Loopring Launches L2 Wallet With zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3

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Loopring Launches L2 Wallet With zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3

December 22, 2021

Loopring also announced fiat L2 drop-in ramps to “bring in the masses,” while ZK-rollups focused on the need for StarkWare applications for specific retrofit with L3.

Ethereum Layer 2 zkRollup protocol, Loopring (LRC), has announced the launch of its L2-exclusive Counterfactual Wallet.

“A big step forward today in our mission to bring the masses directly into Layer 2 secured by Ethereum,” the team said.

Loopring, which is building non-custodial products on top of its Layer 2 that includes the Ethereum smart wallet and an AMM DEX, introduced the iOS version of the wallet on Tuesday, with the Android version coming soon.

According to the Loopring team, this wallet is the first Ethereum wallet with built-in zkRollup scale. The scale solution aims to help smaller users who are unfamiliar with Ethereum due to its high gas fees.

Creating the wallet in L2 means that users do not have to pay expensive creation fees, as they must in L1.

“Someday our goal is to give users a full L2-only experience, without the need to retreat back to L1.”

The Loopring team claims that Counterfactual Wallet offers 100x cheaper fees and comes with zk-baking, ensuring that the user gets the same security as Ethereum. ETH -0.14% Ethereum / USD ETHUSD $ 3,993.40
– $ 5.59-0.14% Volume 14.05 b Change – $ 5.59 Open $ 3,993.40 Circulating 118.84 m Market Cap 474.6 b 20 min Loopring Launches L2 Wallet with zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3 1h Trump Warns of Crypto Explosion Bigger Than Big Tech While Appreciating Former First Lady’s NFT Plans 1hr Bitcoin Targets $ 50k Ahead Of Low Liquidity Holiday Season As Girls Coding Refuse To ‘Get Lost’ In Crypto

In addition to the wallet, the team also announced direct Fiat L2 on-ramps, removing a massive barrier to Loopring adoption. Direct deposits were introduced to Loopring L2 and Loopring Wallet initially, with withdrawals coming soon as well.

In their announcement, the Loopring team urged centralized exchanges to also support layer 2 direct deposits and withdrawals.

On the back of these developments, Loopring’s native LRC token, a $ 2.8 billion market cap cryptocurrency, surged 26% in value. At time of writing, LRC is trading around $ 2.26, down 40% from its all-time high last month.

On the same day as Loopring’s announcement, StarkWare, an Ethereum L2 developer using ZK-rollups, introduced L3, the application-specific layer built recursively on top of L2.

While L2s increase scalability with a reduced gas cost per transaction and retain the benefits of decentralization, StarkWare said that some applications need specific adaptation, which is why it is adding L3.

L3 will offer the benefits of hyper-scalability, better control, privacy, cheaper / simpler L2-L3 and L3-L3 interoperability, and will act as a “canary” network for L2.

Loopring / USD LRCUSD

2.2708 $ 0.187.96%

Volume 658.16 m Change $ 0.18 Open $ 2.2708 Currency 1.33 b Market capitalization 3.02 b

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AnTy has been involved in the crypto space full time for over two years. Before her beginnings in blockchain, she worked with the NGO Doctor Without Borders as a fundraiser and since then exploring, reading and creating for different segments of the industry.

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Loopring Launches L2 Wallet With zKRollup Baked In, Ethereum L2 Developer StarkWare Introduces L3

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