Loopring, the layer-2 decentralized exchange for Ethereum, is expanding its core pillars to four and going multi-network. The Loopring Dapp will be divided into Loopring Pro and Earn functionalities, with the Smart Wallet becoming multi-network. This shift aims to attract more users from different platforms. The team is also planning to deploy on platforms like Arbitrum to create a highly optimized app-chain experience. Loopring's native token, LRC, has seen an uptick in price, potentially influenced by the overall market trend and the announcement coinciding with Bitcoin's rally.
Our analysis of the situation
Loopring, the layer-2 decentralized exchange (DEX) for Ethereum that utilizes zk-Rollups, is making a groundbreaking move by expanding its core pillars to four in a recent update. Brace yourself as Loopring evolves its approach, promising to ignite a spark of activity across various networks. Let's dive into the excitement!
Under the new paradigm, the Loopring Dapp will be divided into two parts: Loopring Pro and Earn functionalities. Additionally, the Dapp's Smart Wallet will become multi-network, inviting a broader user base from diverse platforms into the mix.
In the previous setup, the Loopring Dapp stood as one of the three core pillars. The remarkable Loopring zk-Rollups protocol formed the infrastructure vital for scaling all Layer-2 solutions while leveraging the security of Ethereum.
Enter Loopring Pro Dapp - the portal that captivates decentralized finance (DeFi) enthusiasts and allows them to interact seamlessly with the Loopring DEX and other services. On the other hand, the Loopring Smart Wallet grants users a secure sanctuary to store their assets, perfectly integrated within the Loopring Pro Dapp.
Excitingly, the Loopring Earn DApp emerges as the lighter version of the Pro service, exhibiting enhanced customization capabilities. Deployable across compatible networks using the Loopring zk-Rollups protocol, it showcases the team's commitment to constantly evolve and break new grounds.
The layer-2 protocol is constantly evolving, never ceasing to push the boundaries. Version 3.6 of their DEX has processed an astonishing 12 million transactions, generating more than $6 billion in trading volume. The DEX has already connected over 210,000 layer-2 wallets since its launch, proving the immense potential it holds.
However, Loopring's strategy revolves around going beyond these impressive numbers. They intend to deploy their innovative solutions on platforms like Arbitrum to serve as a layer-2 or even layer-3, offering users a highly optimized app-chain experience. The team envisions expanding and scaling their "new core products," unlocking boundless possibilities for DeFi enthusiasts.
In the midst of all this excitement, let us not forget about LRC, Loopring's native token, which has been surging alongside the broader markets. While the direct correlation between this uptick and the revival of Bitcoin and Ethereum is not immediately clear, it cannot be overlooked that LRC reached new highs amidst Bitcoin's push above $32,000, setting new records.
LRC's journey has seen its fair share of ups and downs. Presently, it stands at October 2023 highs, marking a 20% increase from its October lows. However, when viewed from a wider lens, it still lingers at December 2022 lows and is down 62% from its lofty highs in February 2023 when it traded around $0.50.
Loopring's multi-network expansion signifies a bold step into uncharted territories. With their dedication to innovation and the potential to unlock new opportunities for DeFi users, Loopring is poised to captivate the crypto world once again. Stay tuned as Loopring continues to redefine the landscape, leaving us eagerly anticipating what lies ahead.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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