Loopring and Mask Network have both disclosed plans to enter into a strategic partnership aimed at driving ETH Layer 2 protocols. The partnership between both parties will help improve Ethereum Layer 2 scaling and other decentralized tech features.
Mask Network, in an official blog post, discussed at length the details of the partnership with Loopring. One major function that stands out is that both platforms will work on creating more second layer functions (Red Packet). Both platforms will also connect to help drive zkRollup and Layer 2 scaling, in addition to other important decentralized tech functions. For now, the partnership will be focused on solving the issue of high transaction fees that are plaguing decentralized exchanges.
Mask Network also confirmed the partnership on Twitter.
Proud to announce that Mask Network has reached a strategic partnership with Loopring @loopringorg. We will have deep cooperation in Layer2 scaling, zkRollup and other decentralized technologies.
Detailshttps://t.co/RU2vYQofIY— Mask Network (Bridge to Web3 @Mask.io) (@realMaskNetwork) February 7, 2021
The platform is known for its focus on connecting the current internet (Web 2.0) with the new web (Web 3.0). Furthermore facilitating decentralized functions like ETH Red Packet, market data, NFTs, etc.
Loopring, according to the official blog post, is the first-ever actualized Layer 2 scaling solution for Ethereum with its zkRollup. Ethereum, though a really amazing blockchain, is plagued by scalability issues. The DeFi craze of 2020 only accentuated the network’s scalability issues, resulting in outrageous gas fees and a generally slow network. Layer 2 scaling solutions like Loopring serve as a solution to Ethereum’s scalability issues.
Details of the Partnership
The partnership is majorly focused on facilitating a top-notch user experience (UX) by increasing transaction speeds while reducing transaction costs. Both parties are looking to build a passageway between Web 2.0 and Web 3.0, as well as help interested persons foray into DeFi.
Loopring is also well-known for its Initial Twitter Offering (ITO) project via Mask Network’s ITO function. During the event, about $50,000 worth of LRC was sold in about three minutes. This singular event serves as a base for upcoming interesting partnerships between Loopring and Mask Network.
Ethereum Gas Fees
In recent times, Ethereum gas fees have been a major cause of concern for the network’s projects. To provide some form of respite to this, the partners will “send second-layer red packets on Loopring Layer 2 in the future.” For now, Loopring Layer 2 has crossed 1,000 Gwei tx/s.
About Loopring and Mask Network
Loopring is a DEX solution aimed at decentralized technology smart wallets and ETH-based Layer 2 scaling solutions. Based on zkRollup technology, it helps exchanges match off-chain and on-chain settlements to the same order book. It has been touted as the solution to issues faced by CEXs or traditional exchange platforms. Interestingly, the recent increase in gas prices on Ethereum has also resulted in a price increase for Loopring’s LRC.
Mask Network, on the other hand, was officially launched in 2019. The platform aims to serve as a gateway between Web 2.0 and Web 3.0. It makes use of a peer-to-peer (P2P) system and is a staunch advocate of data ownership, borderless payment, etc.
LRC Price
At the time of publication, LRC was trading at $0.762984, with a market cap of $950,461,288 and a 24-hour trading volume of $100,302,817.
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