes to deposit from Layer1 (BNB Chain netwok) to Layer2 (ZKSwap V2) and 20 minutes to withdraw from Layer2 to Layer1.
As the crypto market has been brought to the spotlight to the mainstream accompanied by the influx of a large number of users and funds, ZKSwap, as a pioneer player of Ethereum Layer2, has deployed the DEX protocol at Ethereum for over 6 months, solving the congestion and high gas fees issues of the Ethereum network, and has achieved fruitful results.
At the same time, the limited containment of Ethereum to the popular DApp market has left space for alternative EVM compatible chains to rise. Among the networks, BNB Chain has performed particularly well, with its fast-growing ecosystem and total locked value reaching the second biggest in the market, next to Ethereum.
However, as the unit price of Binance Coin (BNB - Binance’s native currency) continues to grow, the gas fee for every single transaction at BNB Smart Chain also goes up accordingly. At the time of writing, an average single transaction can easily cost above 0.5 BNB (about $249), an expensive expense that high-frequency traders and retail miners can no longer ignore.
About ZKSwap V2 on BNB Chain
The BNB Chain version of ZKSwap is an important step of the Layer2 expansion strategy developed by the L2 Labs team. ZKSwap debuted on Ethereum and operated smoothly for over 6 months, giving the community practical experiences of trading and engagement with Layer2 Dex. The team foresees the continued growth of funding and user volume in the DeFi space and will continue its commitment of providing Layer2 scaling technology and products for mainstream networks to build a better Web3 world. The team will also empower ZKS so that the ZKS tokens can play an essential role on all mainstream public chains.