Loopring Releases Its Long-Awaited Wallet for DeFi

Loopring Releases Its Long-Awaited Wallet for DeFi

By Abhimanyu Krishnan | News | 30 Nov 2020

On Nov. 25, the Loopring (LRC) announced the release of a beta version of the Loopring Wallet, an Ethereum smart wallet with the zkRollup scaling solution built in.

  • The Loopring wallet lets users transfer funds for free and instantly to other users with a Loopring L2 account using Loopring Pay; but transfers can be sent to any Ethereum address at virtually no cost 
  • Trading will use the Loopring Exchange’s order books, which incur no gas fees or delays
  • The team describes the app as a combination of all of Loopring’s products released on smartphones
  • The app is currently available for Android devices, with an Apple device app slated for release in early 2021
  • The team also detailed the release of Loopring 3.6, which added an automated market maker (AMM) with zkRollup integrated into it
  • The zkRollup scaling solution offers a throughput of 2,025 transactions per second and a settlement cost of $0.0002 per transaction
  • Loopring has been listed on Coinbase and Huobi in Sep. 2020, while MakerDAO has added support for LRC as collateral to generate DAI

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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