ZKSpace
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ZKSpace

ZKSwap FAQ

Technology

ZKSwap is a layer-2 DEX based on ZK-Rollups technology and the AMM (automated market maker) model. It is developed by L2Lab and launched on the Ethereum Ropsten Testnet on Nov 16th, 2020. ZKSwap will launch on the Ethereum mainnet on Feb 8th, 2021. Check the ZKSwap whitepaper for more.

Through Zk-Rollups technology, all ERC20 tokens are transferred to layer-2, and the consistent state of layer-1 and layer-2 is guaranteed based on continuously generated zero-knowledge proofs. This solution allows all exchanges to execute on layer-2, achieving real-time swap with zero gas fees, unlimited scalability, removing the constraint from the Ethereum’s TPS, and block confirmation time.

As Vitalik mentions in his article called “a rollup-centric Ethereum roadmap,” he stated that “the Ethereum ecosystem is likely to be all-in on rollups (plus some plasma and channels) as a scaling strategy for the near and mid-term future.” Defi is the most active sector in the Ethereum ecosystem,. The defi summer of 2020 reminded us of the urgency of solving bottlenecks of high gas fees, long latency, and scalability issues. That’s where ZKSwap comes in, using ZK-Rollups technology to guarantee security and offer smooth and low-cost layer-2 experiences.

Also, ZKSwap will further develop a distributed zero-knowledge proof network and layer-2 privacy payment tools with initial support to USDT’s layer2 privacy payment, a privacy exchange protocol (all swap processes are fully private), and will also support ERC721 and NFT token Swap in the future.

Product

Users can go to zks.org, click Launch APP, connect ZKSwap to the MetaMask browser extension, and start using ZKSwap.

Prices are determined using the automated market maker model as Uniswap.

All transactions executed on layer-2, including sending, swapping, adding/removing liquidity, are gas-free. Depositing from layer-1 (the Ethereum native chain) to layer-2 and withdrawing from layer-2 to layer-1 requires gas-fees, but ZKSwap subsidizes the withdrawal gas).

The ZKSwap protocol will charge 0.3% of all layer-2 swap transactions as the transaction fee. Among them, 0.25% will be automatically allocated to the liquidity provider, and the other 0.05% will be used as the protocol fee. All protocol fees (100%) will be used to buy back ZKS regularly.

Readjust the slippage tolerance if your swaps fail.

ZKSwap supports limited trading pairs. Except for the initial trading pairs set by the ZKSwap team, users who hold ZKS can vote or pledge ZKS to list certain tokens. Please check the ZKSwap Economy Whitepaper “Vote/Pledge for Listing” section for details.

Token Economics

ZKS is the protocol token of ZKSwap, with a total of 1 billion ZKS. ZKSwap token ticker is ZKS. The smart contract address of ZKS is https://etherscan.io/token/0xe4815ae53b124e7263f08dcdbbb757d41ed658c6.

Sixty percent of total supply to Community Mining, Community mining includes Proof-of-Liquidity-Mining (15% of the total supply); Proof-of-Gas (10% of total supply); Proof-of-ZK-Snarks (15% of the total supply); Proof-of-TransFee (10% of the total supply); Smart Contract Staking (10% of the total supply).

Among the rest, 40% of total supply, 15% will be distributed to the ZKSwap Team, 8% to Ecosystem Developers and Ecosystem Growth, 6.7% to Angel Investors, 5.3% to Potential A Round Investors, 4% to the Initial Liquidity, and 1% to Advisors. Check the ZKSwap Economy Whitepaper to learn the vesting schedules.

Community

  1. How can I join the ZKSwap community?

ZKSwap will be open-source. Find the ZKSwap community on Telegram, Discord, follow us on Twitter and Medium for the latest announcements.

2. What’s incentive program is on-going?

The last testnet incentive program will kick off on Jan 25th, 2021 GMT+8. Please stay tuned.

3. When will the rewards of previous testnet incentive program be distributed and how?

All rewards to the previous testnet incentive program will be distributed directly to winners’ layer-2 wallet after ZKSwap launches on the Ethereum mainnet.

If you have any questions, please feel free to comment below.

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ZKSpace

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