Brief Review, Daily Q&A on ZKSwap PoG, PoS, L2 Migration, PoL & PoT so far since Launch — March 11 ZKSwap News Letter
Daily Operational Newsletter from ZKSwap Team
Today’s ZKSwap status: As of 01:00 GMT on March 11, 2021
- TVL $821 Million
- Liquidity $710 Million
- Transaction 23,467 (24 hrs transactions)
Since February 14th, when the main ZKSwap website went live, ZKSWap has started 5 campaigns: PoG, PoS, L2 Migration, PoL & PoT.
We wanted to present the community with a complete timeline of what we have been doing with the community during this time and review the results.
On February 14, the day the mainnet went live, we simultaneously enabled a variety of features including swap, adding and removing liquidity, deposit, transferring funds, and withdrawal. We also launched the PoG & PoS campaign on the same day on February 17.
PoG is a long-term activity with a daily release of 20,000 to 30,000 ZKS. As the token price gradually stabilizes, the ETH stored across the network remains in the thousands, and the yield is maintained at 30–50%, which retains at a higher level of return in _x0008_ ETH finance. The PoG campaign is essentially an opportunity for the community to buy ZKS at a 20% discount, with annualized returns stabilized up to 50%.
The first PoS campaign ran for 14 days, releasing 1 million ZKS. The first week’s staking reached 10 million ZKS, and the amount of staking grew to 20 million ZKS near the end of the campaign.
Phase 1 PoS ended unlocking 20 million ZKS without causing a massive sell-off, and the token price was trading around $2.3. ZKSwap launched the second phase of the PoS on Feb 25, which offered four different cycles of activity with a total of 15.24 million ZKS rewards and an as of 3.9, 150 million ZKS were staked with an average annual yield of about 146%.
Top-tier centralized exchanges now offer 15/30/60/90 days staking products with an annual yield between 5%-40%. The staking period is longer than the ones ZKSwap is offering. ZKSwap team intends to actively cooperate with top-tier exchanges to provide one-click PoS entry to attract more users to try out the staking products. We’d like to speed up the community governance, put gZKS into use in the near future.
L2 Migration Campaign
On February 19, we ran the L2 migration campaign. L2 migration campaign lasted 13 days issuing 1 million ZKS rewards, attracting $200 million worth of L2 assets.
As of March 9th, $490 million worth of liquidity was staked with $58 million worth of daily PoT transactions.
PoT was launched on March 6 and will release 1 million ZKS in 14 days, to encourage USDC/USDT trading. The campaign offers a $200K worth of ZKS daily reward. The actual daily volume is about $50 million, with an approximately $160K commission. Through this campaign, users can acquire ZKS with a 20% discount by receiving a USDT commission.
The TVL grew steadily after a smooth launch on March 6 and grew to $821 million as of 10:00 GMT on March 11. This record has surpassed INHCH, making ZKSwap one of the top-tier Defi products.
Q&A of the Day
How do you provision your 100 L2 servers? Are they virtualized like on Amazon AWS?
We built our own data center.
When ZKS transfers between two ZKSwap accounts, is it private, or are they visible on the Ethereum mainnet?
It is only visible on Layer2 atm and you can find it on Ethereum network.
Why the fees are high when withdrawing from Proof-of-Gas mining to the wallet?
The Proof-of-Gas mining is conducted on L1, which requires the Ethereum gas fee.
How long is the Proof-of-Gas mining activity?
It’s a long-term campaign.
Can I change my address to another wallet while withdrawing USDT?
You can withdraw assets to any Layer 1 wallet. But please do not confuse “withdraw” with “send” as the latter can only apply to the transaction to another ZKSwap L2 address.
Is there any airdrop coming?
Stay tuned for our updates on coming events by following us on our social media channels and joining our community.
Where can I find listing information?
ZKS is currently listed on Zkswap, Uniswap, Gate, Huobi, and others. You can find the information on CoinGecko.
How are the staking pool rewards calculated?
The staking pool rewards are calculated as follows:
The 30-day pool is 4,000 tokens a day;
The 90-day pool is 8,000 tokens a day (2x);
The 180-day pool is 16,000 tokens a day (4x);
The 360-day pool is 32,000 tokens a day (8x) + governance tokens.
How’s your security guaranteed?
Our security is guaranteed by Zero-Knowledge Proof. We are using about 100 AMD 7542 servers and 200 2080Ti cards to calculate the zk proof, so we can always keep Layer2 and Layer1 states aligned.
The project has been subjected to and passed the most rigorous audit, done by Slowmist Certik ABDK. And our security contract code has been fully open-sourced.
How long it takes to withdraw to L1?
It usually takes about 20–40 mins.
I am having problems using ZKS on Mac, what should I do?
Try use Chrome instead of Safari.
How long does it take to withdraw ZKS from the wallet to Metamask? What address should I check?
Please check the status on zkswap.info. You can check with the L2 wallet address which sent ZKS and see if the status is remitted or submitted.