Hey PH folks,
I'm back with the second part of my review on Loopring project. If you missed the first one, I recommend you to check it out from here.
Today's post will more practical, I'm going to talk about one of the most interesting products Loopring project offers, and that is the "Loopring DEX".
Loopring DEX is a fully flagged DEX that enjoys all positives of Loopring protocol. It is similar in look to regular centralized exchanges.
Depositing, withdrawing, and trading, all are intuitive and self-explanatory, so I decided to focus my article on one feature with Loopring DEX that I find so interesting, and that is the "Loopring Pay" service .
The Biggest problem with Ethereum...
Before we dive in, let me start with a bit of background...
As known, Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin and it is the most famous platform with smart contract capabilities.
Ethereum is NOT perfect, However, and it has its share from issues and developmental constraints, and the most serious ones are its poor scalability, low transaction speed, and high transaction fees.
Just take a look at the below snapshot of an old transaction on the Ethereum blockchain. The sender paid a fee of over 10,000 Ethereum which equals to $5,935,548 to transfer 0.55 Ether ($306). Can you even imagine how ridiculous this transaction was !!
Ethereum creator Vitalik has promised to handle most of these problems with the upcoming launch of Ethereum 2.0 , but it is no clear when this launch will take place or how successful it will be.
For that reason, many cypto projects have taken these issues seriously and introduced their own solutions to scale Ethereum Blockchain, and one of the most interesting solutions was "Loopring Pay" offered by Loopring.
So, let's start with creating an account on Loopring DEX:
Firstly you should go to the official site from here: https://loopring.io/#/
You'll see that there are two versions. Loopring V2 is still in beta and there is no much liquidity on it, so I'll choose V1.
After you're in, you should connect your web3 wallet with the DEX so, click on "connect wallet" from the top right corner.
Select the wallet you use, I'm using MetaMask...
A message from MetaMask will pop out asking you for permission to connect to the DEX, so click in "Next"
Then, In order to be able to deposit, trade, and withdraw you have to activate layer2
After clicking on Deposit, you will receive a pop-out message asking you to select what token you want to deposit. For the purpose of this tutorial, I deposited a few BAT tokens.
Now, you should wait some network confirmations, this will charge a little fee and may take a few minutes, but once your funds are in, you're as good as gold.
Let's come to the nicest part; how to transfer your ETH or any other ERC-20 token completely FREE, yes you read that right completely FREE. No gas, no fees.
One caveat, the sender and receiver need to have Loopring DEX account to complete this process, if the recipient didn't have one, then you should invite them to register on Loopring DEX.
Firstly, click on Transfer from the right menu:
A pop-out message will show up asking you to fill the required information; the recipient Ethereun address, and the amount you want to transfer.
And as usual, there is another pop-out message from MetaMask asking for confirmation, hit up Sign if you're sure you want to complete this transaction.
That's it :))
What do you guys think about "Loopring Pay" service?
I'm really keen to know your opinions and thoughts.
And I'm ready to answer questions in the comments below...
