ZKSwap, a decentralized exchange (DEX) built on ZK-Rollup technology, has launched its mainnet as a layer-2 protocol on the Ethereum network.
L2Lab, the team behind the DEX, went live on Sunday, a move that came months after introducing a testnet in November. The firm raised an angel investment round of $1.7 million at the time backed by Bixin, SNZ, FBG and Longling Capital.
L2Lab said the goal is to use zero-proof knowledge as a scaling solution for the DEX to increase transaction output and lower gas fees that have become a bottleneck for decentralized finance applications on Ethereum.
ZKSwap comes at a time when monthly transaction figures on Ethereum have reached an all-time high, with 37 million recorded in January alone according to data collected by The Block Research.
Within the first day since the mainnet launch, supporting trades for 30 ERC-20 tokens, ZKSwap has locked in $62 million in liquidity and $72 million in total locked value.
“ZKSwap is now fully functional and very hands-on. We believe AMM-based layer-2 DEXes is well-positioned to be a leader and represents a whole new stage in the development of DEXes,” Alex Lee, head of development of ZKSwap, said in a statement.
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