ZKSwap, a pioneering decentralized cryptocurrency exchange on top of the Ethereum (ETH) blockchain, is considering a crucial extension of its instruments toolkit. In coming releases, an NFT minting platform and marketplace functionality can be activated.
According to the official announcement by the ZKSwap team, it has entered into a partnership with ZKBox, a pioneering Layer 2 platform for NFTs.
Backed by blockchain veterans from the L2 Labs Foundation, ZKBox leverages the opportunities of zero-knowledge rollups (zk-rollups), a cutting-edge Ethereum (ETH) scaling practice. ZKBox empowers NFT minting, storage and a trading dashboard with zk-rollups to facilitate feeless and low-latency transactions.
With ZKBox, users can mint and trade NFTs at a low cost with their assets moved to Layer 2. Interest in ZKBox mirrors the rocketing NFT mania: so far, net volume of sales in this segment has surpassed $2.5 billion. The leading marketplace in this segment, OpenSea, has amassed $1.56 billion in trading volume this year.
ZKSwap may integrate ZKBox in its version v3 release which is set to replace v2.5, as specified in the updated ZKSwap roadmap.
ZKSwap DEX addresses crucial challenges of NFT markets
In 2021, ZKSwap DEX changed the game in the sphere of exchanging cryptocurrencies through Ethereum’s Layer 2. Namely, it introduced a new manner of interaction between L2 and L1 with reduced costs and reconsidered logics. As such, it has never been easier to move funds between the two layers of Ethereum’s infrastructure.
Recently, ZKSwap also implemented scaling techniques to Binance Smart Chain, an EVM-compatible smart contracts platform by flagship centralized exchange Binance. Deploying ZKSwap v2 to BSC’s mainnet will prevent this network from Ethereum-style congestion.
The moment has come for ZKSwap to solve major scaling issues in the sphere of non-fungible tokens, or NFTs. ZKSwap is focused on addressing the same challenges it tackled in the decentralized exchange of digital assets: poor throughput, low scalability, high latency and transactional costs.
With ZKBox integrated by ZKSwap, the mainstream Ethereum (ETH) scaling approach – zk-proofs – will totally reshape business processes and user experience in NFTs. Also, as the operational logics of ZKSwap are improved in v2, the storage, minting, promoting and buying and selling of NFTs will be as easy as it is on current Layer 1 NFT heavyweights like OpenSea or Rarible.