Loopring recently announced the release of the beta version of their Loopring Wallet. This Ethereum smart wallet is the first with baked-in zkRollup scaling.
Loopring believes this is Ethereum’s first step for its growing financial system to enter into the traditional world of finance. The Loopring community can testify that the team has been working towards this Loopring Wallet for almost a year. The wallet is called Hebao by the Chinese-speaking Loopring community.
About the Wallet
The wallet is a mobile-friendly Ethereum smart contract wallet. The Loopring protocol, zkRollup layer-2, has been natively baked in to the wallet. With smart contract wallets, users get to enjoy flexibility, a great user experience, and security.
With zkRollups, however, users can enjoy more with the wallet. Complete Ethereum layer-1 security is guaranteed, and a massive scalability boost is assured: 1000x lower fees and 1000x greater throughput. The wallet will grant users the privilege to trade on the same order books found on the Loopring Exchange. With just a click, users can trade quickly with no gas.
By using Loopring Pay on the wallet, users will be able to instantly make payments and transfers with no charges. Such transfers can be made to over 7,400 users on Loopring’s L2; it doesn’t matter if they have onboarded via Loopring.io or the wallet.
The wallet consists of all the features of Loopring’s protocol and products, plus more features that come with a smart contract wallet. As this is just a beta version. Additional features can be expected in the future.
Deploying the Wallet on Loopring v3.6
As many users may wonder if the wallet has been deployed on Loopring v3.6, the team has announced that, initially, the wallet was not on Loopring v3.6. However, the good news is that it became available on Friday, the 27th of November.
On the 27th of November, Loopring 3.6 deployed was deployed for mobile users, as the team has been working towards this since the beginning of the year. Loopring 3.6 will be a major upgrade to the current version of the protocol. The development team says that a web app will eventually be rolled out.
The Android app for the wallet’s beta version can be downloaded via the link on Loopring.io. The team is currently working on making the app available on Google Play and other app stores. As for iOS users, the team is working hard on making the app available on iOS by early 2021.
Before now, Loopring released details of its new fee schedule. The schedule also affected all maker orders dating back to April 29, 2020.
As at the time of writing, Loopring (LRC) price was $0.195908, with a 24-hour trading volume of $28,787,608. LRC price also dropped by 3.2% over the last 24 hours. LRC also has a circulating supply of 1.188 billion coins and a max supply of 1.37 billion coins. Coinbase Pro is currently the most active market trading LRC.
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