Loopring Q4 update, 2021 achievements, and services launched

lrc

Loopring released its FY21 Q4 results today, giving an account of a slew of new launches and milestones for the year 2021.

“2021 was the year we saw Layer 2’s step into the mainstream,” according to the company, as total value locked increased from $40 million to $5.55 billion. “We expanded Ethereum’s canvas by allowing a variety of new transactions that were previously unavailable on Layer 1.”

Loopring’s Q4

Loopring has prioritized launching various services in the fourth quarter of the fiscal year 2021. Loopring Smart Wallet with social recovery and a brand new web app experience for Loopring L2 were new product launches. They added NFT support and upgraded their AMM on the protocol side, which aided Loopring’s overall growth.

Here is a list of its major accomplishments in the fourth quarter.

  1. Counterfactual Loopring Wallet with New UI/UX –  It allows users to test our Smart Wallet with full L2 functionality for free. The zero-cost option will enable users to try Loopring L2 before deciding to upgrade to the full (L1 +L2) Smart Wallet later. It is available on iOS and Android app stores, and users will be pleased with the new and improved UI/UX design.
  2. Direct-to-Loopring L2 fiat on-ramps – In Q4, they launched their first direct fiat on-ramp, removing a significant barrier to Loopring adoption. Users can now join (and soon leave!) the Loopring with FIAT while avoiding the prohibitive L1 gas fees.
  3. Loopring Exchange Upgraded – The new exchange received a few upgrades and improvements, including a brand unique order book web experience and the introduction of their new VIP tiers, designed to incentivize more liquidity on Loopring L2.
  4. Loopring University – It has launched a content series across multiple platforms to educate new users new to the Loopring ecosystem or cryptocurrency in general.
  5. Protocol Fees – Loopring set many records in Q4, but none were more impressive than the $300,000 in protocol fees it earned. Users on Layer-2 have acquired these fees by contributing productively to the protocol’s success.
  6. Liquidity Mining – Loopring held its largest-ever Liquidity Mining / Trading Tournament event, with over $600K in token giveaways, in just seven days. It also established a new all-time high daily trading volume of $142 million.

According to Loopring, these are its major milestones in 2021 – 

  • A new all-time high of $142 million in daily trading volume
  • The total traded volume on Loopring L2 has reached an all-time high of $4 billion.
  • Loopring L2 has a total value locked (TVL) of $750 million.
  • Rapid social growth in the fourth quarter of 2021:

* 75,000 new Reddit followers 

* 100,000 new Twitter followers 

* 20,000 new Discord community members

  • During its year-end 7-day Holiday Trading Tournament, over $500 million was traded.

About Loopring

Loopring is an Ethereum zkRollup protocol that allows scalable, secure exchanges and payments. Loopring creates non-custodial, high-performance products on top of our layer-2, such as the Loopring Wallet, a mobile Ethereum smart wallet, and the Loopring Exchange, an L2 order book, and AMM DEX.

What is Loopring used for?

Loopring is a program that runs on top of Ethereum’s blockchain (a layer 1, or base, blockchain). This means that Loopring aims to speed up the Ethereum experience by processing elements of Ethereum transactions on its network.

Loopring’s primary theme for 2022 will be the adoption of services. They anticipate that their zkRollup technology will make a giant leap forward, adding even more generalizability to Loopring.

Loopring stock

As of 04:53 PM UTC, Loopring stocks’ (LRC) were trading at $2.0318, down by $0.0678 or 3.2310%. It has a market capitalization of $2.699 billion for 172,019,984 volume of trading shares.

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