Loopring Expands to Multiple Networks
Loopring, the decentralized exchange (DEX) for Ethereum that utilizes zk-Rollups, has announced its expansion to multiple networks. This move will involve enhancing the functionality of their Loopring Dapp, which will now consist of Loopring Pro and Earn functionalities. Additionally, the Loopring Smart Wallet will become multi-network, allowing users on different platforms to access it.
Loopring’s Core Pillars
In the previous setup, the Loopring Dapp was one of the three core pillars. It relied on the Loopring zk-Rollups protocol as its core infrastructure for scaling products while leveraging Ethereum’s security. The Loopring Pro Dapp served as a portal for decentralized finance (DeFi) users to interact with the Loopring DEX and other services. The Loopring Smart Wallet, integrated into the Loopring Pro Dapp, provided a secure storage solution for assets.
Introducing Loopring Earn
The latest update introduces Loopring Earn, a lighter version of the Pro service that can be customized and deployed on any compatible network using the Loopring zk-Rollups protocol. The team behind Loopring continues to develop their layer-2 protocol and has achieved significant milestones with version 3.6 of their DEX. This version has processed over 12 million transactions and generated more than $6 billion in trading volume. Over 210,000 layer-2 wallets have been connected since its launch.
Expanding Opportunities for DeFi Users
In addition to their current achievements, the team plans to deploy their products on platforms like Arbitrum to create a highly optimized app-chain experience. This strategy aims to expand and scale their new core products, providing more opportunities for DeFi users.
LRC Token Performance
Following the announcement, Loopring’s native token, LRC, has experienced an uptrend alongside the broader market. It is unclear whether this increase is solely due to the revival of Bitcoin and Ethereum. However, it coincided with BTC reaching new highs above $32,000. LRC is currently at new October 2023 highs, up 20% from its October lows. However, it remains down 62% from its February 2023 highs.
Hot Take: Loopring Expands to Multi-Network Approach
Loopring’s decision to expand to multiple networks marks a significant milestone for the platform. By enhancing the functionality of their Dapp and introducing Loopring Earn, they are catering to a wider user base and providing more opportunities in the DeFi space. This expansion aligns with their goal of creating a highly optimized app-chain experience and scaling their core products. With LRC experiencing an uptrend, it will be interesting to see how this change impacts its performance in the market.
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