ZKSwap Looks to Build a Standard Layer-2 Protocol Long Term to Support More DeFi Projects - March 18 Daily Newsletter
March 18
Daily Operational Newsletter from ZKSwap Team
Today’s ZKSwap status: As of 18:00 GMT on March 18, 2021
- TVL $1111 million
- Liquidity $968 Million
- Transaction 15884 (24 hrs transactions)
Our key figures kept growing and we’d like to take the opportunity to share the team’s mid-term and long-term plan.
As for the mid-term, we want to work with more exchanges and wallet service providers to adopt ZKSwap’s layer-2 standard, support free-of-charge transfer for all ERC20 tokens including stablecoins, and enable private transfer and swaps. And in terms of the long-term plan, we want to abstract the technology of ZKSwap to build a standard layer-2 protocol, support more DeFi projects, and use ZKSwap’s technology to build the future DeFi based on layer 2.
Note: We have recently gathered a few feedback from our communities about irregular distributions of PoT rewards, our team is working on an automatic solution and will come out soon. We apologize for any inconvenience and we kindly ask for your patience in collecting rewards in the meantime. You can reach out to us through official channels if any concerns.
Q&A of the Day
If I claim my rewards while doing liquidity mining, will this affect the APY for the remaining staked LP set?
No it won’t affect your APY, and you can claim your rewards anytime.
Why didn’t I get my Proof-of-TransFee rewards in time?
Distribution for PoT rewards will be distributed slightly after 6 pm GMT+8 daily. There might be a delay since the distribution is not automated via smart contract yet. Our devs are working on the automated version and it will come out soon. In the meantime, sorry for the inconvenience.
I noticed there are changes regarding T&C recently, should I worry about my personal information?
Please be assured there’s no intention from the team to collect the user’s information. The terms and conditions are adjusted according to regional regulatory concern, we added a clause stating that we won’t provide services to users that are based in the US.
What is the reason withdrawals from L2 take some time?
Withdraw from L2 to L1 needs to wait for 20 blocks to aggregate and then moves that data to L1 in one.
The time is usually waiting for blocks to build up for this process to begin.
What are the current use cases of ZKS token?
At present, ZKS holders can take part in a variety of community mining events on ZKSwap, including liquidity mining (PoL) and staking-based mining (PoS), for generous rewards. In addition, users participating in staking-based mining for 360 days will also receive gZKS for future governance of the platform, which gives them rights such as voting and listing.
How long can users expect PLONK mining to be available? Will this speed up aggregation times?
That’s our main focus now, we believe it will happen in the coming months, and of course, it will accelerate the system.
