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for christ sake, use a layer 2 like loopring.io when you can people. (i.redd.it). 13 . . . Oxygenjacket77 commentssharesavehidereportall 77 commentssorted .: top .bestnewcontroversialoldrandomq&alive (beta)Want to add to the .?Post a comment!Create an account[–]only_enea 25 .26 .27 . 13 . . (12 children)


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How does loopring reduce gas fees?

From loopring.org

Loopring powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck.

ZKPs are Zero Knowledge Proofs

Wow. How am I just now hearing about this? Thank you.

Because there is too much happening in the etherspace to keep up!

Everytime I see some good news regarding zkp it gets 10 upvotes and then fades away to the back burner behind chainlink misinformation and bitcoin maxim shitposts

Holy shit so true

NO JOKE. I find it very difficult to keep my finger on the zeitgeist.

Man I cannot agree more. The development pace in blockchain industry is too high. Everytime I try to catch up, a couple more projects come out.

That's an understatement!

Loopring is the most underrated and undervalued project.

I'm expecting 100x in 3 years.

Loopring is awesome, and they're getting a ton of attention since they were first to market.

However, there's like 20 other L2 projects in development. I'm guessing we'll see some really great competition around L2s soon.

Maybe. Maybe populous. Or veritaseum – they have silver abd gold in erc20 version. Pretty solid.

Ok what's the catch? If layer 2 was possible without trust, and could work so well, why am I only hearing about loopring now?

How does it compare with the lightning network? (which is very brittle)

We need more pairs and liquidity on Loopring.io ! DEX's are the future!

How does it cost $10 in gas fees to register an account there? I want to use it but that is just prohibitive for an exchange with little coins and low liquidity.

It's a trustless Layer2 solution so getting funds on and off of the Loopring exchange will still require Layer1 gas fees. They can't control the gas market on Ethereum.

The benefit with Loopring is that all trades on the exchange itself will cost a fraction of the gas since they are batching transactions using zero knowledge proofs.

I don’t believe trades cost any gas, at least not to the user.

It does, they just price it into their trading fee (0 for maker, up to 0.1% for the taker). For now L2 transfers are free. It's still really cheap, even compared to centralized exchanges. They just need more tokens and more volume.

Also, there is a 0.0036 ETH registration fee. This is just so no one can spam the network for free, creating a million useless accounts.

One of the downsides of ZK proofs is they require large, computationally expensive calculations.

This is one area where optomistic rollups have an advantage over ZK rollups.

Yeah well. Loopring reduces around 50%. Yesterday I paid 4.5 usd so ok but not spectacular.

I had the same experience. I had to reset my password and it cost me $4.5 USD in fees for the TX :). Once I was logged in it was nice though. I just wish there was more liquidity.

Yeah also getting funds back to your wallet takes around 30-60 min as they need to wait to stack up a bunch of transactions first in one batch. With more liquidity, which will come, it should be much faster.

Yep! Overall I’m still stoked on it. I even went ahead and staked a bunch of LRC after the 30 min WD delay. It’s nice that they document it all so clearly though as I’m defiantly not used to having to wait AFTER N confirms to get coins 🙂

Can you explain what you did here?

It’s a DEX. Works in similar fashion as IDEX. You temporarily move your crypto to your address on their exchange, swap and then withdraw it back to your wallet. It’s pretty cool. It’s still in its infancy, I mean product is live, but liquidity a bit low for certain pairs. They will get there as currently they don’t have much competition for ZK transactions and the biggest benefit is slashed fees when you move your money.

Syscoin trustless bridge to ethereum saves 99.9% of fees

So how does this work? I bridge my usdt to Syscoin and then from syscoin I can convert it back to whatever Erc20 coin?

Yea but if more transactions move to Layer 2 then it won’t be as high.

Maybe if they added more common trading pairs, it would incentivize people to actually move over. At the least mimic the trading pairs that's available on Coinbase at a minimum. Also not a fan of them using USDT for their USD pairs.

Yes they definitely need more trading pairs and more liquidity.

Loopring needs some kind of yield-farming incentive to get people to sign up.

These high gas fees are going to be more and more of a major negative issue in the near future.

and everyone hoping Ether doubles in value

maybe nobody is willing to pay that much for it?

As the value of a chain becomes even more tied to its ability and use cases, Eth could very well become stagnant and choked up by these high transaction costs. Many Devs may look for alternative chains better suited for them.

or devs build on layer2 solutions natively.

Some definitely will, if its a good fit for them. Not all layer2 solutions will be created equally.

all tether issuances should go to layer2, for example, and centralized exchanges should use that. And some dex’s should use that.

I’m a fan of zkplonks, so loopring and zksync use those

idex is moving to a custom orollup implementation

Many dapps that only really use transfer function of digital assets can use one of the zkplonks as well. The current zkplonk contracts are not self serve though and their respective teams have their own goals

Yeah this is why many devs are moving from efh to another coin. I was going to use eth for my app, but I'm going to use another one instead, which has far lower fees

This just isn't true.

Right now devs can make a generic Eth Defi app, issue a DAO token and become a multi millionaire over night. The funding potential significantly outweighs the short term inconvenience.

If i was you, i'd reconsider putting my dapp somewhere else. It might help prevent the need mine BSV to make money https://www.reddit.com/r/bitcoinsv/comments/hu379q/im_thinking_about_buying_an_asic_miner_here_in/?utm_source=share&utm_medium=web2x

Why wouldn't i just get funding in cash or the coin i moved to? Why does it have to be a dao token? I chose a coin with far less transaction fees, because my app allows users to send coins to each other as a tipping system so i need low transaction fees

{amount of funding from community donations} < {amount of profit from issuing a token}

So its like an ico? I don't want my business to be associated with that. Icos scammed so many people.I rather raise funds in a legal manner through cash or using the coin i settled on. The coin i settled on actually has a creator who thought abouf international law.

