ZigZag is a decentralized non-custodial order book exchange, powered by zk-rollups. This allows the users to seamlessly and securely trade with near-zero fees all while providing centralized exchange like quotes on all size trades. They also aim to provide the flawless functionality, experience and optimal liquidity centralized exchanges do all while being fully decentralized.
ZK-Rollups are one of the options being developed for layer 2 construction to increase the scalability of Ethereum. All funds are held by a smart contract on the mainchain, while computation and storage are performed off-chain. The main idea is that instead of verifying each transaction separately, transactions are “rolled up” to a single item (the rollup block), which is then being verified, approving all them simultaneously.
If you want to use ZigZag Exchange on zkSync, you will first need to bridge your funds from Ethereum Layer 1 to zkSync Layer 2. After that, a one-time activation fee is required by zkSync’s design to activate your account. You’re then ready to start trading on ZigZag.
1.Go to trade.zigzag.exchange/bridge, switch the zkSync network to the preferred one (mainnet or Rinkeby), connect your wallet and sign the message to access your account
2.Fill in the amount you want to transfer, click on transfer for ETH or approve+transfer for any ERC-20
If you choose ETH, you can bridge to L2 right away. If you choose any ERC-20, you’ll first need to approve the token before being able to transfer
3.Confirm the transaction in Metamask and wait until your funds are bridged to zkSync
4.Once your funds have arrived, start trading at trade. zigzag.exchange
In short, users pay zkSync network fees for swaps (as found in tx on zkscan or on https://l2fees.info/) This fee is around $0.50. Bridge fees depend on Ethereum mainnet gas, except for fast withdrawals. To explain this in more detail, we see 5 possible fee types people could have questions about.
ZigZag uses dynamic fees: users pay the current zkSync network fee for swaps. On zkSync the network fees depend on the network activity and on L1 gas. With more activity on zkSync, swap fees will go down. Thus, swap fees will lower overtime.
On ZigZag swap fees are paid with the token you’re trading. You don’t need ETH for swap fees for example. If you bridge over DAI to zkSync, you can trade DAI for ETH and pay the gas fee with your DAI.
We do not charge any additional trading fees.
Gas fees while (fast withdraw) bridging
When bridging from Ethereum mainnet (L1) to zkSync (L2) or from L2 back to L1 you will need to pay a gas fee. This gas fee depends on L1 gas and has nothing to do with zkSync or ZigZag. Be sure check the current gas on Ethereum to pick a good moment and save money when bridging.
zkSync is a trustless protocol for scalable low-cost payments on Ethereum, powered by zkRollup technology. It uses zero-knowledge proofs and on-chain data availability to keep users’ funds as safe as though they never left the mainnet.
How can I start using ZigZag ?
To start using ZigZag, you will first have to connect your Web3 wallet to our application. You’ll then have to bridge funds over and activate your zkSync account, this includes a one-time transaction of roughly ~10$. To do so head over to ZigZag Bridge or zkSync bridge.
Occasionally a ‘nonce mismatch’ error can come up when placing an order, resulting in a rejected order. This does not result in deducted gas or trading fees. Simply place the order again.
Trading pairs not loading
If your trading pairs are not loading/visible, simply refresh the page. This issue may occur if you’re not able to connect to the backend.
Jobs & Collaborations
They looking for talented developers, designers and crypto marketing geniuses. Contact with on social media or via email.
October 2021 $100k Grant
First funding raised by $100k grant
October 2021 Launch
Launch on zkSync 1.0 with initial pairs (ETH/USDT, ETH/USDC, USDC/USDT)
November 2021 Assemble founding team
“If you want to go fast, go alone. If you want to go far, go together.”
November 2021 Raise liquidity
Further raising of funds for development & pair liquidity
December 2021 New trading pairs
Implement new trading pairs (WBTC-USDC, WBTC-USDT, ETH/WBTC)
December 2021 Scale up with developers
Expand core development team
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.