Daily Operational Newsletter from ZKSwap Team

3 min readMar 10, 2021

Daily Operational Newsletter from ZKSwap Team starting March 10, 2021

Today’s ZKSwap stats: As of 03:30 GMT on March 10, 2021

TVL $795 Million
Liquidity $685 Million
Transaction 20,877 (24 hrs transactions)

We are a fairly new Layer2 product. The security of the network is guaranteed by Zero-Knowledge Proof. We are applying 100 AMD 7542 servers and 200 2080Ti cards to calculate the zk proof, so we can always keep states of Layer2 and Layer1 aligned.

We noticed the mentions from the community feedback on Layer2 transactional failures, and this might happen due to the slippage tolerance settings being too low; another possible reason could be delayed server response, which has now been fixed.

We believe an ideal Layer2 product should be: L2 to L2 transfer in 100 ms and L2 to L2 swap in 100 ms, which we aspire to support later. Right now, security is the priority.

Q&A of the Day

Q1 Why I cannot connect MetaMask to ZKS app?

The team’s still working on optimizing the mobile app experience. We suggest users use the website on PC in the meantime.

Q2 Does ZKS support a trust wallet?

Testing of trust wallet integration is now in progress. However, we recommend users stick with Metamask at this point.

Q3 Can I send my ZKS to exchange or should I withdraw it to my wallet?

While transferring to Layer 1, don’t use the “Send” option. Use withdraw instead. And it also depends on where you want to withdraw to.

Q4 When are the ProTransFee rewards distributed? What if I cannot see the reward?

The rewards will be distributed around/after 10 a.m (GMT) daily. Please connect your wallet to ZKSwap, and if you are eligible you should be able to see it.

Q5 How many ZKSdo I need if I put in 1 ETH?

The number will be automatically calculated for you, they need to be of equal value, 1 eth means 1 eth worth of ZKS.

Q6 Can I withdraw my ZKS and Can I swap ZKS into ETH and transfer to my L1?

Yes, you can swap and withdraw.

Q7 Can I transfer my tokens from L2 wallet to L1？

It’s important to note the differences between “ Deposit”, “Send” and “Withdraw”. Deposit is when you bringing assets from L1 to L2. Send/transfer is from L2 to L2 ( if you use this function to send your asset to exchange wallet it will be lost) Withdraw is removing the asset from L2 to L1, ( you can use this function to move the asset to your own L1 wallet )

Kindly note that some exchanges do not support ETH withdrawals (L2-L1), please check with your exchange before withdrawing.

Q8 Why do I need to sign the message to login into the app?

This simply gives the ZKS app the permission to connect to your wallet, the signing doesn’t take a gas fee.

Q9 Why failure appears when I try to withdraw LP?

The failure might happen due to the slippage tolerance settings being too low; another possible reason could be delayed server response, which has now been fixed.

Q10 Is there a minimum requirement for swap?

Yes:

Minimum for L2 deposit — 50 ZKS, or 200 USDT

L2 Transfer requires a minimum balance — 50 ZKS or 200 USDT

L2 Swap — 10 USDT per transaction;

Adding liquidity: over 10 USDT each time;

Remove liquidity value has to be over 10 USDT each time.