Loopring Introduces Initial Wallet Offering (IWO)
- Users will be able to participate in IWOs directly from their Loopring Smart Wallets.
- The platform will also launch a trading competition and liquidity mining activities for IWO projects directly on Ethereum’s Layer 2.
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According to Loopring’s announcement from 16 May, its smart wallet users will now be able to participate in a project’s initial token issuance directly on Ethereum’s Layer 2, enabling fast transactions and low fees. Loopring’s initial decentralized exchange offering (IDO) — called Initial Wallet Offering (IWO) — will be different from the currently popular IDOs, as it will require only owning a Loopring Smart Wallet. Through the wallet, users will be able to subscribe to the issuance of high-quality projects vetted by Loopring.
The platform will also launch a trading competition and liquidity mining activities for the projects participating in the IWO on Ethereum’s Layer 2.
DAOSquare is a Web3-era incubator and will be the first project to participate in Loopring’s newly launched IWO. To enable its users to better obtain and drive rights to the network, DAOSquare launched the $RICE token. Details about the $RICE IWO will be announced on 19 May, with more projects set to come in the future.
- GameStop has described its new platform as a “non-custodial, Ethereum Layer-2-based marketplace that enables parties to truly own their digital assets”.
- The company said it plans to expand the NFT marketplace functionality over time, adding new categories such as web3 gaming, introducing more creators, and more.
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- GameStop’s self-custodial browser extension wallet will run on Ethereum’s Loopring layer-2 scaling protocol, enabling cheaper and faster transactions.
- The GameStop wallet will also allow users to connect to the GameStop NFT marketplace, which is expected to launch in the second quarter of the company’s financial year.
- The beta version of GameStop’s NFT marketplace allows users to mint NFTs, though the trading functionality is yet to be activated.
- Whlie GameStop did integrate with Loopring’s layer-2 technology, its “preferred partner” remains Immutable X, with which it partnered back in February.