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L2 Labs Launches All-in-One Layer2 Platform ZKSpace, Featuring ZKSwap v3.0, NFTs, & Payments

As part of a massive product and brand overhaul, L2 Labs, the team behind ZKSwap, has announced the launch of the new comprehensive ZKSpace platform. The platform will host an upgraded Layer 2 AMM DEX ZK-Rollups ZKSwap v3.0, an NFT minting center and marketplace called ZKSea, and payment services, ZKSquare.

The upgrade will coincide with the official shutting down of ZKSwap v1.0 and the original PoG consensus mechanism in due time.

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ZKSpace – A Full-Featured Layer2 Platform

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The all-new ZKSpace platform is comprised of three main parts: ZKSwap, ZKSquare, and ZKSea, with an all-new-look user interface, NFT support, unlimited token listing, smoother withdrawal, optimized efficiency, and multi-chain support.

Moving forward, the formula underpinning the innovative Layer 2 AMM DEX utilizing ZK-Rollups technology will feature an important change that enables more flexibility for users. When trading with stablecoins, ZKSwap v3.0 resembles the original Curve V1.0 model, but when trading between non-stablecoins, ZKSwap v3.0 will allow for adjustable-price ranges. This means users will be able to choose at which price range to lock in LPs, and in turn, avoid excess slippage for trades that drain liquidity from those ranges. Building from the Uniswap v3.0 model, ZKSwap v3.0 does this by using ERC721 LP tokens and an ‘internal oracle re-pegging mechanism’.

With the intention of providing a standard for Layer 2 NFTs, users on ZKSpace can create, mint, buy, and sell NFTs via ZKSea. This will be an important step moving forward as gas prices are inhibiting the growth of the Layer 1 NFT marketplace and raising the barrier to entry for new users. In addition, the protocol will also feature NFT Transaction Mining and NFT Liquidity Mining which will enable users to retrieve the locked liquidity of their NFT assets and gain in a percentage of transaction fees paid by other users.

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[To share your insights with us, please write to sghosh@martechseries.com]

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