Weekly Analyst Thoughts
Last week, the cryptocurrency community found itself in the midst of a mini bull run. Dogecoin rocketed up 97.86% after a buying frenzy triggered by the social media platform TikTok. Synthetix followed the Dodgecoin run with its own rally of 24%.
With so much price fluctuation among cryptocurrencies, it is easy to get wrapped up in the potential value that can be realized from investing in digital assets. While the potential value that crypto offers does tend to raise an eyebrow, it is important to keep in mind that the main value proposition of cryptocurrencies is their ability to send electronic payments between peers without any intermediaries and unnecessary fees.
A potential everyday use case of cryptocurrencies can be seen within the multifaceted nature of Ethereum. One way to use Ethereum cheaper while lowering your gas costs—the costs associated with Ethereum transactions—is to use a layer 2 Ethereum solution such as zkRollups. One of the first Ethereum tokens/companies to integrate zkRollups into their platform is Loopring (LRC), one of the most popular decentralized exchanges on Ethereum. Below, see a video showing Loopring Pay in action.
Trying to understand what this means for your wallet? Imagine not worrying about Ethereum transaction fees when transferring to and from a decentralized exchange. That’s right— totally Free. Loopring Pay is bringing innovation and scale to Ethereum’s blockchain as it prepares the ecosystem for the next crypto bull run.
By Jacob Stelter