BREAKING NEWS! has been acquired by VC firm Morningstar Ventures. Read more

$1.16 -5.86%
LRC · 3w

Loopring (LRC) And GameStop (GME) Move One Step Closer to a Potential NFT-related Tie-up Even as the Video Game Retailer Starts Accepting Dogecoin (DOGE) And Shiba Inu (SHIB)

Loopring (LRC), a Decentralized Exchange (DEX) that utilizes zkRollups, just took a significant step toward mass accessibility, thereby paving the way for a potential partnership with GameStop (NYSE:GME).

As a refresher, Rollups are a Layer 2 (L2) solution that aggregates and processes transactions outside of Ethereum’s main blockchain. These processed transactions are then bundled and posted on the main chain, thereby increasing Ethereum’s transaction processing power or scalability by orders of magnitude and bypassing its prohibitive transaction processing fees (also known as gas fees). Loopring uses a new type of Rollup, dubbed the zkRollup (zero-knowledge Rollups). A zero-knowledge proof makes a claim regarding the accuracy of a particular data set without actually sharing that data. This is done by generating proofs based on cryptographic computations for each batch of transactions. Since zkRollups do not require a challenge period, as the validity proofs have already verified the legitimacy of the underlying transaction data, transactions can be processed very quickly. In fact, Loopring claims that it can process over 2,000 trades per second.

Loopring (LRC) Deserves a New All-time High Even if the Much-hyped Partnership With GameStop (GME) Does Not Materialize

This brings us to the crux of the matter. Loopring has now finally launched the much-anticipated L2 counterfactual wallets. This is a wallet with limited features that can be deployed direct on the L2, thereby evading the hefty gas fees associated with Loopring’s full-fledged L1+L2 smart wallet. As an introductory product offering with limited features, counterfactual wallets offer basic security while allowing users the ability to receive Ether and other tokens on Ethereum L1. The images below detail the full gamut of features that can be expected from this product offering:

Source: Sour...
Continue on
Recent News
No posts found