Yup definitely agree with you

Where can we use this? It's only on their exchange right?

How about zksync? That is my favorite L2 solution I have seen so far. No crazy expensive register fee like Loopring.

Today I went to SNX to mint sUSD for trading. 20$. Then 24$ to convert to sETH for trading (1.5k USD batch). Crazy. Then when you revert back from synth to sUSD you have to pay another 24$. And then when you burn dollars to SNX another 20$. It’s just mind blowing. Give me the Russian guy, have to speak to him.

Layer 2 needs to be integrated into stuff or people won't use it. This is so fucking obvious it shouldn't even need to be said.. But it needs to be available in Metamask, Argent, etc etc and JUST WORK.

They could reduce it even further if the use CHI gas token.

The idea is to create contracts when gas price is low and destroy them and use the gas chargeback on times where gas fees are high

Have you used the CHI token yet? Been wanting to give it a try.

Only on 1inch via automatism

There is a guide how to get it directly. It says to use an individual address as you can get blocked if you use a low gas price or limit. I didn't understand it. Anyone can comment on it?

Chi doesn't really reduce gas costs, it just lets you "buy" gas when the price is low and use it when gas prices are high. It's basically a gas future.

If gas prices are high but consistent, then Chi or other gas tokens don't help.

Ok i tested Loopring and it's cool to send tokens from one account to another using no fees.

But is that what you are mostly doing with ETH and tokens ?

In my case most activities on Ethereum are to send tokens and ethereum from exchanges to my accounts and then to and from smart contracts.

In that case looprings zk rollup does not help.

We need smart contracts also in the rollup. However I don't know if that is possible at all.

It is possible, especially with Optimistic rollups. Synthetix will launch an optimistic rollup version of its protocol on testnet in September.

cool

So in such systems, it's up to the Dapp maintainer to support such "Optimistic Rollups" (or similar mechanisms) if they want to be layer-2 compatible ?

Or matic network too

Yes Matic is a good choice

Layer2 may be the future, but it's seemingly as distant of a future as Ethereum 2.0, which sort of makes one wonder what exactly the point is.

I think people who say "Layer2" in response to GAS prices haven't actually used it or just assume it addresses all viable use cases, when it doesn't even come remotely close.

If you need to send small amounts of ETH to someone 1000 times, and that person also receives ETH a lot, which makes the L1 > L2 and L2 > L1 transaction fees financially sensible, it works — if they're on L2, which they aren't. Yet, anyway.

In all honesty, I do like L2 and I want to see where it goes. But the hurdles are many and the use cases are (currently) sparse.

And unless they all develop very niche functionality which always outperforms generalized Ethereum 2.0 functionality, I don't know what their place is long-term, because Ethereum 2.0 will scale, and even if there does need to be a L2, it seems that 10 different Ethereum 2.5 L2 networks would be more usable than Ethereum 2.0 and 10 different totally incompatible L2 networks, unless they become niche GPUs to Ethereum 2.0's CPU, or some such thing.

Plasm Network is also a promising L2 solution in my opinion. Still under heavy development though https://www.plasmnet.io/

Not all dapps or wallets i.e. have native L2 solutions implemented. It's not a user created issue, it's clearly a L1's problem.

I think we gotta raise the limit again, too. It's gonna be a long time before everyone can get layer2 done

Also, not everyone will be on the same layer2 — for NFT Gaming / /r/Flowerpatch, MATIC seems like the best choice currently. The zk stuff doesn't have all the features we need yet, and it costs more

Raising the gas limit doesn't reduce gas fees.

It actually probably increases gas fees due to induced demand.

Even if that's the case, I want to see as much traffic as possible going through. I don't think we are at that limit yet

I got stuck providing liquidity to Uniswap and with the recent spike in gas price I can't get out of the pool lol. I hope Gas prices go down soon

Eh… how complex is the contract you’re using?

OR Nash.io. Non-Custodial exchange that is a layer two solution with ETH and USDC pairings. Much cheaper in fees than any other place out there as they use state channels.

ELi5?

What a great solution lol, batching txs to fix ETH flaws, let’s delegate to someone else our problems hahaha, typical ETH work around. Network already struggling with the DeFi and ppl still thing it will succeed, it is actually sad to see it happening.

😂😂😂.

To be fair i have to put ur asset into loopring which cost just as much gas as any other transaction. But one there it’s wayyy cheaper. But then u pay gas when u take out ur assets from lrcs contract. Still kinda useful ig.

matic is the best

OMG network will be taking the load of the Ethereum network over the next few weeks, as some of the USDT transactions on Eth will be moved over to the OMG network

My MM fees are not even 0,50$ for medium speed…

Can you stop with these posts?

Eth transfers are $0.50, thats correct.

However the network offers more than just transfers. Interacting with Dapps is increasingly expensive. This $10 fee was to deposit my eth into a contract.

fees to swap on uniswap are now around $5, still fine for amounts above $500 but for smaller amounts its ridiculous.

not all functions use the same amount of gas retard

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部分文章转自网络,侵权联系删除b2bchain区块链学习技术社区 » for christ sake, use a layer 2 like loopring.io when you can people. (i.redd.it). 13 . . . Oxygenjacket77 commentssharesavehidereportall 77 commentssorted .: top .bestnewcontroversialoldrandomq&alive (beta)Want to add to the .?Post a comment!Create an account[–]only_enea 25 .26 .27 . 13 . . (12 children)
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