Integration of zkSync through Symbiosis

Symbiosis has handled $100 million in stablecoin transactions, provides over 12,000 wallet addresses, and handles 3,000 transactions per day.

Integration of zkSync through Symbiosis

Automatic cross-chain marker creator Symbiosis has integrated the layer-2 scaling protocol zkSync to increase the pace of token exchanges on its platform and decrease transaction fees.

In March 2022, the decentralized exchange (DEX) was established. It provides single-sided stablecoin pools that provide liquid providers with no irrevocable loss. It also enables “any-to-any” native asset exchanges across Ethereum Virtual Machine (EVM) and non-EVM networks on its platform.

Nick Avramov, the co-founder of Symbiosis, stated that the incorporation of zkSync will allow for one-click exchanges between Ethereum, Polygon, Avalanche, BNB Chain, Telos, and other blockchains and zkSync.

The added functionality eliminates the need for users to transition between wallets and interfaces. Avramov also affirmed that the integration expands the number of token swaps available on its DEX by enabling any-to-any native swaps to and from zkSync.

The integration of zkSync aims to make the transition of liquidity to and from zkSync “secure, quick, and inexpensive.” Avramov emphasized the significance of layer-2 scaling protocols for Decentralized Finance (DeFi) platforms and services.

“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 co-founder of Symbiosis also expressed his opinion that zero-knowledge rollups could outcompete optimistic rollup solutions such as Arbitrum and Optimism. Avramov also believes that cross-chain participants and interoperability layers must enable zero-knowledge solutions without delay.

“ZK represents an inevitable and natural evolution among scaling solutions.”

Symbiosis has processed more than $100 million in stablecoin transactions, serves over 12,000 unique wallet addresses, and processes an average of 3,000 transactions per day.

In 2023, Ethereum-scale ZK-rollups will continue to make headlines. As previously reported, Ethereum layer-2 scaling platform Polygon published its zkEVM to the mainnet beta, enabling developers to deploy smart contracts with higher finality and reduced costs.

The scaling technology is not exclusive to Ethereum or other blockchains for smart contracts.

The ZeroSync Association, a non-profit organization based in Switzerland, is presently developing zero-knowledge proof tools that will enable Bitcoin users to expedite the verification of individual blocks and, eventually, the entire blockchain.