The zkSync network is now available on Flooz with our swap feature, allowing for easy cross chain swaps. Trade any token across the zkSync chain, and join an ever expanding ecosystem with over $450M TVL!
Ilias Salvatore
4 min read β’ Feb 9, 2024
π€ Welcome zkSync to Flooz
We're excited to announce that Flooz.xyz has now integrated with zkSync chain to serve all DeFi traders. You can now trade any token across the zkSyncchain, and join a thriving ecosystem with faster transactions and cheaper network fees.
Let's have a look into our latest cross chain swap feature network, zkSync.
β What is zkSync?
zkSync is a Layer-2 scaling solution for the Ethereum blockchain that employs zk-rollup technology to enhance both scalability and efficiency.
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Zk-rollups (zero knowledge) use cryptographic proofs to guarantee the validity of transactions instead of assuming they are valid, which offers a better privacy guarantee but at the sacrifice of more computational requirements.
In comparison, optimistic roll-ups like Arbitrum and Optimism are preferred by developers and projects as the cost of such an implementation is cheaper, but this is a trade-off for less privacy which zk-rollups would provide.
The benefit of zkSync is that it enables users to exit and enter the Ethereum mainnet in a decentralized pattern while offering lower transaction fees. The main advantages of zkProofs were the transmission of speed and low gas fees, which had become two pain points for Ethereum users... hence the introduction and implementation of layer 2 solutions like zkSync.
How does this work?
The zkSync Era is built on something called ZK-rollup (as explained above), which helps Ethereum handle more transactions. Unlike other methods like Arbitrum and Optimism, ZK-rollups are better at checking and storing data, making them more efficient and using less computer power. They also keep your private information safer, but it costly in comparison to implement.
Privacy seems to be a priority more recently, so it's understandable why this is attractive to projects looking to build... if they can afford it that is.
Just a tad more of the boring stuff... we promise.
In zkSync Era, transactions are grouped together and checked by the main Ethereum network. Instead of checking each transaction separately, the network only needs to make sure a special proof (called a Zero-Knowledge Proof or ZKP) shows that the whole batch of transactions is okay.
The tricky part in this kind of network is making sure this proof doesn't need too much computer power... but zkSync is growing in popularity and is competing with other layer 2 solutions, with their own twist.
If you want to check out the other cross-chain networks that we have just added to our platform, you can check them out hereπ
Since the zkSync launch back in June 2020, it has been expanding and upgrading at rapid rates... in fact, it ahs expanded so much that over 200 projects has registered interest in using zkSync in their ecosystems, including the likes of Chainlink and Uniswap.
Here's a few other interesting facts about zkSync π
Currently zkSync has a TVL (Total Value Locked) of over $125M, which is impressive for a project that does not yet have their own native token.
On top of this, zkSync has deployed over 1M+ contracts and has spent over $6M+ on audits and bounties, displaying their intent on continuing to grow and offer value.
Now if you thought that was impressive, the zkSync chain has also seen nearly 2.2M unique deposit addresses and has 170 DApps (Decentralized Applications) on their blockchain, illustrating the want for their ecosystem.
π Top 10 zkSync projects to trade
With the zkSync network now available on our platform for cross chain swaps, here are the top 10 projects using their blockchain:
Letβs jump in π
Woo ($WOO) - WOO Network is a system of centralized finance (CeFi) and decentralized finance (DeFi) services designed to enable deeper liquidity for various cryptocurrency market participants.
Maverick Protocol ($MAV) - Maverick Protocol offers a new infrastructure for decentralized finance, built to facilitate the most liquid markets for traders, liquidity providers, DAO treasuries, and developers, powered by a revolutionary Automated Market Maker (AMM).
Symbiosis ($SIS) - Symbiosis is a cross-chain AMM DEX that pools together liquidity from different networks: L1s and L2s, EVM and non-EVM.
Holdstation ($HOLD) - Holdstation is an innovative Smart Contract Wallet for Futures Trading built on the zkSync Era.
WAGMI ($WAGMI) - An all-in-one platform for trading, liquidity provision, swapping, and yield strategy generation.
Mute ($MUTE) - Mute is a zkRollup based DEX, farming platform and BOND platform.
Domani Protocol ($DEXTF) - DEXTF is a digital asset management infrastructure on blockchain that allows anyone to create, mint, and redeem XTF funds.
zkSwap Finance ($ZF) - zkSwap Finance is the top DeFi AMM DEX on zkSync Era, an Ethereum Layer 2 zk rollup.
CVI ($GOVI) - $GOVI token is a governance token for CVI protocol and platform. CVI is a decentralized volatility index for the crypto space, powered by COTI network.
Metavault Trade ($MVX) - Metavault Trade is a new kind of Decentralised Exchange, designed to provide a large range of trading features and very deep liquidity on many large cap crypto assets.
π What's been happening with zkSync?
Now we've got past all of that... let's find out what has been happening with zkSync recently.
Let's kick off with the hype around a potential airdrop... many investors and crypto enthusiasts have been using the zkSync network to complete tasks in the hopes that when a native token is released, they will be dearly rewarded.
Now... while there is no official confirmation of an airdrop, it does make sense for zkSync to eventually release one to further improve their ecosystem. So keep an eye out for a potential announcement.
Next we have an interesting development... The Argentina capital, Buenos Aires were setting up a new form of digital ID with integration on the blockchain, and guess which network they decided to use...
ZkSync Era serves as the settlement layer for the QuarkID platform, ensuring the proper ownership of each stored document.
Final update on zkSync... they have been rapidly growing their partnerships and have now got over 200 potential project that want to onboard and use their ecosystem, including the likes of Chainlink, Uniswap, Sushiswap and many others.
With zkSync continuously looking to expand, and with the gathering interest they are attracting, it clear that they will continue to compete with other layer 2's to further scale and help the Ethereum ecosystem thrive.
Don't forget, if you want to find out more about our latest swap features and available networks, you can check it out here π
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