By George Ward
The rise and adoption of decentralized finance (DeFi) in crypto have been phenomenal. However, the high transaction fees and slow transaction speed on the Ethereum network, which is the backbone of DeFi, are significant roadblocks to its growth.
Many scaling protocols have emerged recently to tackle this issue, such as layer two scaling protocols and sidechains. One such solution is zkSync, which has now been integrated by Symbiosis, a cross-chain DeFi platform.
This integration will enable Symbiosis to provide its users with faster and cheaper transactions, making it more accessible to a broader range of users.
Symbiosis Revolutionizes Token Swaps With Integration Of ZkSync Scaling Protocol
The cross-chain automated marker maker’s zkSync integration will speed up platform transactions while reducing token swap fees. The DEX, introduced in March 2022, offers single-sided stablecoin pools that eliminate impermanent loss for liquid providers.
Additionally, it enables “any-to-any” swaps of native assets across the Ethereum Virtual Machine and non-Ethereum Virtual Machine networks on its platform. Co-founder Nick Avramov stated that the integration of zkSync will enable one-click swaps from Polygon, Ethereum, Avalanche, Telos, BNB Chain, and other blockchains to zkSync and vice versa.
Moreover, Avramov affirmed that the goal of integrating zkSync is to ensure a secure, rapid, and economic transition of liquidity to and from zkSync. Avramov also emphasized the significance of layer two scaling protocols for various DeFi platforms and services.
He stated that scaling layers like Optimistic and ZK-rollups are critical for the future of Web3 as they reduce entry barriers in terms of both swap price and user experience for value-added services. According to the Symbiosis co-founder, zero-knowledge rollups have greater advantages over Optimistic Rollup protocols like Arbitrum and Optimism.
He also emphasized the need to incorporate interoperability layers in zero-knowledge protocols as soon as possible, stating that it represents a necessary and organic progression in scaling protocols. Symbiosis has facilitated more than $100 million in total transaction volume in stablecoins, has catered to over 12,000 separate wallet addresses, and has an average of 3,000 daily transactions.
Bitcoin Is Next In Line For Lightning-Fast Transactions
In 2023, the focus continues to be on scaling ZK-rollups. For instance, Polygon, a layer two scaling solution on Ethereum, recently launched the mainnet of its zkEVM, permitting creators to deploy smart contracts through greater finality and at lower costs.
This scaling technology, however, is not limited to Ethereum or other smart contract blockchains. ZeroSync Association, a Swiss-based nonprofit, is creating zero-knowledge proof tools that will enable Bitcoin users to speed up block confirmations and, ultimately, the entire blockchain.
Symbiosis platform’s integration of zkSync is a significant development in the DeFi space. It is a natural evolution of scaling protocols.
This move will undoubtedly attract more users to the platform and create more opportunities for traders and investors.