Loopring Pay is Live: zkRollup Transfers on Ethereum
Loopring Pay is live! Loopring’s zkRollup now supports not just trading, but transfers as well. You can send ETH and ERC20 tokens instantly, for free, and with the same 100% Ethereum security guarantees Loopring always upholds. Ethereum scales with Loopring. It scales exchanges, and it scales payments — it does so today, and it does so securely.
As announced last week, we extended the Loopring Protocol and Relayer to support not only zkRollup DEXs, but also payments! And now, we have enabled the functionality on the Loopring.io frontend. So users can send payments to each other instantly and for free. Free means free — no fees and no gas. And of course, it is a zkRollup, so it inherits the complete self-custodial security guarantees of Ethereum.
With Loopring, Ethereum has the most secure, scalable solution for trading and transfers.
Right now this basically feels like an ‘internal transfer’ on the Loopring Exchange, but we will build more slick, payment-focused flows into our forthcoming Loopring Wallet. Further, other wallets and apps will able to use Loopring protocol or APIs to enable scalable Ethereum-based payments as well.
Note: all transactions on Ethereum cost something. Loopring’s just cost very, very little thanks to our zkRollup tech. It can cost us a mere $0.00006 per transfer. That’s why we can afford to offer free transfers to users. This can change to a low fee in future.
Exchanges, and now Payments too
For those that know us, you know Loopring has been a DEX protocol for its 3 years of life. Our hard work recently began paying off as we launched the first and only zkRollup on Ethereum, which we used to power our exchange, Loopring Exchange. Our zkRollup scales Ethereum (increased throughput, lowered cost) by 1000x without sacrificing any of Ethereum’s self-custodial guarantees.
We got off to a hot start, and Loopring.io settled over 1 million trades in the first 3 months. However, it became clear that exchanges alone would not move the needle on scaling Ethereum. Indeed, as Ethereum usage picked up, gas use and gas prices started skyrocketting 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.
That thought soon turned into action when calls and cries from the community turned our attention to transfers (payments). It is understandable that more people may be interested in simply transferring value than trading it. And as a matter of fact, the biggest gas guzzler is for USDT transfers. Even better, our trading protocol basically already supported transfers (a transfer is just like one half of a trade!), so we said, let’s do it.
The Relayer (backend) was modified to support these requests, and now, the Loopring.io UI supports it as well. Loopring Pay is born.
A zkRollup is more fun with friends
Because all transfers happen on the Loopring zkRollup, that means users must be on the zkRollup to send or receive these fast and free payments. So you must first register an account on Loopring.io, and all you need for this is an Ethereum address. Registering an account simply means making one on-chain transaction that ties an Ethereum address to a “slot” (Account ID) in the off-chain account system (Merkle tree).
As mentioned earlier, as other wallets or apps integrate the Loopring zkRollup for payments, they will become portals, and users will also be able to onboard from there.
Like most networks, its benefits become stronger the larger it grows. There’s no fun sending transfers to yourself. So we want to help and reward users for spreading awareness about Ethereum’s scalable payments, so we have this little promotion:
After you make a transfer on Loopring.io, no matter the size, you will be presented with a “tweet” button, that would say:
If you tweet that between now and June 15th (23:59 EST), and DM us your Account ID (which you can see by clicking on ‘Referral Program’ in the right side slide-out panel), we will credit your account with 40 LRC. [Limit one reward per Twitter account, to be paid out on June 16.] Edit: ends June 14th.
Note that an Account ID is mapped to an Ethereum address, so that is why we do not put it in the tweet — we do not want people unwittingly associating their Ethereum address with their Twitter account if they do not want to. If you want to remain pseudonymous to us as well, do not DM us your Account ID from your Twitter account, simply do not participate this way.
But we’ll give you another way to participate without telling us your Account ID. Simply share your referral code with anyone on whatever private means you’d like, and if they register an account on Loopring.io before end of June 15th and send a transfer, you will earn 40 LRC. There is no limit to this method, more referrals = more LRC for you.
That’s it! Get on Ethereum’s fast lane at Loopring.io, and get ready to trade and transfer without delay or high gas fees. zkRollups represent a must-have for Ethereum’s future, and we’re honoured to be able to expand on ours for the community at this time of high network congestion. Let’s show the world that Ethereum can become the universal settlement layer, and do so in a completely scalable and secure manner.
If you’d like to see a specific ERC20 token supported on Loopring Pay, just let us know on Twitter, or at exchange@loopring.io. We will list many more in the coming days.
Loopring is a protocol for scalable, secure exchanges and payments on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out our exchange at Loopring.io.
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