Wikipedia
zswap is a Linux kernel feature that provides a compressed write-back cache for swapped pages, as a form of virtual memory compression. Instead of moving memory pages to a swap device when they are to be swapped out, zswap performs their compression and then stores them into a memory pool dynamically allocated in the system RAM. Later writeback to the actual swap device is deferred or even completely avoided, resulting in a significantly reduced I/O for Linux systems that require swapping; the tradeoff is the need for additional CPU cycles to perform the compression.
As a result of reduced I/O, zswap offers advantages to various devices that use flash-based storage, including embedded devices, netbooks and similar low-end hardware devices, as well as to other devices that use solid-state drives (SSDs) for storage. Flash memory has a limited lifespan due to its nature, so avoiding it to be used for providing swap space prevents it from wearing out quickly.