this post was submitted on 20 Nov 2023
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Loopring
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A blockchain research organization pioneering the future of finance. Loopring is building protocols, infrastructure, and user-facing DeFi products atop Ethereum, envisioning a digital economy that empowers its participants with full and guaranteed self-custody of their assets.
DeFi doesn't have to be a trade-off between security and performance. With this in mind, Loopring's Layer2 solutions work in synergy with Ethereum Layer1, enabling low-fee, high-speed, Ethereum-secured platforms for trustless trading, swapping, liquidity providing, and payment.
Ongoing projects led by Loopring:
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Loopring Protocol: powered by zkRollups on Layer2, enables Ethereum to scale effectively without sacrificing Ethereum Layer1 guarantees
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Loopring Layer2 Dex: An orderbook and automated market maker (AMM)-based non-custodial decentralized exchange (DEX) built atop Ethereum using the Loopring Protocol (v3).
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Loopring Wallet: A mobile app for Android and iOS featuring an Ethereum Layer1 and Layer2 social recovery smart wallet.
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is there a better way to accomplish revoking all permissions within the wallet? from the user perspective, connecting wallet to another utility during moments of uncertainly seems backwards. it could feel much more secure to just revoke all from within the wallet.
Note this attack is only on L1. L2 does have fratures for whitelisting wallets, only allowing certain amounts to be sent etc
To build this into the app would take some resources. I could see it being useful, just a matter of time and effort. There are also other sites to research like etherscan (cannot work for smart contract wallets tho) to fully understand what is going on instead of just following a link
As usual… verify. Do not trust (even from someone official)