ZKSwap Will Kick off the Proof-of-Staking and Proof-of-Gas Mining Events after Mainnet Launch

Published in

ZKBase

2 min readFeb 4, 2021

Mainnet Launch Approaching

As we get closer to ZKSwap’s scheduled mainnet launch on Feb 8th, 2021, the community must be thrilled to know what ZKSwap will bring after its mainnet launch.

To thank the community’s trust and early participation, ZKSwap will launch two mining events — Proof of Staking and Proof-of-Gas, after its launch on the Ethereum mainnet.

And shortly, ZKSwap will later launch Proof-of-Liquidity-Mining and Proof-of-TransFee, and other community engagement events. For more details, please follow the official website announcement zks.org to stay tuned.

Proof-of-Staking and Proof-of-Gas

1. Proof-of-Staking

Activity reward: 1 million ZKS

How to participate: The first batch of Proof-of-Stakine event will last for 14 days. During the event, users can deposit ZKS to the proof-of-staking smart contract address on L1 at any time for lock-up. Participants can not withdraw the deposited ZKS during the event. Once the lock-up ends, participants can withdraw their ZKS at any time.

Event rewards will be counted in real-time and linearly accumulated based on the lock-up percentage. A total of 1 million ZKS rewards will be distributed to eligible participants. After the lock-up period, users will receive both the principal and staking rewards.

2. Proof-of-Gas

Activity reward: unlimited

How to participate: Users deposit ETH tokens to the Proof-of-Gas contract address on layer-1 at any time. The ZKSwap team will calculate the daily amount of consumed ETH gas fees and withdraw the ETH from the Proof-of-gas contract at random times to pay the gas fee. Users will receive ZKS at 125% of the value of his/her ETH used for the gas fee. The amount of one user’s deposited ETH being used for the gas fee depends on the percentage of his/her deposit to the total deposited ETH.

Please note that the POG mining rewards cannot be withdrawn within 24 hours after depositing ETH. And all prices are subject to the real-time price on ZKSwap.

To understand each mining event better, we will publish more detailed tutorials for each event. Follow our social media or check our official website to stay tuned.

ZKSwap is a layer2 dex based on ZK-Rollups technology and using the AMM model.