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Loopring’s second quarter of 2023 was filled with significant developments despite the crypto bear market. Major advancements include the introduction of NFT Red Packets, the launch of Block Trading, and the unveiling of Loopring L3. Loopring Gaming also gained significant traction, marking a notable achievement in the community.
In this quarter, the total trading volume on Loopring’s Layer 2 (L2) reached almost $6 billion, and over 205,000 L2 accounts were created. The NFT Red Packets were well received, allowing users to distribute millions of NFTs cost-effectively. The company also continued its collaboration with Taiko, integrating its alpha 3 testnet within the Loopring Smart Wallet.
Block Trade, a new feature designed for centralized exchange (CEX) users, provides access to top liquidity directly on L2, allowing users to keep complete control of their assets in self-custodial wallets. This makes trading safer by eliminating the need to risk funds on a centralized exchange.
Additional highlights included the introduction of Stop-Limits for automating trades, the unveiling of MetaGates for creating customizable virtual spaces, and various L2 and wallet upgrades to improve user experience and security. The company also revamped its documentation, announced a new strategic partnership with Uptick Network, and implemented a new protocol distribution model for fees.
Looking ahead, Loopring plans to deploy its first-ever Layer 3 on top of Taiko’s testnet, expand to the Arbitrum network, introduce margin and leveraged trading, release ERC-20 Blind Boxes and private NFT Red Packets, and enhance its DEX trading experience. It also aims to broaden the adoption of its Loopring Smart Wallet.
In the community, Loopring introduced new initiatives to recognize members contributing to L2 adoption and saw rapid growth in the Looper Lands game and Spiked Rollups studio.
Additionally, Loopring allocated 63,932.65 LRC in protocol fees this quarter to reward liquidity providers, stakers, and the DAO. The Loopring DAO selected the following AMM pools for rewards in Q3 2023: LRC/ETH, LRC/USDC, LRC/USDT, ETH/USDC, IMX/USDC, and TLOS/ETH.
The company also plans to enhance trading by introducing automatic trading bot functionality, with Grid Trading being the first bot to be introduced. The Grid Trading strategy aims to automate buying and selling within a certain price range, making it a great tool for traders who want a systematic approach to trading.
Loopring’s Smart Wallet, with its wide range of features including Social Recovery, Whitelisted Addresses, Daily Transfer Limits, Cloud Recovery, and 2FA protection, is being positioned for global adoption, allowing users across different networks to securely store their crypto and NFTs.
In terms of community engagement, Loopring introduced the “Earn a Loophead” initiative, featuring weekly challenges that reward users with Loophead NFTs. A new category was also added, Loopring OGs, to honor long-standing community members. Additionally, partnerships with Uptick Network and other key players are continuing to strengthen the Loopring ecosystem.
Putting it all together, despite facing a bearish crypto market, Loopring pushed forward in Q2 2023 with numerous updates, new features, and community engagement initiatives. With a focus on improving its Layer 2 solution, integrating new features like NFT Red Packets, and enhancing its Smart Wallet, Loopring is showing a consistent commitment to facilitating decentralized finance and gaming experiences for its users. The company’s outlook includes a continued focus on these areas, along with a plan for expanded network support and more sophisticated trading tools.