Decentralized exchange ZKSwap based on ZK-Rollups attracted $1.7 million investments

L2 Lab company, developing the ZKSwap decentralized exchange based on the ZK-Rollups scaling solution for the Ethereum network, attracted $1.7 Milln in the initial round of financing.

The largest investment was provided by Bixin Capital - a large Chinese unit Bixin cryptocurrency company. Also in the round of financing were participated by SNZ Capital funds, FBG Capital и Longling Capital.

A feature of Zkswap should be the second-level technology ZK-Rollups, which will provide quick and cheap transactions due to the use of evidence with zero disclosure. Project manager Alex Lee (Alex Lee) stated:

“As Vitalik Buterin has already said, It is Rollups that is the dominant technology for the scaling of the Ethereum. And we believe, that ZK-Rollups is the best implementation of technology ".

The test version of the decentralized Exchange Zkswap was deployed on the test network Ropsten 16 November. After testing and the necessary amendments, the team hopes to transfer the protocol to the main network of the Ethereum.

In September, it was reported, that Tether Stablecoin will introduce ZK-Rollups support for, to reduce the load on the Ethereum blockchain.