Loopring Going Multi-Network, Will LRC Prices Explode?
Loopring, the layer-2 decentralized exchange (DEX) for Ethereum that uses zk-Rollups, is going multi-network, subsequently expanding its core pillars to four, following a recent update. In a Medium post on October 24, the platform said as part of this change in approach, they will be expanding the functionality of their Loopring Dapp.
Loopring Going Multi-Network: Will This Spark Activity?
Under Loopring’s new shift, there will be two parts of the Dapp in Loopring Pro and Earn functionalities. Furthermore, the Dapp’s Smart Wallet will become multi-network, opening up more users in diverse but supported platforms.
Loopring Dapp was one of the three core pillars in the previous setup. Specifically, the Loopring zk-Rollups protocol formed the core infrastructure through which the layer-2 solution will scale all their products while relying on Ethereum’s security.
Loopring Pro Dapp was a portal through which decentralized finance (DeFi) users would interact with the Loopring DEX and other services. On the other hand, the Loopring Smart Wallet will be a tool where users can store assets securely. This wallet is baked into Loopring Pro Dapp.
Following the announcement, the team said the Loopring Earn DApp will serve as the “lighter” version of the Pro service on the platform. A notable difference is that it has been reworked to be more customizable and can be deployed in any other compatible network via the Loopring zk-Rollups protocol.
The layer-2 protocol continues to build. Presently, the latest iteration of their DEX, version 3.6, the team said, has processed over 12 million transactions, generating more than $6 billion in trading volume. Since launching, the DEX has connected over 210,000 layer-2 wallets.
Even so, the team plans not to build on this update. The strategy will be to deploy on platforms like Arbitrum, where it can serve as a layer-2 or layer-3, creating a “highly optimized app-chain experience.” While at it, the team hopes to expand and scale their “new core products,” creating more opportunities for DeFi users.
LRC Remains Under Pressure: Will This Change?
Following this news, LRC, the platform’s native token, remains on an uptrend, rising with the broader markets. Still, whether the uptick was due to the revival in Bitcoin and Ethereum is not immediately clear. However, what’s clear is that the announcement coincided with the rally of BTC above $32,000, registering new 2023 highs.
LRC is at new October 2023 highs, up 20% from October lows. At spot levels, the token is at December 2022 lows and down 62% from February 2023 highs. At 2023’s peak, it changed hands at around $0.50.