One of the big sleeper hits in the crypto class is revealing itself to be Loopring (CCC:LRC-USD). The scalability network is seeing quite the price boom over the latter half of 2021. Chalk it up to the interest in scalability or the rumors that Loopring can’t escape surrounding its relationship with GameStop (NYSE:GME). Either way, don’t expect the hype to die down just yet. With the launch of the Loopring wallet today, excitement is only building further for the network.
Loopring offers investors an Ethereum (CCC:ETH-USD) scaling solution, which has been seeing a lot of interest in recent months. Indeed, as Ethereum continues to build its massive base of active users, the network frequently finds itself bogged down with transactions. As an easily bottlenecked network, there are often spikes in the gas fees users must pay to trade on the network. These gas fees can be as high as $50 or $60 for a single trade.
What differentiates Loopring from the rest of the pack of scaling networks is its zero knowledge (zk) proofing technology. Using zk proofing, transactions can be verified by a third party; this isn’t a new concept, but zk proofing adds security measures that keep these third parties from seeing all of the information they are verifying. It’s fast, it’s secure and it is rapidly becoming one of the most popular scaling methods. In fact, the Polygon (CCC:MATIC-USD) network — one of the largest scaling networks in the world — recently adopted zk proofing for its own network.
Loopring Wallet Launch Spurs More GameStop Rumors, Sends LRC Crypto Skyrocketing
Loopring caught investors’ attention at the beginning of November. Some savvy retail investing sleuths are theorizing that Loopring has a partnership in store with GameStop. Neither party is confirming the rumors yet, but they are solid enough to drive more investors to buy into LRC. The primary notion of the rumors is that Loopring will support GameStop’s coming non-fungible token (NFT) marketplace. Today, with the announcement of the Loopring wallet launch, investors think the partnership’s formal debut is not far off.
The network is taking to Twitter today to announce the launch of the L2 Counterfactual Wallet.
A major step forward today on our mission to onboard the masses directly onto Ethereum secured Layer 2🔥
Our brand new (L2-only) Counterfactual Wallet + direct to Loopring L2 fiat on-ramps are finally here💙
— Loopring (@loopringorg) December 21, 2021
The wallet is an exciting new tool for investors, as it allows one to deploy their wallet directly on layer-2. Indeed, creating a wallet using the network’s previous tool requires deployment on layer-1; as such, its users are afflicted by the same high gas fees that plague Ethereum. This new product promises to be higher performing, cheaper and simpler for users.
The announcement is making a lot of bullish LRC holders very happy; it’s also spurring plenty rumors about the GameStop partnership. Indeed, GME bulls are discussing how this Loopring wallet launch is a crucial step in the grander scheme of supporting GameStop’s NFT marketplace rollout. Either way, LRC is seeing plenty of green today. The coin is up over 15% well into the afternoon. Additionally, transaction volume is doubling over yesterday’s as investors buy the news.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.