LRC Token Adds 70% Amid Launching Loopring Pay Payment Solution On Ethereum Blockchain

The developers of the Loopring blockchain project announced the launch of the Loopring Pay service for transfers of Ethereum and ERC20 tokens using zkRollup technology.

According to the announcement, this will allow transfers to be made instantly, free of charge and with the same security benefits as using the Ethereum base layer. The developers separately note that sending transactions using Loopring Pay does not require payment of either gas or any additional fees..

The zkRollup technology was proposed by the developer Barry Whitehat at the end of 2018 and is a second-tier solution, the use of which allows validating multiple transactions on the sidechain with a single transaction on the blockchain. Scaling with zkRollup is supported by Vitalik Buterin and the Ethereum Foundation.

Loopring Pay functionality is currently available through the Loopring Exchange project’s proprietary exchange. In the future, its support will appear in a separate Loopring Wallet, as well as in other wallets and applications that want to integrate the Loopring protocol via API.

Loopring specializes in Ethereum scaling solutions, and their main product until recently has been a non-custodial exchange. It recently received support for the first implementation of zkRollup on Ethereum, which, according to the developers, will allow the blockchain to scale in terms of increasing bandwidth and reducing costs a thousand times, without sacrificing guarantees of self-storage of assets..

“Loopring.io completed over a million deals in the first three months. At the same time, it became clear that exchanges by themselves would not be able to make a significant contribution to the scaling of Ethereum, and most users may be interested in a simple transfer of value, but not its exchange. We thought that if we could only bring more users to zkRollup, it would be easy to avoid paying gas fees. Soon this thought prompted us to action when the community’s calls turned our attention to transfers (payments), “write the developers.

Amid the latest announcement, the price of the LRC token has risen from $ 0.065 to $ 0.11. Growth exceeded 100% in a week.

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