- Polygon announces the launch of a new AMM protocol Kokonut Swap on the Polygon zkEVM network.
- The protocol seeks to become a key player in the AMM on the zkEVM community.
Following the launch of the Polygon zkEVM network, the entire polygon community has been looking forward to the new developments that would follow suit.
As anticipated, the Polygon network is taking the steps necessary to help it meet industry expectations. In a recent announcement, it was revealed that a new AMM protocol had launched on the Polygon zkEVM network.
Polygon shared the update in a recent tweet, with an official Medium post that detailed the entirety of the launch. As the medium blog post stated, Kokonut Swap is launching on the Polygon zkEVM network.
π @Kokonutswap is launching on the #Polygon zkEVM network
π #KokonutSwap goal is to become the go-to AMM protocol for the zkEVM ecosystem.
π½INFOhttps://t.co/n3Q4GAvmDZ
β π£ ππ¨π₯π²π π¨π§ ππ©πππ π£ (@Polygon_Space1) April 20, 2023
Kokonut Swap is an innovative Layer 2 platform. Powered by the Zero-Knowledge (ZK) technology developed by the Polygon team, the platform is focused on stablecoins.
Kokonut Swap describes itself as an AMM DEX protocol, for the Klaytn ecosystem. The Klaytn Foundation is an open-source public blockchain designed for the futuristic on-chain world. The protocol looks to solve the problem of massive slippage, as users and other protocols on Kokonut Swap can exchange stablecoins with very low slippage.
Becoming the leading AMM (Automated Market Maker) protocol in the zkEVM community a top priority for Kokonut Swap
As stated in the announcement, ZK rollups are likely to show up as Ethereum continues to scale its network through the entire time frame dedicated to the rollup phase. The future of Polygon zkEVM within the Polygon community is incredibly bright, it further added.
As Ethereum scales through its rollup-centric roadmap, ZK rollups will emerge as its de facto execution layer. Among the various networks adopting this technology, Polygon zkEVM has great potential to become the leading platform, thanks to the strong support from the Polygon community.
Going over its goals, Kokonut Swap explained that it intends to establish itself as a leading (Automated Market Maker) AMM protocol in the zkEVM community. The protocol also looks to work around the flexibility of liquidity, along with the development. Of the zkEVM ecosystem capacity.
Our goal at Kokonut Swap is to become the go-to AMM protocol for the zkEVM ecosystem. We plan to improve the ecosystemβs capital efficiency by leveraging the dynamic-peg concentrated liquidity mechanism. This approach will help optimize the performance of liquidity providers and offer users a smoother trading experience.
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Conclusively, Kokonut Swap expressed confidence in the collaboration between its platform and the Polygon zkEVM network. Certain that it will pay off in the future, Kokonut Swap believes the collaboration is poised to make its platform a key player in the entire DeFi industry.
More details on the collaboration will be shared in the long term, according to the announcement. For now, Polygon supporters remain supportive of the collaboration and potential partnerships expected to roll out in the future.
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