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Cross-chain Automated Market Maker ‘Symbiosis’ Incorporates Layer-2 Scaling Solution zkSync
- zkSync enables seamless asset transfers across multiple blockchains.
- It removes the necessity for users to navigate through various wallets and interfaces.
To enhance transaction capacity and reduce costs for token exchanges, the cross-chain automated market maker Symbiosis has incorporated the layer-2 scaling solution zkSync. The decentralized exchange (DEX) launched in March 2022. It provides single-sided stablecoin pools that enable liquidity providers to experience no impermanent loss. Additionally, it permits users to trade native assets between Ethereum Virtual Machine (EVM) and non-EVM networks in an “any-to-any” manner.
Symbiosis co-founder Nick Avramov stated that the integration of zkSync would facilitate seamless asset transfers among Ethereum, Polygon, Avalanche, BNB Chain, Telos, and other blockchains.
This upgraded feature also removes the requirement for users to switch between different wallets and interfaces. Avramov further emphasized that the integration broadens the variety of token swaps accessible on its DEX by enabling any-to-any native swaps to and from zkSync.
The implementation of zkSync is also aimed at enabling “secure, fast, and inexpensive” liquidity movement to and from zkSync. Avramov highlighted the significance of layer-2 scaling solutions for various DeFi infrastructures.
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ZK-rollups Trending in 2023
The co-founder of Symbiosis also expressed that zero-knowledge rollups could potentially compete effectively with Optimistic Rollup solutions such as Arbitrum and Optimism. According to Avramov, zero-knowledge solutions require immediate backing from cross-chain participants and interoperability layers.
With over 12,000 wallet addresses served and an average of 3,000 transactions daily, Symbiosis has processed stablecoin transactions exceeding $100 million.
In 2023, ZK-rollups capable of scaling Ethereum remain a prominent topic. Following significant anticipation, Polygon, a layer-2 scaling solution for Ethereum, has launched its zkEVM to mainnet beta, allowing for the deployment of smart contracts with enhanced finality and lower costs.
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