Loopring releases first zkRollup Ethereum smart wallet
Loopring Wallet is the first Ethereum smart wallet that features zkRollup layer 2 scaling built-in. Meaning users can send ETH blazing fast without having to deal with massive network fees. Furthermore, you can access Loopring Exchange to trade with no delays and no gas!
What is Loopring Wallet?
Anyone heavily using the Ethereum ecosystem as a DeFi enthusiast will undoubtedly have come against the barriers of high network fees. It’s a problem that’s been plaguing the network for many months now, pushing smaller farmers completely out of the picture. For example, you can’t earn rewards if your funds don’t generate enough returns to cover the gas fees. Essentially, all your strategy if it’s trading on Uniswap or farming the latest DeFi protocol has to include calculations for network fees.
Loopring is a layer 2 solution that solves this problem with zkRollups as a scalability boost. The main benefit of this tech is enabling up to 1000x greater throughput at 1000x lower fees. Furthermore, it keeps all the same security guarantees in place as if on Ethereum mainnet.
CEX Withdrawal Mining: there is a daily rewards pool of 33,333 LRC going active between 27th November to December 26th. This will be shared between users who keep over 100 USD balance on their Loopring Wallet.
- Note Loopring works differently than sending transactions on the mainnet, you can’t use it to send transfers for free to any wallet address. All users must first register their wallet address on the L2 to use the zkRollup Ethereum smart wallet.
Loopring AMM: excitingly the team is also very close to releasing v3.6 which will feature their version of a Layer 2 automated market maker. Given the high fees traders face to confirm swaps via Uniswap, we could see Loopring’s AMM becoming highly popular. Good news for LRC holders!