The Loopring (LRC) team on June 6 announced that it had released Loopring Pay, a free and instant payment service on the Ethereum (ETH) blockchain. The new feature comes courtesy of the zkRollup protocol that Loopring had been working on, which greatly reduced transaction times and fees.
It now supports general transactions as well, and not just trading. There are no fees for payments made using this protocol i.e. people can send payments for free. This includes all ERC-20 tokens.
Loopring Pay brings scaling to Ethereum payments.
The development follows from an announcement last week that saw the Loopring Protocol and Relayer support payments in addition to DEX trades. The Loopring Protocol has brought demonstrable scalability solutions to Ethereum, but the team believed that more was needed to get the ball rolling,
...as Ethereum usage picked up, gas use and gas prices started skyrocketing over the past month, and user frustration with long delays and high fees is palpable. We thought, if only we could bring everyone onto our zkRollup, and for other use cases, they would be at ease escaping gas fees.
Pay is currently only available at project's native exchange, Loopring.io. The team also announced that soon it will also be available in the upcoming Loopring Wallet.
