Loopring Exchange has added support for GRID, the token of GridPlus which is building secure blockchain hardware infrastructure. There is also an effort helping GRID users get onboard the Loopring zkRollup with a small gas subsidy in GRID.
Right now on Loopring Exchange, the GRID/ETH pair is available. Users can now deposit GRID to this high speed Ethereum DEX, maintaining self-custody of their assets yet transact free from the congestion and high costs currently experienced on the Ethereum base chain. Of course, besides gas-free exchanges, users can now also send transfers of GRID for free. And as you will see at bottom of this post, there are plans to integrate these efficient layer 2 transfers directly into the GRID redemption process for products and services.
To get in Loopring’s fast lane and escape gas fees for the future, an Ethereum address must first execute one on-chain transaction, and this costs gas (~275k gas). To help get GRID users on the rollup, GridPlus is offering users 10 GRID when they onboard to Loopring.io with code “GRID”. You can use this link or enter GRID manually in code box. Good for the first 50 users of the code. [The 10 GRID will be paid out automatically to each user’s zkRollup account when the 50 user ceiling is hit, or in 5 days, whatever is sooner].
GridPlus builds hardware infrastructure designed to enable mainstream use of digital assets. The cornerstone of all of its plans is its hardware device: the Lattice1.
The Lattice1 is a completely new approach to digital asset hardware wallets. It’s an ultra-secure always-on device designed to withstand intrusion attempts from state-level actors with physical access. Additionally it has electrically segregated secure compute and general compute environments. What does this mean? It’s a simple mini-computer and next generation hardware wallet rolled into one, all accessible from an intuitive touchscreen.
This combination makes complicated blockchain use cases easy for those without extensive technical expertise. For example, GridPlus is preparing for development of a push-button eth2 validator deployment, which will be managed on the Lattice’s secure screen. The Lattice1 will create a network of secure uniform hardware that developers can put to use for any application requiring automated programmable signing.
The first such use case, which inspired the entire project, is GridPlus Energy — GridPlus’ subsidiary Texas retail energy provider which is live today and has approximately 4,000 customers. Today GridPlus Energy lets customers use crypto for access to wholesale pricing, but the long-term goal is for customers to leverage additional savings and functionality by having a Lattice1 in their home.
Finally, to support the transaction volume the energy business may require in the future, GridPlus developed the Phonon Network specification, a hardware enforced off-chain payment system that allows users of the hardware to send fast, free, privacy-preserving payments directly between Lattice1s.
About the GRID Token
The token’s primary use is to give customers the right to 500kWh of energy at wholesale pricing without markup. Right now customers deposit GRID which is applied to their bills automatically as they consume energy. The value varies according to both their rates and the price of energy on the open market.
Customers can pay their bills using traditional methods but GridPlus also accept ETH, DAI, BTC, and GRID. If customers opt to pay with GRID, they’ll realize additional savings compared to the current price of GRID.
Once tokens are redeemed they’re removed from circulation permanently.
GRID will also be directly redeemable at launch for a discount on the Lattice1.
Once the hardware ships GridPlus hopes to use GRID to support a broad ecosystem of applications made possible by the hardware. In particular, GridPlus will put Phonon into the public domain and are exploring the use of GRID to govern all of the systems parameters and fee revenue via a DAO.
Using GRID on Loopring
GridPlus is continually looking for ways to remove hurdles for customers to be able to use their GRID, and so is planning to integrate GRID redemptions via Loopring Pay so that customers who purchase GRID on the exchange don’t need to incur further costs withdrawing to the base chain when they wish to redeem for energy or Lattice1. Stay posted on this.
GridPlus is excited about its customers being able to use Loopring to acquire GRID to redeem without being subject to the high transaction fees experienced on other Ethereum DEXs at the moment. So once again, to encourage users to personally experience the speed and ease of Loopring, GridPlus is offering 10 GRID to each new user that signs up via this link, or just use code “GRID”. Enjoy life in the fast lane.
Loopring is a protocol for scalable, secure exchanges and payments on Ethereum using zkRollup. You can sign up for our Monthly Update, learn more at Loopring.org, or check out a live exchange at Loopring.io.