ZKBase ZKBPrice $ 0.00272

ZKBase is a Layer-2 protocol launched by L1 Labs. The project is based on ZK-Rollups technology and consists of a DEX, and other DeFi products. This includes offering NFT support. It aims to cater to the growing Total Value Locked of DeFi protocols that will require fast, frictionless, and trust-free services.

ZKBse leverages the technology of ZK-Rollups to facilitate the transfer of ERC20 tokens through Layer-2. This means that transactions can be real-time, incur zero gas fees, have unlimited scalability, and more.

What are ZKBase’s key features and how does it work?

ZKBase comprises several key products and features that make up the platform, and as mentioned, it uses ZK-Rollup technology. More specifically, it uses zero-knowledge proof technology in order to analyze and verify aggregated transactions through on-chain smart contracts. Transactions then get processed off-chain via the ZKSwap Server. This results in a highly scalable network capable of fast transaction speeds.

ZKBase primarily operates as DEX and offers several benefits over both centralized and other decentralized exchanges. Firstly, since it is decentralized, funds are in complete control of the holder and there is no centralized matching. Secondly, it hopes to improve upon the often complicated trading experience of decentralized exchanges. As such the ZKSwap DEX has low gas fees, fast transaction speeds, and offers real-time transactions.

ZKSea is the ecosystem’s NFT platform. Users can manage and handle NFTs using the waller. For example, users are able to mine NFTs with zero gas fees, trade, and transfer NFTs, as well as deposit and withdraw them. There is also an NFT Marketplace where users can view NFTs for sale. It is also a Layer-2 product based on ZKBase.

What is noteworthy about ZKBase?

The community governance on the platform consists of three core parts: portals, a forum, and a snapshot platform. Portals can be used to access details about community governance via APP, web browser, and the official website. Forums can be used by participants to discuss matters relating to network proposals, including content and implementation. The Snapshot platform allows users to submit proposals and vote on any governance issues.

In order to take part in ZKBase governance, users must hold gZKB tokens. At least 1 gZKB is required for a single vote and 50,000 or more for initiating proposals. In order to obtain gZKB, users must lock up ZKB in a 360-day Proof-of-Staking contract.

Historical events:

In 2023 years, ZKSpace (ZKS) has been rebranded to ZKBase (ZKB) and migrated from their old Ethereum contract to a new one. Details: https://zkbaseofficial.medium.com/zkbase-is-undergoing-a-brand-new-upgrade-and-setting-sail-again-in-2024-3d71418a10e1