Layer 2 DEX Loopring Adoption Surges as TVL Jumps 570% in Six Weeks

[Pagla]

The decentralized Loopring exchange is one of several layer two (L2) networks that have seen a surge in adoption as Ethereum transaction fees march ever higher.

Loopring is a layer two DEX that uses zero-knowledge rollups to scale Ethereum transactions. With gas prices at painful levels, it has seen a surge in usage over the past few months. Loopring claims to be able to settle up to 2,025 trades per second with an average transaction cost of 0.15-0.30% of that on Ethereum L1.

Chinese media outlet Wu Blockchain has observed the big uptick in Loopring adoption, commenting:

The cumulative trading volume recently exceeded $3 billion. The price of LRC has risen 10x the highest since October.

Citing a chart from Delphi Digital, Wu added that trading activities and volumes on the DEX have surged since October.

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