Loopring Is Seeing An Increase In Trading Activity
Loopring decentralized exchange is one of several Layer 2 (L2) networks that are seeing a surge in adoption as Ethereum transaction fees get higher. TVL Loopring is up 570% since mid-October and hit a record $765 mln on November 25, according to DappRadar.
Loopring isn't the only L2 scaling platform to see massive user influx and liquidity. According to L2beat, TVL across the L2 ecosystem is close to an all-time high of $6.9 bln. Loopring is currently the fourth largest L2 network with a market share of 9.7%. TVL Arbitrum – $2.74 bln, accounting for almost 40% of the market. Arbitrum is implementing an increasing number of crypto platforms, the latest of which is the Ethereum Tornado Cash privacy protocol.
Number two in terms of L2 TVL is the Boba network, which is a smart contract scaling protocol. TVL Boba is up 29% last week to $1.39 bln, or 20% of the market share. The dYdX decentralized derivatives exchange is in third place, just above Loopring with TVL of $933 mln.
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