With USD 190M TVL in Just 10 Days after Mainnet Launch, ZKswap Prepares for ProBit Exclusive Feature March 2
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
The next rollout of ProBit Exchange’s popular ProBit Exclusive has been confirmed for Layer 2 DEX ZKSwap on March 2, enabling subscribers to pick up a 50% discounted rate from the market price. The Exclusive duration continues to feature a newly revamped 3-day subscription period to further accommodate the heavy demands for the bi-monthly offering.
ProBit Exclusives have proven to be among the most significant sources of utility behind its native token PROB which was the recent beneficiary of new ATH. Subscribers have been claiming an average of 16.5X on their initial purchases as the premium tokens showcased during Exclusives rapidly accelerate as a result of secondary market liquidity.
One of the most pressing concerns surrounding the Ethereum mainnet is scalability as exorbitant gas fees continue to plague transactions on the heavily congested network, leading to a surge in Layer 2 solutions aimed at distributing the burden off-chain for improved efficiency and throughput.
ZKSwap is a Layer 2 protocol that incorporates the popular automated market maker (AMM) mechanism designed to facilitate trades through liquidity pools without any centralized restrictions. The platform enables all transactions to be executed on Layer 2 to vastly improve upon the current industry bottlenecks.
ZKSwap addresses the scalability trilemma of scalability, security, and decentralization by utilizing zkRollups to execute transactions on Layer 2 for real-time swap availability and low gas fees.
ZkRollups are one of many solutions aimed at reducing data demands and on-chain limitations by amassing or rolling up transactions off-chain. Transfers are made and compiled by relayers who combine multiple transactions into one block and send the SNARK proof consisting of the Merkle root to an on-chain contract that establishes proof of the new states.
This enables it to outperform other scalability solutions by providing much-improved throughput and bypassing custodial bottlenecks, all backed by a high-security standard via zero-knowledge-proof technology. The significant reduction in data requirements is capable of providing up to 200X scalability when compared to the Ethereum network as Snark proofs require much less gas expenditure due to aggregating transactions and storing blockchain states off-chain.
By maximizing efficiency between Layer 1 and Layer 2, ZkSwap is capable of executing transactions including deposits, withdrawals, transfers, along with adding and removing liquidity at a much higher speed and much lower costs for users.
The team has secured USD 1.7M in investments and has been audited by SlowMist, Ceritk, and ABDK, with over USD 192M TVL across 15,491 L2 accounts secured after ZKSwap’s official mainnet launch as the DeFi sector continues to be propelled forward by both retail and institutional demand.
ABOUT PROBIT EXCHANGE
ProBit Exchange is a Top 20 crypto exchange globally. We have completed over 200 rounds of IEO and have been consistently ranked Top 4 in Korea. ProBit Exchange provides unlimited trading access highlighted by nearly 1,000 trading pairs.
ZKSwap is a token Swap protocol based on Automated Market Maker (AMM). Through ZK-Rollup technology, the full set of uniswap functions are realized in Layer-2, while providing unlimited scalability and privacy.
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