Loopring Jumps 19% Amid Ethereum ZK-Rollup Hype

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Loopring’s LRC token is up 18.9% while many major crypto assets are down. Loopring is a ZK-Rollup solution designed to help Ethereum evolve. It aims to increase the speed of transactions and reduce costs by using ZK-SNARKs to consolidate transactions. Interest in ZK-Rollups is growing, with competitors zkSync and StarkWare recently announcing big increases. Starknet Alpha from StarkWare is expected to go live this month. Share this article

Loopring is one of many ZK-Rollup solutions designed to help Ethereum scale.

Loopring shows 19% rally

The crypto market appears to be gearing up for a “ZK season”.

Loopring, one of Ethereum’s best ZK-Rollup solutions, has risen 18.9% in the past 24 hours as Bitcoin and several other major crypto assets are down. Loopring’s LRC token is currently trading at $ 2.78 according to data from CoinGecko. It is about 26% below its all-time high, recorded on November 9.

Loopring is one of several Layer 2 projects aimed at helping Ethereum achieve scalability. It focuses on offering Layer 2 transactions and payments. It uses ZK-Rollups to provide users with faster and cheaper transactions while enjoying the security of the Ethereum backbone. ZK-Rollups work by aggregating off-chain transactions and creating cryptographic evidence called ZK-SNARK, which is then submitted to the base chain. This in turn reduces the load on Layer 1, allowing for significantly reduced gas costs. Stacks are also available in the Optimist variety, which has a trading challenge period that increases withdrawal time to the Ethereum mainnet. The Ethereum community is hoping that ZK-Rollups, Optimistic Rollups, and the eventual launch of Shard Chains will help the network evolve for mass adoption.

Optimistic rollups have already gained momentum on Ethereum. The most successful to date has been Arbitrum, which hosts a number of Ethereum’s best DeFi apps and has a total locked-in value of around $ 2.46 billion. However, interest in ZK-Rollups has also started to increase in recent weeks. Besides Loopring, other ZK-Rollup projects include StarkWare and zkSync. StarkWare Prepares To Launch StarkNet Alpha On The Mainnet By Month End; the company just announced a raise of $ 50 million for a valuation of $ 2 billion. Matter Labs, the development team behind zkSync, also raised $ 50 million earlier this month. Notably, unlike Loopring, neither StarkWare nor zkSync have launched their own native tokens.

The crypto space is known for its rapidly changing narratives or “seasons” due to the speed at which the industry is changing: Throughout the summer, NFTs have been the dominant niche in the space. In September, interest began to shift to Layer 1 networks like Avalanche and Terra. October saw a brief dog coin season spearheaded by Shiba Inu, before Facebook’s rebranding to Meta sparked a Metaverse-themed token frenzy. While Vitalik Buterin has previously said that ZK-Rollups could be the long-term solution to Ethereum’s scaling issues, it looks like the market is already focusing on the technology.

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.

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