ZKSwap Goes Live With Its Layer-One Decentralized Finance Sidechain Project

The decentralized finance (DeFi) technology revolution is not showing any signs of slowing down in the world of cryptocurrency trading. Contrary to what many believe, DeFi is not limited to improving blockchain operations and mining; there is an entire subset dedicated to trading, and this is what ZKSwap intends to do with the recent release of its latest network layer. ZKSwap V2 is now up and running as a Layer-One Ethereum network, and subsequent layers are planned for OkEx, Huobi, and Binance in the near future.

According to ZKSwap developers, this new Layer-One network will cut down on withdrawal waiting times by a half. If you are used to waiting more than an hour to get money out of your cryptocurrency trading accounts, exchanges that run ZKSwap will give you access in just 30 minutes. If you prefer to pay for withdrawal fees with tokens other than the ones you usually trade, DeFi layers will allow you to do so.

DeFi has been a win-win situation for the cryptocurrency markets. It has added convenience to token holders and has improved blockchain liquidity. According to the ZKSwap website, the Layer-One network is fully functional and there is no more waiting time for users to transfer tokens from the Layer-One smart contract.

While the new network does offer users a better way to trade, ZKSwap V2 still has its limitations. You can no longer withdraw tokens directly from the network with the same ease as before. You will still need a ZKSwap Wallet to store your ZKCurrency to access the network. You can store it in ZKSwap’s main Wallet, but there will be a delay before you can withdraw your funds. You can withdraw tokens and ZKSwap will reimburse the funds directly to your account.

Many cryptocurrency market analysts believe that stablecoin projects such as Project Libra, which was proposed by social networking giant Facebook a couple of years ago, would only be possible with the implementation of DeFi technology. ZKSwap is just one DeFi network that is allowing blockchain operations to run smoothly at a time when they are scaling beyond expectations.