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:

Loopring Protocol: powered by zkRollups on Layer2, enables Ethereum to scale effectively without sacrificing Ethereum Layer1 guarantees
Loopring Layer2 Dex: An orderbook and automated market maker (AMM)-based non-custodial decentralized exchange (DEX) built atop Ethereum using the Loopring Protocol (v3).
Loopring Wallet: A mobile app for Android and iOS featuring an Ethereum Layer1 and Layer2 social recovery smart wallet.

founded 10 months ago

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communick@blockchained.world

Can someone tell me why the fees to transfer to L2 have been so crazy high the past few weeks? (alien.top)

submitted 10 months ago by Bigfirehydrant@alien.top to c/loopring@blockchained.world

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I transfer my L1 loops every week and have for a long time. But for the last few weeks, prob even over a month the cost to transfer to L2 has been more expensive than even the loops I’m trying to send.

Is this a result of activity or something and the volume is too high?

Not going to pretend to be smart enough about this but I’ve been doing this for a very long time and it’s never been this expensive to transfer to L2 for this long a period of time…

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[–] Chad-Permabull@alien.top 1 points 10 months ago

Wagmi is expensive.

[–] barefoot_au@alien.top 1 points 10 months ago (1 children)

Ethereum is a bit bullish last 4 weeks, making eth gas fees higher. It was low prior that you could easily use points.

https://etherscan.io/gastracker

Best to see if you can layerswap or use on ramp direct to l2.

Alternatively, you could buy eth, send via optimism to metamask, then orbiter from optimism to loopring, then you can send to your main loop wallet. This depends on cex, which eth tx fee is cheapest.

[–] SpontiacB@alien.top 1 points 10 months ago (1 children)

Can you do that with USDC instead of ETH?

[–] barefoot_au@alien.top 1 points 10 months ago

It depends on the networks. using optimism > loopring you can't. But ethereum > polygon does support usdc/usdt.

This is because orbiter has to have pools on each chain, so if not enough volume probably not worth the work to have eth as well as usdc/usdc. As adoption continues I think this will be better supported.

Best to see what lowest tx fee on your cex for eth, then use orbiter.finance to give you a quote. You don't need to connect wallet to get quote on proposed tx.

[–] lookingupyourplay@alien.top 1 points 10 months ago

Being your own bank still comes with fees

[–] Rich4477@alien.top 1 points 10 months ago (1 children)

Use the loopring wallet to buy your LRC the fees are next to nothing. Use banxa or ramp to buy usdc right into L2. If you can't do that you can layerswap.

[–] Leader_Of_Fappers@alien.top 1 points 10 months ago

Layerswap has been kind of expensive for me since i don't have much loopring to transfer. They used to support internal wallet transfer when i used to send from exchange. That way I had to pay only layerswap fee.