SINGAPORE, Jan. 28, 2022 /PRNewswire/ — ZKSpace, a product developed by L2 Labs Foundation, will introduce an Eco Deposit method on Jan 28, 2022 at 10:00 UTC, to help users save gas fees substantially for deposits from Layer 1 to Layer 2. Currently, ZKSpace offers two deposit methods: deposit from the Layer 1 account or deposit from the Layer 2 account. Deposit from the Layer 1 account means that users will need to first transfer assets from their Layer 1 wallets to the ZKSpace Layer 2 wallets. Massive gas fees will be incurred during the process, especially when the Ethereum network is congested.
From Jan 28 to Feb 10, top 5,000 users will be awarded with 200 ZKS each for making a deposit on ZKSpace via either the Deposit or the Eco Deposit method. Each address can only participate in the campaign once.
High Gas Fees for L1-to-L2 Transfers: An Overview
Ethereum currently holds a firm position as the blockchain with the most large-scale and active applications, as well as the largest developer community. The problem that comes with more adoption is the trade-off of scalability and high gas fees. As it currently stands, the Ethereum network (gas) fees are pricing small-time retail investors out of the market who struggle to justify spending up to hundreds of dollars worth of ETH on transaction fees for each and every interaction with the network.
Layer 2 and Rollups solutions are designed to solve the scalability issue by enabling faster transaction speeds and cheaper gas fees. Nevertheless, these solutions only reduce gas fees on Layer 1 and users must continue to pay significant fees to transfer their initial assets from Layer 1 to Layer 2, making the solution far from perfect.
Eco Deposit: A More Economic Method
To help users save the gas fee, ZKSpace will launch the “Eco Deposit” mode and provide initial Layer 2 liquidity to 4 tokens: ETH, USDT, ZKS, and WBTC, each 500,000 USD
The Eco Deposit deposit option is an effective solution to help address the expensive gas fee issue. ZKSpace has been diligently working on new product development and user experience optimization. Please stay updated on the latest adventure.
The all-new ZKSpace platform consists of three main parts: ZKSwap, the innovative Layer 2 AMM DEX utilizing ZK-Rollups technology, payment service ZKSquare, and an NFT minting center and marketplace called ZKSea. With an all-new-look user interface, NFT support, unlimited token listing, smoother withdrawal, optimized efficiency, and multi-chain support, ZKSpace aims to implement EMV-compatible ZK-Rollups and bring the community more layer 2-based products soon.
SOURCE L2 Labs Foundation
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