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.