Blockchain News

Loopring posts its updates for the last quarter of 2023

Loopring, an Ethereum L2 zkRollup protocol, has posted a report for the last quarter of 2023. It has briefly described the achievement of all milestones as resounding, adding that there is still a lot to look forward to in the coming year, which is 2024. Some of the milestones that Loopring has achieved in 2023 are LRC Staking, Block Trade, Layer 3 testnet, Multi-Wallet support, and NFT plus exclusive red packets.

Loopring laid the foundation for the Multi-Network function. The concept has evolved since 2017, during which time there has been a lot of repositioning of its core pillars. Future strategies pertaining to the multi-network functionality of Loopring entail a set of Smart Wallets, protocol deployment, and the deployment of decentralized applications (dApps).

Community Calls have been reintroduced. It enables all the members to pitch a piece of information about their project, along with features that are likely to make their way in the future. Importantly, the community gains insight into detailed information by seeking answers to their questions raised in Community Calls.

The fourth quarter of 2023 saw one of the key partnerships being announced. Loopring joined hands with ZKPool to mark a pivotal step in the mission of transforming the crypto landscape for good. Both will now work collectively to build a robust infrastructure and integrate the same via ZKP technology. Loopring has called it the representation of a significant stride in enhancing its capabilities and cementing its position in the industry.

Loopring Smart Wallet now hosts an all-new dApp browser. It features a brand new UI/UX for a streamlined experience for users. This eliminates the need to scan QR codes or switch between applications at every step. Instead, all of it comes under a single umbrella for a better user-friendly experience.

Exclusive Red Packets by Loopring in the concluding quarter of 2023 now boost the possibility of near-zero cost on Ethereum. Targeting a new user segment and distributing tokens or non-fungible tokens are seamless. There is no longer any need to pay the transfer costs while distributing the potentially unlimited addresses.

More updates to Exclusive Red Packets are:

  • Sending targeted RPs to 10k users by whitelisted users. The previous limit was 1k users.
  • Multiple listings of a single address. This will help the holders of multiple tokens and NFTs receive a larger airdrop.

Earn dApp has been launched; however, its Multi-Network functionality is yet to be effective. The official announcement says that it will span across networks this year (2024).

Loopring Smart Wallet has enhanced its experience by facilitating network-to-network transfers. The direct integration has been baked in partnership with Orbiter Finance, whose dApp has the option of choosing To Another Network for token transfer.

The auto-reinvest feature is now live in Dual Investment, along with the expansion of product offerings.

Moving forward, Loopring is aiming to introduce multi-network, Taiko A6 Testnet plus account abstraction, and the expansion of Block Trade in 2024. Many more updates are on the way, tentatively going live this year to continue the achievement of milestones.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button