One of the biggest problems facing the Ethereum network today is high gas fees and commissions, something that ZKSwap promises to solve based on ZK-Rollups.
This week it came into operation ZKSwap, the new decentralized exchange (DEX), created on the blockchain de Ethereum, which incorporates ZK-Rollups to improve transaction scalability and significantly eliminate commission costs. Although ZKSwap does not eliminate commission fees completely, the implementation of ZK-Rollups does help to significantly reduce these costs, so the expense of operating on ZKSwap is much lower than doing so from other DEXs, such as Uniswap.
ZKSwap is a layer 2 token exchange protocol, designed under the AMM (Auto Market Makers) model and ZK-Rollup technology, which allows users, liquidity providers and traders to exchange tokens with a high level of performance, scalability and privacy, while not needing to pay high Gas fees for their transactions. Due to these features, it can be said that ZKSwap is presented as a solution quite similar to what the ZK-Rollup network is. Lightning Network all with Bitcoin.
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A solution to the main problems of DEXs
In her whitepaper, or white paper, ZKSwap recognizes Uniswap's potential as one of the most developed, important, and used DEXs within the digital industry. However, despite its potential, Uniswap does not escape the problems of Ethereum's high commissions when the network becomes congested, in addition to the limitations in the number of transactions per second (TPS) that it can process, and the confirmation times of the transactions once they are made. ZKSwap points out that these are not unique problems of Uniswap, but of most of the DEXs that exist in the market.
The alternative solution offered by ZKSwap implements ZK-Rollup and zero-knowledge proofs that allow token exchanges to be carried out in real time and with very low fees, guaranteeing scalability and eliminating limitations on the amount of TPS and block confirmation time.
ZK-Rollups are a scalability solution designed to allow a set of transactions to be grouped and compressed into a single transaction, making the transaction processing cost and speed lower. This solution is implemented by many projects, such as Tether's Hermez Network, which reduces transaction costs within this network.
On the other hand, in less than a week of its launch, the DEX ZKSwap already has more than 106 million deposited in TVL (Total Value Locked).
Usability and security in contracts is also important
At Ethereum, companies and developers are putting forward various proposals to solve many of the problems that the network currently faces. For example, in January, developer Richard Moore presented an Ethereum Improvement Proposal (EIP) in which it seeks to implement a new readability method that provides greater usability and security to the contracts of decentralized applications (dApps) that run on this blockchain network, and therefore, to its users.
Smart contracts, also known as smart contracts, have become an indispensable tool for digital finance, allowing a series of actions to be executed automatically based on previously established and programmed parameters, terms or conditions. The ease, speed and transparency offered by these tools contrasts with their level of usability, as this is a technology that is still complicated for many.
To improve this reality, Moore presented the EIP 3224, a proposal that calls for the implementation of new techniques that provide a description, with readable and verifiable data for users, of the actions that a given contract will perform within a dApp. In this way, users can ensure that they understand what actions they are authorizing to be executed. As Moore explains in his proposal, this gives greater usability to smart contracts, dApps, and the Ethereum network in general for new users, while providing greater security and trust.
Another EIP that could come to Ethereum this year, and that seeks to strengthen security in smart contracts, is the EIP 2937, which allows developers to introduce operational code when writing a smart contract to make it indestructible.
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