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How to use ZKSwap: A step-by-step guide

ZKSwap is one of AMM DEXes that implement the use of zkRollup. In this article, Coin98 will guide you on how to use ZKSwap!

quangphan

Published Sep 23 2021

Updated Sep 17 2023

3 min read

Arbitrum - an Optimistic Rollup protocol on Ethereum, was recently deployed on mainnet. This event brought about the rise of not only the Optimistic Rollup but also the zkRollup. ZKSwap is one of those projects that implement the use of zkRollup.

The race of Rollups is still expected to become even hotter. With that in mind, it is imperative that we use and experience these modes beforehand to follow the possible trend in the future.

Understanding that demand, Coin98 will guide you on how to use ZKSwap in this article.

ZKSwap Overview

ZKSwap is an AMM using the zkRollup technology. By transferring every token and transaction into Layer 2, ZKSwap can enable zero gas fees, up to 10,000+ TPS (Transactions per second), remove scalability limit and block confirmation time.

Before using ZKSwap, you should know some notable points below:

ZKSwap is deployed on Layer 2. Therefore, you have to deposit your funds from Layer 1 to Layer 2 in order to use ZKSwap.
The deposit and withdrawal process usually takes 30-45 minutes depending on the congestion of the Ethereum network. This process can be seen from any other Layer 2 protocols.
The withdrawal fee is currently 5 USDT. You can pay this fee in any assets that ZKSwap allows.
ZKSwap has been audited by ABDK, Certik, and SlowMist.

Preparation for trading on ZKSwap

What are the prerequisites for trading on ZKSwap?

First, users need to download and create an account (optional) on Coin98 Wallet.

Coin98 Mobile Wallet version X is available for download.

Read the detailed instruction on how to use the Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension: Follow these steps to install the Coin98 Extension Wallet on Chrome:

Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store;

Step 2: Click Add to Chrome;

Step 3: A pop-up notification will be displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.

Create an Ethereum Wallet on Coin98 Wallet

Before using ZKSwap, users need to create an Ethereum (ETH) wallet. Users can create a new Ethereum wallet on Coin98 Wallet or import an existing Ethereum wallet from other wallets to Coin98 Wallet. Creating a Multi-chain wallet on Coin98 Wallet will also include an Ethereum sub-wallet.

Preparing ETH as gas fee

ZKSwap uses ETH for gas fees. Therefore, in order to trade on ZKSwap, users must have ETH in their wallets. Users can buy ETH on a centralized exchange such as Binance, FTX, Gate,... and send it to the Ethereum wallet address on Coin98 Wallet.

How to use ZKSwap with the Coin98 Extension Wallet

Connect the Coin98 Extension Wallet to ZKSwap

Step 1: Go to the ZKSwap website here: https://zks.app/

Step 2: Connect to the Coin98 Extension Wallet. Click “Connect Wallet”.

Step 3: Choose “Metamask”. Enter your Coin98 Extension Wallet password if needed.

Step 4: Click “Sign”.

Ensure that your wallet prioritizes Ethereum. Open the Coin98 Extension Wallet and change the Web3 Priority if needed.

Unlock Wallet

You have to unlock your wallet before using your funds in ZKSwap.

Step 1: Click “Unlock Wallet”.

Step 2: “Sign” in your Coin98 Extension Wallet.

Deposit

To use ZKSwap, you have to deposit your funds from Layer 1 to Layer 2.

Step 1: Click “Deposit”.

Step 2: Enter the amount of assets that you want to deposit, then click “Confirm”.

Step 3: Check the gas fee and confirm in your Coin98 Extension Wallet.

Now you can use all ZKSwap features including swapping, liquidity adding, and mining.

Withdraw

Step 1: Click “Withdraw”.

Step 2: Enter the amount of assets that you want to withdraw. Select the token that you would like to use to pay for the withdrawal transaction fee. Currently ETH, USDT, WBTC, ZKS are available.

Step 3: Proceed to withdraw your tokens.

You have successfully staked the LP token to farm.

Conclusion

And that is all you need to know in order to use ZKSwap. Hopefully, this article can effectively support users in using ZKSwap with the Coin98 Mobile Wallet and the Coin98 Extension Wallet.

If there are any questions, please feel free to comment below for further discussions about Crypto!