<h2>ZKSpace overview</h2><h3>What is ZKSpace?</h3><p class="prosemirror-p-center"><img src="https://lh4.googleusercontent.com/LEX5I2jSCDtblN5-bI_gaplIikhkghOELEoUCy65gHrZwWGXcDuTC7GBJsE8LRQWnc4dhNsP_zpKBXbEWMFgssVzBee23iwT189ZTTUDoD5RA4U1TjGRPYKH1LuH0W5PSUb_qDrycB67am5fgXmqMVRrZvdg8Psrgo2bfkxOR178gkJVq3T2r5XwvQ" alt="ZKSpace’s TVL" title="ZKSpace’s TVL" width="624" height="331"></p><p class="prosemirror-p-center"><em>ZKSpace’s TVL (Source: L2beat)</em></p><p dir="ltr">The L2 Labs Foundation is developing <strong>ZKSpace</strong>, and Alex Lee, a specialist with extensive knowledge in <strong>zero-knowledge</strong> proof research and smart contract creation, is the project's principal developer. About 20 competent blockchain developers work for ZKSpace, several of them started in the sector in 2013. Major Chinese venture capital firms like Bixin Capital, FBG Capital, and Longling Capital have invested in the team.</p><p dir="ltr">The ZKSpace, which is deploying as an <a href="https://www.builder.news/crypto-insights/5-facts-about-layer-2" alt="5 facts about Layer 2 - An optimal solution for Ethereum" title="5 facts about Layer 2 - An optimal solution for Ethereum" target="_blank" rel="" class="">Ethereum layer-2</a> and is compatible with the base layer, serves as a trustworthy protocol anchoring three of L2 Labs' core products, including <strong>ZKSea</strong>, an NFT minting and trading marketplace, <strong>ZKSwap</strong>, a low-fee and effective decentralized exchange, and <strong>ZKSquare</strong>, an advanced payment solution. With the help of ZKSquare, millions of transactions have been executed, enabling the instantaneous transfer of over $250k in assets across the reasonably efficient layer-2 protocol. As DeFi gains widespread use and makes previously unavailable chances for consumers, the demand for NFTs and decentralized trading is meanwhile rising. Now, the TVL of ZKSpace is $46.37 M, ranked the 7th place when compared with other layer-2 projects (according to L2beat).</p><h3>ZKSpace security</h3><p dir="ltr">On the Ethereum blockchain, ZKSpace installs a number of smart contracts that serve as the main connection between Ethereum and the ZKSpace exchange server. They maintain balances, store tokens, and offer a safe environment. Separately, community mining is how exchange users themselves assure ZKSpace's liquidity and security. Rewards in ZKS tokens are given to process participants.</p><p dir="ltr">ZKSpace deploys a variety of smart contracts on the Ethereum blockchain that operate as the primary link between Ethereum and the ZKSpace exchange server. They provide a secure environment, keep tokens in storage, and maintain balances. Additionally, exchange users themselves ensure ZKSpace's security and liquidity through community mining. Participants in the process receive rewards in ZKS tokens.</p><h2>ZKSpace highlights</h2><h3>Token swap on ZKSpace</h3><p dir="ltr">Transactions on <a href="https://www.builder.news/crypto-insights/guide-to-evaluate-layer-1-platforms-dhANJ" alt="An Ultimate Guide To Evaluate Layer 1 Platforms" title="An Ultimate Guide To Evaluate Layer 1 Platforms" target="_blank" rel="" class="">layer 1 networks</a> like Ethereum no longer seem viable for small and frequent transactions. Users tend to favor and increasingly adapt to layer 2 solutions such as <a href="https://www.builder.news/project-review/optimism-op-a-layer2-scaling-solution-for-ethereum-applications" alt="Optimism (OP) - A Layer-2 scaling solution for Ethereum applications" title="" target="_blank" rel="" class="">Optimism</a>, <a href="https://www.builder.news/project-review/arbitrum-project-review" alt="Arbitrum ecosystem review: The best Layer 2 scaling solution" title="Arbitrum ecosystem review: The best Layer 2 scaling solution" target="_blank" rel="" class="">Arbitrum</a> and ZKSpace.</p><p dir="ltr"><strong>Layer 2 Solution ZKSpace</strong> uses Rollup, secure-based layer (Ethereum) technology to resolve the final state of transactions while computing them at a much faster rate on Layer 2. Hence, the transaction process on ZKSpace takes place seamlessly. With this advantage, ZKSpace also attracts many Dapps and projects on the Ethereum blockchain.