L2 Labs’ ZKSpace has announced the launch of its groundbreaking transaction batching tool designed to make it possible for users to send up to 60 ERC-20 token transfers with just a single transaction. The first-of-its-kind Batch Payment tool leverages ZK-Rollups to offer both individuals and blockchain projects fast and low-cost transaction batching, airdrop distribution, and more.
ZKSpace Introduces Batch Payments
While the gas fees required to send a simple ERC-20 token transfer on the Ethereum mainnet have decreased significantly since last November when the price of ether (ETH) hit an all-time high of $4,868, the crazy transaction fee debacle of the Ethereum network is far from over, as one still needs to spend an average of $10 to send a $100 payment on Binance.
In contrast, that same transaction will attract a fee of just $0.99 when sent via Polygon (MATIC) and just $0.59 cents when you choose to go through the BNB Smart Chain (BEP20) network.
Now, to further make life easier for Ethereum faithful and holders of ERC-20 tokens, the ZKSpace team has created a first-of-its-kind transaction batching tool, designed to enable users to send batch payments with just one transaction, at very low costs.
For those who are unaware, payment batching is simply a technique used to send multiple payments to different crypto wallet addresses in the same on-chain transaction. This technique bundles all the payments into a single transaction fee, making it cost-efficient for the sender, while also consuming less space on the blockchain.
60 Transactions in One Batch
Notably, ZKSpace has revealed that its new Batch Payment tool supports up to 60 transactions in each batch, enabling users to send multiple low-cost payments with one click. The solution represents a win-win scenario for users, as the transactions are not only cheaper but faster too.
“We are thrilled to announce that our first-of-its-kind Batch Payment tool is now alive. Go to https://zks.app/wallet/token/send/batch to enjoy the low-cost, efficient, and safe Layer-2 transfer product now. You can make a maximum of 60 transfers with one click,” wrote ZKSpace.
The Batch Payment feature takes advantage of the fast confirmation and low-cost features of ZK-Rollup-based layer-2 networks. It also significantly reduces stress for users, as multiple transfers can be completed with just one signature.
Individuals and enterprises can experience the excellence of ZKSpace’s batch payment in four simple steps:
Connect your wallet
Select the ERC-20 token to be sent
Enter the wallet addresses of the recipients (not more than 60) and the corresponding amount. Click the +icon to add more addresses.
Click send and confirm the transaction in your wallet and your batch transfer is on its way!
Launched by L2 Labs in December 2021, ZKSpace is a full-featured Ethereum layer-2 protocol based on ZK-Rollups. ZK-Rollups is a layer-2 scalability solution that comes with better security, cost-efficiency, and increased TPS, as compared to other L2 solutions.
“As a leading Ethereum scaling solution, ZKSpace has constantly explored and created efficient Web3 tools for global users. Similarly, solving the issues of high-cost and slow confirmation of layer-1 token transfer is regarded as a matter of duty. We found that there were no batch transfer and airdrop tools on the market. To provide a solution, we developed this tool as part of our Layer-2 payment protocol, ZKSquare,” the team noted.
The ZKSpace platform consists of three main parts: ZKSwap, a ZK-Rollup-powered decentralized exchange (DEX), ZKSquare, a fast and trustless payment protocol, and ZKSea, an NFT marketplace.
The user-friendly nature of the new batch payment feature will surely make life easier for Ethereum users, as it gives them more options and significant cost savings.