We are happy to announce that Mask Network will build a strategic partnership with Ethereum Layer2 Loopring Protocol. We will have deep cooperation in Layer2 scaling, zkRollup and other decentralized technologies; On the application layer, Mask Network and Loopring will work together on developing more second layer “Red Packet” functions. The immediate goal of our cooperation will focus on solving high transaction fees on decentralized exchanges, paving the way for a more efficient Ethereum Layer2 ecosystem.
Mask Network aims to build a decentralized application ecosystem on social media platforms and build a bridge connecting the current internet with Web3.0, a new and open web. Our decentralized functions now include Red Packet on Ethereum, NFT, market data and trading. Loopring is the first actualized Layer2 scaling solution for Ethereum, using zkRollup to increase transaction throughput on Ethereum to exist 3,000 txs, meanwhile greatly reduces transaction gas fee to make it affordable for anyone participating in the DeFi ecosystem.
Our partnership will help users experience faster network speed and greatly reduce transaction cost, helping more and more users to cross the bridge to the decentralized web, becoming the gateway for the billions of users on social media platforms to enter the DeFi world.
Previously, Loopring had become the first Initial Twitter Offering project through Mask Network’s ITO function. $LRC worth around $50,000 was sold out in less than 3 minutes, attracting thousands of participants on Twitter. Due to the surprisingly successful results, this event became a solid foundation for future cooperations between Mask Network and Loopring.
Details about the ITO cooperation can be checked in the following article:
Recently, the gas fee on Ethereum has increased a lot, and in the meantime, Loopring Layer 2 has reached 1000 Gwei tx/s. In this cooperation between Mask Network and Loopring, we plan to send second-layer red packets on Loopring Layer 2 in the future. And our strategic partnership with Loopring will also focus on technological sharing and innovation on Layer2, building a faster and more robust foundation for the decentralized web and DeFi ecosystem.
-What is Layer2?
Layer2 is a comprehensive solution to solving the scaling problem currently faced by the Ethereum Network. Due to the congestion and extreme high transaction fee during times of high transaction throughput on the network, most users find the user experience unfriendly, and also making Ethereum Network unsuitable for large scale applications. In order to solve the scaling problem of the Ethereum Network, the concept of Layer2 is born.
Loopring is a new generation decentralized exchange order matching protocol, focusing on blockchain smart wallets and second-layer scaling solutions. Loopring wallet is the world’s first second layer non-custodial wallet; Loopring is the world’s first working decentralized exchange product that is based on zkRollup technology, allowing many exchanges to provide off-chain matching and on-chain settlement services to the same order book. It is a direct solution to the numerous risks faced by centralized exchanges.
Loopring Automatic Market Maker will be based on Loopring Protocol 3.6 version, leveraging zkRollup layer2 scaling technology, with deposit and withdrawal happening on second layer networks, 0 gas fee, with transaction speed and throughput a thousand times higher than that of Uniswap.
-About Mask Network
Mask Network is the core product of Dimension. It officially came out in July 2019. Mask is positioned to become the portal that helps traditional internet users transition from Web2.0 to Web3.0. The foundational technology of Mask Network is a peer to peer encrypted messaging, with new functions continuously being created around this foundation. Mask Network advocates for data ownership, it integrates decentralized social messaging, borderless payment network, and decentralized file storage and sharing. Combining decentralized finance with DAO, Mask bridges the gap between existing internet with the decentralized Web3.0. We help users to conveniently participate in the decentralized Web3.0 ecosystem through traditional social media platforms such as Twitter and Facebook knowing their privacy is well protected.