Loopring L3 now live on Taiko alpha-3 zkEVM testnet

Loopring recently announced deploying its L3 on the Taiko alpha-3 zkEVM testnet. 

The integration allows Loopring to achieve better scalability and optimized experiences for its dApps and smart wallet. The news was shared through a string of tweets by Loopring.

The tweets stated that Loopring believes in a multi-rollup environment. The network is also committed to promoting ZK technology via its mobile smart contract wallet. With the launch of L3 on Taiko and Ethereum, Loopring has taken a step further in offering the scale to reach this objective.

Loopring also touched on the topic of why deploying Layer 3 over Taiko Layer 2 is beneficial. According to the platform, the integration of an app-specific layer for NFT and DeFi apps allows users to enjoy an enhanced experience. 

It cuts their costs, which cannot be achieved while using the EVM. Similarly, the integration can provide recursive proofs that can reduce taxation costs. 

Loopring is among the few names that excel at delivering convenience to users via ZK apps. One of its benefits is the roll-up execution ecosystem that provides cost perks to gamers, creators, and traders. As stated already, such advantages cannot be achieved using just the EVM.

In Layer 3, some taxes become cost-effective by using recursive proofs. It sends proofs to Taiko, which uses Type-1 design to facilitate the reuse of such proofs, reducing computational costs.

The release of the Layer 3 smart contract wallet accompanies feature transfers and swaps. It will mean that a simple onboarding process for Layer 3 will be available. Moreover, Loopring plans to release more functionalities to users in the future.

The Loopring.io DeFi app is also set to be released on Layer 3 soon. The recent announcement stated that the layer is available on both Android and iOS platforms. Thus, the platform has invited the community to try it out.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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