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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
