Symbiosis, the automated cross-chain bookmarker, has incorporated the layer 2 scaling protocol zkSync to improve speed and reduce fees for token swaps on its platform.
The decentralized exchange (DEX) launched in March 2022. It provides unilateral stablecoin funds that offer zero impermanent losses to liquidity providers. It also facilitates native asset swaps on its platform via Ethereum Virtual Machine (EVM) networks and other networks.
Nick Avramov, co-founder of Symbiosis, told Cointelegraph that the zkSync integration will provide one-click swaps from Ethereum, Polygon, Avalanche, BNB Chain, Telos and other blockchains to zkSync and vice versa.
The additional functionality also removes the need for users to switch between different wallets and interfaces. Avramov also confirmed that the integration improves the variety of token swaps across his DEX, supporting any native swap to and from zkSync.
The zkSync integration also aims to make the liquidity transition to and from zkSync “safe, fast and cheap”. Avramov highlighted the importance of Layer 2 scaling protocols for various decentralized finance (DeFi) platforms and services.
“Scalable layers like Optimistic and ZK-rollups are extremely important for the next big wave in Web3, mainly because they are lowering the barriers to entry both in terms of price per swap and the user experience of integrated value-added services” .
The Symbiosis co-founder also highlighted his personal opinion that zero-knowledge rollups could outperform Optimistic Rollup solutions like Arbitrum and Optimism.. Avramov also believes that it is crucial for cross-chain players and interop layers to support zero-knowledge solutions as soon as possible.
“ZK represents an inevitable and natural evolution among scaling solutions.”
Symbiosis has processed over $100 million in total stablecoin transaction volume, serves over 12,000 unique wallet addresses, and averages 3,000 daily transactions.
Ethereum-scale ZK deployments continue to grab headlines in 2023. As previously reported by Cointelegraph, Ethereum Layer 2 scaling platform Polygon has released its zkEVM into mainnet beta, allowing developers to deploy smart contracts with higher finality and lower costs.
Scaling technology is not limited solely to Ethereum or other smart contract blockchains. Switzerland-based non-profit association ZeroSync is developing zero-knowledge proof tools that will allow Bitcoin (BTC) users to streamline the process of verifying individual blocks and, eventually, the entire blockchain. blocks.
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