This is the first edition of our 2022 Loopring Quarterly Updates. You can catch up on the previous quarter and 2021 recap here; you can also receive these updates in your inbox every quarter by subscribing here.
We kicked off the new year with a bang! Q1/2022 saw some big announcements, many L2 integrations, and a handful of new features and improvements to our core products.
2022 will be a substantial year for Ethereum Layer 2’s as we move into the adoption phase for zero-knowledge technology. We will be focused on rolling out new products and projects, as well as perfecting and pushing our existing products to promote growth of the Loopring L2 ecosystem.
Our Loopring community can celebrate a few notable accomplishments from this quarter:
Major Milestones in Q1/2022🔥
- Over $4.6 billion in Trading Volume on Loopring L2
- Over 3 million NFTs minted on Loopring L2 following the official launch of open minting on Layer 2
- Over 65,000 L2 accounts and almost 30,000 Loopring Smart Wallets are now activated — with over 12,000 new wallets added in Q1 alone
- More rapid social growth in Q1 (2022):
* 100,000 Lööpers now on Reddit
* Nearing 200,000 followers on Twitter
* A highly active Discord community with almost 30,000 members
Summary of Q1
1. Loopheads NFT launch
In Q1 2022 we launched and began dropping Loopheads NFTs to our community members. These dynamic NFTs change their moods and brain size based on movements in the $LRC price.
During this quarter, our community embraced these new NFTs in a big way, building an entire ecosystem around them. Check out some of the Loophead + other Loopring L2 NFT community initiatives:
2. NFT Minting Under $1
The release of open minting on Loopring was a major milestone.
With this, NFT users on Ethereum are no longer priced out by expensive gas fees! You can now mint directly on Ethereum’s second layer for 100X cheaper than layer one, while maintaining Ethereum’s security guarantees.
This is just the beginning of NFTs on Layer 2 and their potential scalability. We are excited to continue to build on this functionality and explore new possibilities.
3. Direct L2 on-ramps
On-ramping to our Layer 2 got a whole lot easier this quarter. These integrations allow the user to onboard directly to the application and transaction layer, bypassing the expensive security layer (L1). Direct to L2 on-ramps are bringing us that much closer to on-boarding millions of users to Ethereum.
Here are some of the notable L2 ramps that came to Loopring this quarter:
- LayerSwap CEX bridge — allows users to move funds from an exchange to Loopring (and soon L2 ->CEX), completely gas-free.
- Orbiter cross-chain bridge — this integration makes it extremely easy for Layer 2 users to hop from other L2s and sidechains (Polygon, Arbitrum, Optimism, etc) to Loopring and back.
- BANXA fiat on-ramp — opening up more regions to a direct Fiat to Loopring L2 portal, which is integrated seamlessly into our mobile and web apps.
We will continue to work with the best solutions, improving accessibility to Loopring L2 so that our users can keep moving their assets securely and freely.
4. Launch of Loopring HQ
We hosted our first meetup at our (beta😎) Loopring HQ in Decentraland.
Thank you to everyone who came out, we had a blast! There will be plenty more excitement coming to the Metaverse space later this year.
5. Loopring Exchange
There have been many upgrades to the Loopring.io web app this quarter. Along with the BANXA fiat-onramp addition (see above), we’ve added NFT support for minting, deposits, withdrawals, and transfers.
The Loopring experience also just got a whole lot smoother as loopring.io is now mobile responsive. This long awaited feature adds another way for users to access gas-free Ethereum.
6. Loopring Wallet
We took time this quarter to fix some bugs, making the app that much smoother, and we’ve given our UI/UX a sleek new facelift.
Here are some notable mobile features we’ve rolled out this past quarter👇
- NFT functionality — display, deposit, withdrawal, and transfer functionality has been added to Android. iOS to follow shortly
- A new gas estimation feature for the smart wallet has been added to our backend relayer. This will give users a more precise gas cost per transaction.
