ZKSwap has Completed the First Upgrade of Layer 2 System,Withdrawal of Layer 2 can be Completed Within 60 Seconds

ZKSwap has been running smoothly after the release on Ethereum mainnet, and the smart contracts deployed on Ethereum Layer 1 and the Layer 2 system are running safely as expected.

As of February 24, 2021, ZKSwap has been online for 10 days, and the TVL of Layer 2 has reached $170 million, 15,000 new Layer 2 accounts of DeFi users were added, and a total of 50,000 layer 2 transfers and exchange operations have been completed.The total amount of Layer 2 transactions reached $610 million. In order to better improve the user experience, prepare for the coming up community mining events — PoL & PoT. ZKSwap completed the Layer 2 system upgrade 8 hours ago, and the upgrade process took 15 minutes.

The first upgrade solved 3 issues;

1. Adjust the average value of system’s Gas Price Limit to avoid “unknown errors” when users operate.

2. Adjust the maximum block out time of Layer2 system to 60s, which can be dynamically modified later according to the actual situation; after this modification, user’s transfer and exchange experience in Layer2 will be more silky smooth, and the withdrawal time from Layer2 to Layer1 processed by smart contract will be directly shortened from the current 2–40 minutes to 1–20 minutes, which greatly reduces the user’s withdrawal time.

3. Fix the problem of occasional untimely synchronization when the block are synchronized. The modification of this issue will also greatly improve the user experience.

ZKSwap development team is also developing and deploying the V2 version of ZKSwap. The V2 version will bring more exciting new features, stay tuned!

ZKSwap is an AMM modeled layer2 dex based on Practical ZK-Rollups — the ZKSpeed Protocol.