The DEX Second Layer Loopring has announced that it now supports Bitcoin (BTC). The blockchain platform has added Wrapped BTC trading pools alongside new trading pairs.
Loopring takes on Bitcoin (BTC)
Loopring shared these new additions in a tweet this Sunday, explaining that users lack options when it comes to Bitcoin:
“Hard to believe we had almost no BTC pairs or pools all this time on Loopring Exchange. We didn’t even have the BTC-USD pair. So we changed that. “
Loopring, therefore, opens new pairs, thanks to Wrapped Bitcoin (wBTC), a “wrapped version of BTC that works on Ethereum. Users will now be able to exchange wBTC for DAI, USDC, and USDT stablecoins. Wrapped Bitcoin’s integration into Loopring pools is notable: it allows the protocol to bring part of the largest cryptocurrency liquidity to an Ethereum-based system.
According to data from DeFiMarketCap, Wrapped Bitcoin is currently the second cryptocurrency used by DeFi with a market capitalization of over $5 billion.
Loopring is gaining momentum.
Second layer protocols like Loopring have increased in popularity in recent times due to the increasing congestion of the Ethereum network. Loopspring is built on a secondary layer outside Ethereum, making it a choice for some users due to lower transaction costs.
The growing enthusiasm for the project is evident with the rapid growth of its governance token LRC. LRC has experienced massive growth since the beginning of the year. Trading initially at around $0.17, the token jumped to $0.88 in mid-February, representing an increase of 420%.
Although the price of LRC has lost almost half of its value in two weeks, the project has shown signs of solidity, and the arrival of Wrapped Bitcoin on Loopring could further help make the protocol stand out.