ZKSpace New Fee Structure: 50% Off for Your Layer 2 Journey
ZKSpace will implement a new fee structure starting from April 28, 2022, 10:00 AM UTC. This will reduce most transaction fees on the platform by 50% or more, allowing user costs to be more than 90% lower than ETH mainnet.
This adjustment will cover Layer 2 DEX ZKSwap, payment service ZKSquare, and NFT marketplace ZKSea.
1. Withdrawal: 30U → 20U
2. Fast Withdraw: 20U → 10U
3. Swap: 1U → 0.5U+0.3% *trading volume
4. Removing liquidity: 50U → 10U (Limited-time offer of 1U from April 11 to May 11)
5. Transfer: 0.5U → 0.2U
6. NFT Minting: 5U → 2U
7. NFT Purchase: 10U → 5U
8. NFT Unlisting: 1U → 0.5U
This plan leaves the following fees unchanged:
1. Deposit: Ethereum gas fee
2. Eco Deposit: 2U + ultra low Ethereum gas fee
3. Adding liquidity: 1U
4. NFT Listing: FREE
5. NFT Selling: 2.5%*sales
6. NFT Transfer: 0.5U
Note: ZKSpace allows gas fees to be paid in any of the four following tokens: ETH, ZKS, WBTC and USDT.
When ZKSpace conducted rebranding about half a year ago, we formulated a platform gas fee system based on Ethereum gas fees at that time and the actual on-chain cost of the platform. However, the recent reduction in Ethereum gas fee makes the old ZKSpace fee system not suitable any more, and cheaper fees must be implemented. Therefore, we are now conducting a round of gas fee adjustment to provide users with low-cost and fast Layer 2 services, highlighting the strength of Layer 2 protocol based on ZK-Rollups.
How does ZKSpace Make Things Cheaper
ZKSpace is an all-featured Layer 2 protocol built on top of Ethereum to solve the transaction speed and scaling issues. It takes transactions down from the highway of Ethereum, bundles them into a single transaction on Layer 1, then pays fees only for that single transaction. The fee is distributed across everyone in the rollup, thus making it cheaper for each user.
The low-cost feature of Layer 2 solutions showcases the democratization spirit of the Web3 sphere.
Safe and Fast
During the rolling-up process, a cryptographic proof is generated to ensure the consistency of Layer 1 and Layer 2 states, allowing transactions to be protected by native Ethereum security.
ZKSpace also allows instant trade settlement, as users do not need to wait for the confirmation of a block on Ethereum. It can perform thousands of transactions per second theoretically.
Finally, here is a reminder to everyone: ZKSpace’s mining program starting from April 29 will be going under the new fee structure, which means less cost to join and split the reward pool. Stay tuned for updates!
The all-new ZKSpace platform consists of three main parts: ZKSwap, the innovative Layer 2 AMM DEX utilizing ZK-Rollups technology, payment service ZKSquare, and an NFT minting center and marketplace called ZKSea. With an all-new-look user interface, NFT support, smoother withdrawal, optimized efficiency, and multi-chain support, ZKSpace aims to implement EVM-compatible ZK-Rollups and bring the community more layer 2-based products in the near future.