Loopring’s increasing DEX volume and token price show the project is emerging as one of the leading layer-two solutions working to address the high gas fees on the Ethereum network.
Cross-chain bridges and layer-two solutions have become an important topic of conversation in recent weeks as protocols compete to offer the best solution to skyrocketing transaction costs on the Ethereum network.
While a lot of the focus in decentralized finance (DeFi) has been on the creation of a sprawling multichain ecosystem following the recent emergence of Binance Smart Chain and Avalanche, those who wish to stay on Ethereum have turned to layer-two solutions like Loopring as their preferred method of escape.
A recent report from Delphi Digital has identified Loopring’s decentralized exchange (DEX) as one of the top layer-two contenders, as it has already settled $590 million in volume in 2021.