ZKSpace
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ZKSpace

ZKSwap Community FAQs II

Dear ZKSwapers,

Since we are about to kick off the second testnet incentive this week, we collected a few community FAQs about the product, the team, and our vision. We decided to put them into an article to share with all:

ZKSwap is the first ZK-Rollup-based layer2 dex using the AMM model, developed by L2 Lab. It is currently live on the Ethereum test net. ZKSwap has recently raised a $1.7 million Angel Round from Bixin Capital, FBG Capital, SNZ Holding, Longling Capital, etc.

ZKSwap transfers ETH and ERC20 tokens from the Ethereum network to layer2, using ZK-Rollup to maintain the consistency between the two layers and solving the bottlenecking issues derived from the Ethereum network, such as low TPS, long latency, congested network, and high gas fees.

On ZKSwap, token swap, transfer, and adding/removing liquidity are executed on layer2 with real-time speed and no gas fees. The user experience is as smooth as that of a centralized exchange. If you are interested to learn more about technology under the hood, please read our ZKSwap white paper.

Users can go to ZKSwap.app, connect ZKSwap to the MetaMask browser extension, and start using ZKSwap.

For a step by step user guide, please refer to User Guide to ZKSwap on the Ethereum Ropsten Testnet or check the video tutorial here.

And here is a user guide-related FAQs.

All testnet incentive program rewards will be distributed when ZKSwap launches on the Ethereum mainnet.

Users can check ZKSwap transaction info here at https://zkswap.info. Since ZKSwap is currently live on the Ethereum Ropsten testnet, you can also check the onchain data here: https://ropsten.etherscan.io/.

  1. ZKSwap is based on the latest plonk Zero-Knowledge proof algorithm, which does not require to update the circuit each time for rusted settings.

2. ZKSwap has been launched on the Ethereum Ropsten testnet for two weeks and will launch on the mainnet soon in 1–2 weeks.

3. ZKSwap has quickly iterated based on ZKSync, added circuits for creating trading pairs, adding/removing liquidity, and token swapping. ZKSync is the most reliable ZK-Rollups solution.

4. ZKSwap currently uses CPU to calculate the zk-SNARKs, using over 100 high-end servers with $ 1 million-plus costs. ZKSwap will develop GPU compatible zk-SNARKs, boosting the computing efficiency 10x.

5. Layer2 requires a lot of computation to maintain a relatively high TPS. BUT this TPS is trustless. For example, the TPS of ZKSync is very low; ZKSync can send a transaction every 15 seconds and generate 1 Zero-Knowledge proof. ZKSwap has optimized on the basis of ZKSync and can send 100 transactions in 15 seconds.

6. This TPS doesn’t seem too high. But the trustless TPS on Ehtereum is between 10–15, and it requires thousands of nodes around the world to maintain. If you can achieve TRUSTLESS TPS on layer2, it is VERY, VERY valuable.

7. A good layer2 protocol can generate trustless TPS using Zero-Knowledge proofs. This is a huge advancement in the industry. In the future, the market value of a good layer2 protocol should at least reach 10% of Ethereum, which will be billions. Therefore, layer2 has huge potential. But the entry barrier for layer2 is very high, and most teams are not equipped with the expertise.

8. ZKSwap will optimize the algorithm to be GPU compatible and achieve hundreds or thousands of trustless TPS. It will need several million dollars or tens of millions of dollars of servers to support the network. It seems to be expensive, but it will be the support layer of future blockchain APPs. The total value of these applications will be billions or tens of billions of dollars. Spending tens of millions of dollars in server costs to obtain trust-free without gas fees, real-time transfer, and transaction experience is actually very Cost-effective.

9. If you want to spend money to boost the Ethereum TPS at this moment, there is no marketplace for that in the foreseeable future till later phases in Ethereum2.0. Ethereum is a global consensus; no matter how much money is spent, TPS will not be higher.

10. Ethereum 2.0 is awesome. But it comes in different phases. As Vitalik mentions, in the coming 1–2 years, rollups will be the dominant scaling solutions. ZK-Rollups is the most realistic scalability solution.

11. ZKSwap is the first layer2 dex combining ZK-Rollups and the AMM model.

12. Loopring is the first layer2 DEX, and it is doing great. Layer2 is a huge track. The problem is there are too few layer2 projects, not too many. Both ZKSync and Loopring are teachers of ZKSwap. ZKSwap will learn from the best of hundreds of schools, continue to iterate, and launch a useful layer2 wallet and layer2 AMM protocol. 🙏🙏🙏

Well, that’s all for today’s user guide update. Be ready for the second testnet incentive!

If you have any questions, please feel free to reach us here:

ZKSwap Official Website: https://zks.org/en

ZKSwap APP: https://zkswap.app

ZKSwap Twitter: https://twitter.com/ZKSwapOfficial

ZKSwap Discord: https://discord.gg/ZRxS8fYTDv

ZKSwap Github page: https://github.com/l2labs

ZKSwap Official Telegram group: https://t.me/zkswapofficial

ZKSwap Official WeChat Admin:

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ZKSpace

ZKSpace (https://zks.org) is an all-in-one layer2 platform, featuring ZKSwap, ZKSea, and ZKSquare.