ZKSwap, a pioneering decentralized cryptocurrency exchange built on the Ethereum (ETH) blockchain, is considering a critical expansion of its toolkit. An NFT minting platform and marketplace features can be activated in future editions.
ZKSwap will incorporate ZKBox to bring NFTs to Layer 2.
The ZKSwap team has entered into a relationship with ZKBox, a pioneering Layer 2 platform for digital valuables, according to a new official release (non-fungible tokens or NFTs).
ZKBox, backed by blockchain professionals from the L2 Labs Foundation, capitalizes on the advantages of zero-knowledge rollups (zk-rollups), a cutting-edge Ethereum (ETH) scaling strategy. ZKBox uses zk-rollups to enable feeless and low-latency transactions by enabling NFT minting, storage, and a trading dashboard.
Users can utilize ZKBox to mint and trade NFTs at a cheap cost, with their assets relocated to Layer 2. ZKBox interest reflects the booming NFT craze: net sales in this area have topped $2.5 billion so far. This year, the leading marketplace in this area, OpenSea, has generated $1.56 billion in trading volume.
According to the latest ZKSwap roadmap, ZKSwap may include ZKBox in its version v3 release, which is slated to replace v2.5.
ZKSwap DEX addresses critical NFT market challenges.
ZKSwap DEX changed the game in the realm of exchanging cryptocurrencies via Ethereum’s Layer 2 in 2021. It specifically proposed a novel method of interaction between L2 and L1 with lower costs and reconsidered logics. As a result, moving cash between the two layers of Ethereum’s architecture has never been simpler.
ZKSwap just added its innovative scaling algorithms to Binance Smart Chain, the flagship centralized exchange Binance’s EVM-compatible smart contracts platform. By deploying ZKSwap v2 to BSC’s mainnet, Ethereum-style congestion will be avoided.
With such unrivaled knowledge, the time has come for ZKSwap to address major scaling concerns in the realm of non-fungible tokens, or NFTs. Simply said, ZKSwap is aiming to address the same issues as the decentralized exchange of digital assets did: low throughput, low scalability, excessive latency, and transactional costs.
The mainstream Ethereum (ETH) scaling technique – zk-proofs – will completely transform business processes and user experience in NFTs with ZKBox integrated by ZKSwap. Furthermore, once ZKSwap’s operational logics develop in v2, the storage, minting, promoting, and buying and selling of NFTs will be as simple as it is on current Layer 1 NFT heavyweights such as OpenSea or Rarible.