Various protocols running on top of the Ethereum network have proven to be of great value to crypto enthusiasts. Loopring has been going a great job since introducing its zkRollup technology. Hitting a new all-time high for the Loopring exchange balance is a pretty significant deal.
Reducing Fees With Loopring zkRollups
By default, using the Ethereum network can be rather expensive. Its native gas fees have spiraled out of control for some time now. With no native protocol improvements in sight to address this issue, using other solutions is crucial. Loopring has come up with a technology to batch transactions on a larger scale at a much cheaper cost than one would normally achieve.
To further accommodate this approach, the team has also built its own exchange protocol. It provides this zkRollup technology to all assets passing through the exchange at any given moment. Despite noting little initial interest, things have certainly shifted in an interesting direction over the past few months.
LRC and ETH Remain in the Lead
In terms of the overall balance on the Loopring exchange, there has been a rather notable shift. Not only is the volume moving up, but more assets and tokens are finding their way to this platform as of late. That in itself is interesting, as it confirms the growing interest in zkRollups in general.
The current top assets making up the majority of the exchange’s balance are LRC and Ethereum. No one will be too surprised to learn of those statistics by any means. What is interesting is how the amount of LRC is increasing rapidly, whereas the number of ETH seems to be stagnating a bit. An interesting trend to keep an eye on over the coming months.
Welcoming new Assets
The ongoing volume growth of other assets is what makes these developments rather interesting. WBTC, USDC, REP, LEND, KNC, and DAI are just some examples of new tokens making use of native Loopring exchange technology. While they represent a minority in terms of overall volume, it goes to show that this platform is still evolving rapidly.
Overall, the total balance of the Loopring exchange has now briefly hit $12 million. A more than respectable amount, considering how there was under $1 million in March of 2020. Both June and July 2020 have noted very strong growth, yet continuing the uptrend will not be as easy.