ZKSwap Decentralized Exchange Review

ZKSwap uses the ZK-Rollups system for enabling faster, and cheaper transactions. The DEX also comes with infinite scalability as it is not limited by the Ethereum one-block confirmation system and the TPS limit. The vendor L2 Labs assures a seamless experience on the platform with real-time asset security. Launched in 2020, the exchange uses the Layer-2 decentralized format which enables it to provide the benefits like scalability, reduced cost, and improved usability. We could not find info on the company like the developer team, their experience, location address, phone number, etc.

ZKSwap overview

As per the vendor, the total locked assets on the exchange sum up to $19,420,076. The existing liquidity is $2.930,971. A total of 6,139 accounts have been set up and total transactions amount to 12,706. Swap amount is $2,506,753, and traded volume is $9,158,149. Important features of the exchange that the vendor focuses on are listed below:

• Reduced gas fee

Due to the use of the Layer-2 system, the fee for the transaction is reduced when you use this DEX. Due to the rise in the price of Ethereum, the gas fees will continue to increase. But the Layer-2 limits the charges.

• More transactions

Unlike conventional DEX like Uniswap where the number of transactions and speed are limited, this exchange can perform numerous TPS using the trustless system. The TPS can reach 6000.

• Make real-time transactions

No confirmation time is needed for the transactions with this DEX. The reason is that the transactions are sent to Layer-2 so they can be done in real-time. 

• Supported tokens

Four fee tokens are supported by the platform – ETH, USDT, ZKS, and WBTC. The tokens can be used for withdrawal, gas fees, and platform fees.

How does ZKSwap work?

The DEX allows for all the following:

1. The platform supports an unlimited number of tokens. You can list an ERC-20 token after paying the required gas fees. There are no charges for the service.

2. Fast withdrawal is enabled and can occur within 30 minutes through the optimized circuits of the platform.

3. You can choose a token of your choice for the payments from the supported list.

4. Migration of assets from V1 to V2 can be done. Both have independent liquidity. About 40 minutes is taken for receiving your assets while it takes about 3 minutes for sending the transaction to the L1 wallet.

What can you buy on ZKSwap?

This DEX works on the Ethereum blockchain. The tokens available on the exchange include BNB, USDT, Clist, DAT, OVR, BFB, GENE, and many more.

Is ZKSwap safe?

While using the platform, the assets of the users are stored in the user’s wallet. So, it stays safe from hackers. As per the vendor, the security measures used are similar to the methods used by the ETH main network.

ZKSwap fees, compatible wallets, and transactions

The compatible wallets for this platform are Metamask, imToken, MathWallet, TrustWallet, WalletConnect, and TokenPocket. Users can select a token from the four supported tokens for fee payments namely ZKS, ETH, USDT, and WBTC. The fees are applicable only when the daily free transaction limit is exceeded. Here is how the various fees are charged:

• A minimum deposit of 50 ZKS or an equivalent of 200 USDT tokens is required to ensure transactions on L2.
• Deposit: No deposit fees are charged.
• Send: For every transfer from an ERC20 address to L2 $0.5 equivalent on-chain is charged as the gas fee.
• Withdraw: For withdrawal, $30 equivalent tokens are charged. 

What are the ways to trade on ZKSwap?

The platform uses the AMM model which ensures efficient asset utilization and transactions. Smart contracts are used for the transaction and there is no third party involved in the trades.You can use the desktop application or the mobile app of the exchange. To trade here are the steps involved:

1. On the platform, you need to connect your chosen wallet to the ZKS app. 
2. Deposit the assets to the second-tier ZKSwap account.
3. You can start the trading

Customer support

For support, the vendor provides links to the social media pages of the site on Discord, Twitter, Telegram, Medium, and Discord.

Should you trade with ZKSwap?