High gas fees on Ethereum are pricing out DeFi users, to the benefit of competing layer 1s like Binance Smart Chain and Avalanche which currently have cheaper fees. While everyone is focused on this multi-chain DeFi ecosystem popping up, let’s turn our attention towards a layer 2 DeFi application that’s already live and growing on Ethereum – Loopring.
While there are other layer 2 DEXs out there, Loopring, in particular, has stood out, settling $590 million of volume in 2021 thus far. Initially, Loopring’s DEX ran off a central limit order book (CLOB), like most exchanges. However, incentivizing liquid