This space will be tackling on interacting the website app, but note that all the L2 tactics you learn here can be applied similarly using your Loopring Wallet as well. If you’re more technical, you can also interact with L2 via our relayer API.
The Loopring DEX is capable of settling up to 2,025 trades per second for up to 100 times lower cost than on the Ethereum L1. This allows users to trade speedily and cheaply without worrying about Ethereum congestion or gas fees while maintaining control of their assets.
The Loopring DEX is also non-custodial: Users can access their assets under any circumstances and the private keys are never stored. The Loopring L2 protocol ensures complete transparency and Ethereum-level security.
The Loopring DEX also acts as a payment app. Users can send ETH and ERC20 tokens to any Ethereum address instantly, cheaply, and securely on L2. This helps solve the problem of incompatibility between scalability and security.
It does this by bundling up hundreds of transactions into one and moving them off-chain. There, it generates a cryptographic validity proof and sends it back to the main blockchain.
The fact that Ethereum verifies these proofs, and stores enough data to tell what off-chain account owns what, means that zkRollups inherit the same non-custodial security as Ethereum, but can run much faster.