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Cross-chain automated market maker Symbiosis has integrated the layer-2 scaling solution zkSync to enhance the speed and decrease the costs associated with token swaps on its platform.
The decentralized exchange (DEX) was introduced in March 2022. It offers single-sided stablecoin pools that provide zero impermanent loss to liquidity providers. Additionally, it enables “any-to-any” native asset swaps across both Ethereum Virtual Machine (EVM) and non-EVM networks.
Nick Avramov, a co-founder of Symbiosis, informed Cointelegraph that the incorporation of zkSync will allow for one-click swaps from Ethereum, Polygon, Avalanche, BNB Chain, Telos, and other blockchains to zkSync and vice versa.
This new capability also eliminates the necessity for users to toggle between various wallets and interfaces. Avramov further confirmed that the integration enhances the diversity of token swaps available through its DEX, facilitating any-to-any native swaps to and from zkSync.
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The integration of zkSync is also designed to ensure that liquidity transitions to and from zkSync are “secure, fast, and inexpensive.” Avramov emphasized the significance of layer-2 scaling solutions for numerous decentralized finance (DeFi) platforms and services.
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“Scaling layers like Optimistic and ZK-rollups are extremely important for the next big wave in Web3, mostly because they’re lowering entry barriers both in terms of the price per swap and user experience of value-added services built on top.”
The Symbiosis co-founder also expressed his belief that zero-knowledge rollups could surpass Optimistic Rollup solutions such as Arbitrum and Optimism. Avramov also considers it essential for cross-chain participants and interoperability layers to adopt zero-knowledge solutions as soon as feasible.
“ZK represents an inevitable and natural evolution among scaling solutions.”
Symbiosis has handled over $100 million in total transaction volume in stablecoins, caters to more than 12,000 unique wallet addresses, and averages 3,000 daily transactions.
Ethereum-scaling ZK-rollups continue to attract attention in 2023. As previously reported by Cointelegraph, Ethereum layer-2 scaling platform Polygon launched its zkEVM to mainnet beta, enabling developers to deploy smart contracts with improved finality and reduced costs.
The scaling technology is not confined to Ethereum or other smart contract blockchains. The Swiss-based nonprofit ZeroSync Association is currently working on zero-knowledge proof tools that will enable Bitcoin (BTC) users to accelerate the process of verifying individual blocks and, ultimately, the entire blockchain.
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