Why Layer 2 is significant to the development of Ethereum? 13th May
Today’s ZKSwap status: As of 18:00 GMT on May 13th, 2021
- TVL $535 million
- Liquidity $224million
- Transaction 8244 (24 hrs transactions)
What would be considered the greatest significance of Layer-2 to the development of Ethereum and the entire blockchain?
Layer-2 is essentially a protocol. And this protocol mainly executes calculations, transactions, and other logic outside the native blockchain (Layer-1). Only the final result is reflected on the native blockchain. The intermediate process is not recorded on the native blockchain. In the end, the native blockchain will only verify these transactions to ensure security. No matter how complex the execution is, it will not affect the main chain, so the more innovative projects are beginning to develop and use Layer-2 technology.
As for its impact on Ethereum, we must first talk about Ethereum 2.0. During the DeFi boom, the constraints on the Ethereum chain are obvious, often congested, and with an extremely high gas cost. Ethereum2.0 will solve a lot of the current issues, but there is still a long way to go.
Before the later phase of Ethereum 2.0, the more practical solution should be the Layer-2 solution. It is currently the best scalability solution.
What we are working on is to provide a more efficient, economic, eco-friendly for users and we believe Layer 2 is the direction to go.
Q&A of the Day
What is the long-term plan for ZKSwap?
Our long-term plan is to abstract the technology of ZKSwap and builds a layer-2 protocol; to support more DeFi projects, and use ZKSwap technology to build future DeFi on Layer 2.
ZKSwap is a layer2 dex based on the ZK-Rollup technology and using the AMM model. And You can find us here🥰:
ZKSwap Official Website: https://zks.org/en
ZKSwap APP: https://zkswap.app
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ZKSwap Github page: https://github.com/l2labs
ZKSwap Reddit: https://www.reddit.com/r/ZKSwap_Official