</p><p dir="ltr">ZKSwap, an innovative Layer 2 decentralized exchange protocol based on ZKSpace's <a href="https://www.builder.news/crypto-insights/an-ultimate-guide-on-automated-market-makers-PvtRU" alt="An ultimate guide on Automated Market Makers" title="An ultimate guide on Automated Market Makers" target="_blank" rel="" class="">Automated Market Maker (AMM)</a> model, allows users to list and swap any ERC20 token trading pair with how to reduce gas fees by a tenth of a percent while ensuring the same security as the underlying layer 1 network. This results in lower costs and a better user experience, which in turn helps democratize access to DeFi beyond the initial set of users. Furthermore, ZKSwap users experience real-time payment transactions because all transactions on ZKSwap are moved to Layer-2 and users do not need to wait for the confirmation time of a block.</p><p dir="ltr">Unlike <a href="https://www.builder.news/crypto-insights/best-decentralized-exchanges-to-follow" alt="7 best decentralized exchanges to follow" title="7 best decentralized exchanges to follow" target="_blank" rel="" class="">layer 1 DEXes</a>, ZKSwap allows users to pay gas fees with any of the following four tokens - <strong>ETH, ZKS, WBTC, and USDT</strong>. Users can also create unlimited token pairs in liquidity pools to enable swaps.</p><h3>NFT minting on ZKSpace</h3><p dir="ltr">NFT projects on the <strong>Ethereum blockchain</strong> are a costly affair to launch due to the high gas fees paid to mint tokens, most projects have a high minting price due to the 'gas wars', which keeps investors in custody large and small from engaging in minting. This gas fee problem also prevents most NFT projects from reaching true prices, resulting in the creation of artificial price floors.</p><p dir="ltr">The NFT ecosystem is in dire need of <a href="https://www.builder.news/crypto-insights/layer-2-scaling-solutions" alt="Layer 2 scaling solutions - What you need to know" title="Layer 2 scaling solutions - What you need to know" target="_blank" rel="" class=""><strong>Layer 2 solutions</strong></a> like ZKSea that are specifically designed to make minting and trading easier for NFTs. ZKSea, ZKSpace's native NFT marketplace, supports all ERC-721 standard NFTs that are freely deposited and withdrawn between layer 1 and layer 2 directly. ZkSea allows blockchain and reverses game projects to truly leverage the security implemented on the base layer while enjoying the low transaction costs of a layer 2 platform.&nbsp;</p><p dir="ltr">ZKSea also provides a complete layer 2 wallet, allowing users to manage ERC-20 and NFT tokens easily. In addition, ZKSea allows users to mint NFTs with a gas fee of $5 per creation. After the artists minted the NFT, it could be listed for sale on the market with zero gas fees. <a href="https://www.builder.news/crypto-insights/how-to-use-opensea" alt="An ultimate guide on how to use OpenSea NFT marketplace" title="An ultimate guide on how to use OpenSea NFT marketplace" target="_blank" rel="" class="">OpenSea</a>, a <strong>Layer 1 NFT marketplace on Ethereum</strong>, also charges the same 2.5% platform fee as ZKSea; however, listings on OpenSea are subject to gas fees on Ethereum, which can range from a few dollars to several hundred dollars. Furthermore, if an artist wants to remove NFT on Opensea, he will once again have to pay a huge gas fee, many times higher than ZKSea's delisting gas fee of $1.</p><p><em><strong>&gt;&gt;&gt; Read more:&nbsp;</strong></em><a href="https://www.builder.news/crypto-insights/optimistic-rollups-zkrollups-EzsWo" alt="Optimistic Rollups versus ZK-Rollups - What is more optimal for Layer 2?" title="Optimistic Rollups versus ZK-Rollups - What is more optimal for Layer 2?" target="_blank" rel="" class=""><em><strong>Optimistic Rollups versus ZK-Rollups - What is more optimal for Layer 2?</strong></em></a></p><h2>ZKSpace token (ZKS)</h2><p class="prosemirror-p-center"><img src="https://lh4.googleusercontent.com/1biGP5KtcEm5P-Szr6Ixc5DWatMOuM9uzY4kyQCZ90HsXgkjAY_nhGfSIw61bJHFSk4IhpacDIW-0Oxjh5sOrvnn5Ze82tY0B7D3bhn09J8nom8SbxKqzdp1YZgLWdXwfP1Gh1ZDEL524SSu8XJXYEF73uyopt2j0WKI8g2J3JLvSoQkXgHK2nq1Cg" alt="ZKS token price" title="ZKS token price" width="624" height="389"></p><p class="prosemirror-p-center"><em>ZKS token price (Source: CoinMarketCap)</em></p><h3>ZKS tokenomics</h3><p dir="ltr">ZKS is an ERC-20 token released by the ZKSpace project with a maximum quantity of 1,000,000,000 tokens. The following is the <strong>ZKS distribution ratio</strong>:&nbsp;</p><ul><li><p dir="ltr">60% will go to community mining, 15% will go to the ZKSpace team;</p></li><li><p dir="ltr">8% will go to ecosystem developers and ecosystem expansion;</p></li><li><p dir="ltr">6.7% will go to angel investors;</p></li><li><p dir="ltr">5.3% will go to possible investors in the A-round;</p></li><li><p dir="ltr">4% will go to the initial liquidity, and 1% will go to advisors.