- Added support for local currency display including EUR, HKD, JPY, KRW, GBP, CAD, and AUD.
- More fiat on-ramp integrations have been added to support more regions and locations for users.
7. Loopring New Hires
We’ve added two hires to the Loopring team this quarter.
Zigii, a talented iOS developer coming from the Swift open source community, will be working alongside our other developers to bring feature parity to iOS. This is a huge priority for us and his expertise will help speed up the development and iteration of our wallet.
We have also brought on Magic, a product manager with 20+ years of experience working in tech and mobile applications. Before joining Loopring, Magic worked as an engineering director at Intel and Marvell and has also worked alongside our CEO Steve, for over 10 years.
We’re excited to welcome these all-stars and believe this growing team will only help to level up Loopring’s products and user experience.
8. Loopring University + Knowledge Base
You can also access a wide range of tutorial articles about all things Loopring L2 on our new Knowledge Base portal here.
If you can’t find the information that you are looking for or need help troubleshooting one of our products, you can fill out a ticket here and our support team will reach out!
Without a doubt, Ethereum and Layer 2 has a steep learning curve and we hope to simplify things by providing accessible educational video and written content to everyone.
9. Protocol Fees
Where do we stand after last quarter’s record breaking protocol fees? Pretty well. This has been our second highest quarter proving that Loopring continues to attract high trading volumes and consistent user retention. As Layer-2s continue to heat up, we expect our protocol fees to keep on climbing.
10. Loopring in the Media
Catch some of Loopring’s media and blog coverage highlighting Ethereum Layer 2’s growing significance.
CoinDesk coverage of Loopring:
Investing in Crypto: Alternatives to Bitcoin and Ether
Blockworks coverage of Loopring:
Switzerland-based Index Provider Offers DeFi Exposure
YouTube coverage of Loopring:
Path Forward for 2022💙
1. Loopring Earn
DeFi is going to look at lot better on Loopring in the near future as (single asset) passive opportunities come to L2. Earning yield on your ETH and stablecoins (+ more assets in the future) will be gas-free and one-click away, allowing you to earn crypto while you sleep!
Loopring Earn will be truly another big step forward on the journey to #BeYourOwnBank💙
2. zkEVM is coming
In Q3/2021 we announced that we were working on a new zkEVM design alongside the Ethereum Foundation and much progress has been made since. More news will follow soon on this.
For more information on zkEVM and why we believe this represents the future of Ethereum L2 (and blockchain!) scaling, read Steve’s blog: “The Real Future of Layer 2 networks” here.
3. Loopring HQ — New + Improved
As our relationships and communities continue to move from physical to digital, our virtual spaces in which we interact should evolve too.
We are proactively starting to stake our presence in the Metaverse by building a much bigger and more functional Loopring HQ in Decentraland. This new space will allow many more users to join us in the Metaverse for meet-ups, concerts, games and much more!
4. Staying Fresh in the ‘Verse
Got nothing to wear in the Loopring HQ? Don’t worry, we’ve got you covered. We will be launching a whole new collection of NFT wearables so you can vibe in style. Metaverse swag will be dropped to our active Loopring L2 users. Users can also trade these pieces in the coming NFT marketplace.
Although the initial distribution will be for existing Loopring users and ecosystem contributors, we’ll still have plenty more NFT drops (including the remaining Loopheads🧠 airdrops) for incoming Loopers who are active on L2. Stay tuned!
5. Token-access coming to Loopring L2
We are pleased to announce that Collab.Land will be supporting Loopring L2! Although we have many ideas on how token verification can enhance + gamify our own Loopring Discord server, we are even more excited by the endless potential creators will have in further building and strengthening communities on Loopring.
Questions & Feedback
If you’d like to talk to us about any partnerships, have questions, and/or feedback, please join our Discord, or drop us a line at: email@example.com. We also have an active Reddit community for anyone to join.
Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, you can sign up for our Quarterly Update or see Loopring.org.