Loopring (LRC) is surging today and is up about 18% in 24 hours, here’s why.  Covered Loopring Price Update Loopring Releases New L2 Counterfactual Wallet and FIAT On-Ramps Loopring Price Update Amid a green crypto market today, Loopring led all top 100 cryptocurrencies with an almost 20% gain in the past 24 hours. LRC is […] The post Loopring Is Surging After The Release Of Their L2 Counterfactual Wallet And FIAT On-Ramps appeared first on CryptosRus.

Loopring Is Surging After The Release Of Their L2 Counterfactual Wallet And FIAT On-Ramps

Loopring (LRC) is surging today and is up about 18% in 24 hours, here’s why. 

Covered

  • Loopring Price Update
  • Loopring Releases New L2 Counterfactual Wallet and FIAT On-Ramps

Loopring Price Update

Amid a green crypto market today, Loopring led all top 100 cryptocurrencies with an almost 20% gain in the past 24 hours. LRC is currently trading at $2.34 and the 24-hour trading volume is greater than $390 million. This pump has now landed LRC in the top 50 cryptos based on market cap.

Loopring Releases New L2 Counterfactual Wallet And FIAT On-Ramps

Loopring’s surge today is likely due to the release of their new L2 Counterfactual Wallet.

Loopring is intended to be a solution for ETH’s high gas fee’s and is a L2 zkRollup protocol. The announcement today of the Loopring Counterfactual Wallet is the next step to solving ETH’s expensive gas costs.

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The first LRC Smart Wallet was released on ETH L1 and included zkRollup scaling. Although the wallet allowed more users from being priced out of ETH, it was still quite expensive, and may have prevented some users from enjoying the benefits of L2. The release of LRC’s Counterfactual Wallet aims to address that issue:

With the release of our Counterfactual Wallet, users can now deploy the Wallet on L2-only, bypassing a costly creation fee on L1. This-try-it-before-you-buy-it option allows users to experience the power of Ethereum L2 right away. If users would like to withdraw funds to L1, they can deploy their Ethereum L1 smart contract wallet, paying for the creation cost at that time.

The press release then mentions that “One day our goal is to give users a complete L2-only experience, without the need to ever have to withdraw back to L1.”. The Counterfactual wallet seems like a logical first step towards LRC’s overall goal.

Loopring Fiat On-Ramp

More bullish news for Loopring today was the announcement of its new Fiat on-ramp, making onboarding on to LRC much easier. This will be accomplished from Loopring’s FIAT provider Ramp that just introduced direct L2 FIAT on-ramps.

The functionality and scalability implications of today’s news from LRC is likely why the token skyrocketed today. The addition of the Counterfactual Wallet and the increased accessibility with direct L2 FIAT on-ramps is a big moment for Loopring as a L2 Rollup.

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