</p></li></ul><h3>ZKS uses case</h3><p dir="ltr">The ZKSpace system's main component, ZKS, can be applied in the following circumstances:</p><ul><li><p dir="ltr"><strong>Governance</strong>: ZKS owners can propose changes and improvements to the protocol. Voting is open to all token holders; hence, suggestions that are approved by a majority of votes are implemented by the development team.</p></li><li><p dir="ltr"><strong>Voting/promise for inclusion</strong>: Except for the pairings established by the ZKSpace team, the platform only supports a few trading pairs. In addition to being able to propose a listing, ZKS holders can participate in voting. Holders may put a coin by receiving the majority of votes. Users that have a large amount of ZKS can finally pledge their tokens for listing.</p></li></ul><h3>How to buy ZKS</h3><p dir="ltr">Participants in the community mining and airdrop receive ZKS through the ZKSpace exchange.</p><p dir="ltr">In addition, ZKS can be traded against other cryptocurrencies on significant exchanges, such as Huobi Global, Gate.io, Uniswap (V2), LBank,...</p><h2>ZKSpace social media channels</h2><ul><li><p dir="ltr">ZKSpace Website: <a href="https://zks.org/" alt="ZKSpace Website" title="ZKSpace Website" target="_blank" rel="nofollow" class="">https://zks.org/</a></p></li><li><p dir="ltr">ZKSpace Web APP: <a href="https://zks.app/" alt="ZKSpace Web APP" title="ZKSpace Web APP" target="_blank" rel="nofollow" class="">https://zks.app/</a></p></li><li><p dir="ltr">ZKSpace Mobile APP: <a href="https://zks.org/download" alt="ZKSpace Mobile APP" title="ZKSpace Mobile APP" target="_blank" rel="nofollow" class="">https://zks.org/download</a></p></li><li><p dir="ltr">ZKSpace Twitter: <a href="https://twitter.com/ZKSpaceOfficial" alt="ZKSpace Twitter" title="ZKSpace Twitter" target="_blank" rel="nofollow" class="">https://twitter.com/ZKSpaceOfficial</a></p></li><li><p dir="ltr">ZKSpace Telegram: <a href="https://t.me/ZKSpaceOfficial" alt="ZKSpace Telegram" title="ZKSpace Telegram" target="_blank" rel="nofollow" class="">https://t.me/ZKSpaceOfficial</a></p></li><li><p dir="ltr">ZKSpace Discord: <a href="https://discord.gg/zaUvrJQ5Ps" alt="ZKSpace Discord" title="ZKSpace Discord" target="_blank" rel="nofollow" class="">https://discord.gg/zaUvrJQ5Ps</a></p></li><li><p dir="ltr">ZKSpace Reddit: <a href="https://www.reddit.com/r/ZKSwap_Official/" alt="ZKSpace Reddit" title="ZKSpace Reddit" target="_blank" rel="nofollow" class="">https://www.reddit.com/r/ZKSwap_Official/</a></p></li><li><p dir="ltr">ZKSpace Forum: <a href="https://forum.zks.org/" alt="ZKSpace Forum" title="ZKSpace Forum" target="_blank" rel="nofollow" class="">https://forum.zks.org/</a></p></li><li><p dir="ltr">ZKSpace Medium: <a href="https://zkspaceofficial.medium.com/" alt="ZKSpace Medium" title="ZKSpace Medium" target="_blank" rel="nofollow" class="">https://zkspaceofficial.medium.com/</a></p></li><li><p dir="ltr">ZKSpace Mirror: <a href="https://mirror.xyz/0x475457665F3c12B0f12ac736975a5946Daf9D05A" alt="ZKSpace Mirror" title="ZKSpace Mirror" target="_blank" rel="nofollow" class="">https://mirror.xyz/0x475457665F3c12B0f12ac736975a5946Daf9D05A</a></p></li><li><p dir="ltr">ZKSpace GitHub: <a href="https://github.com/l2labs" alt="ZKSpace GitHub" title="ZKSpace GitHub" target="_blank" rel="nofollow" class="">https://github.com/l2labs</a></p><div class="pr-block-special"><strong>Disclaimer:</strong><br>This article is intended for and only to be used for reference purposes only. No such information provided constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific name.</div></li></ul>

With increased institutional investment and widespread adoption being shown by its expanding user base, the layer-2 scaling solutions market is expected to have a significant presence in 2022. Let’s find out what is inside ZKSpace!

ZKSpace - A full featured layer 2 protocol based on ZKRollup