A strategic partnership has been announced between Mask Network and Loopring for building a cost-effective Ethereum Protocol. According to this collaboration, both organizations will develop functions related to “Red Packet” in the second layer. The underlying rationale behind this partnership is to make the cryptocurrency exchanges more affordable in terms of their transaction fees that will, in turn, help expand the appeal of exchanges among a wider group of participants.
Divulging details about its vision of building a completely decentralized ecosystem of applications specifically for the social media platforms, Mask Network says that the organization is fully committed to building a bridge that will help in the seamless integration of web 3.0 and the current internet. The company has offered competent decentralized applications, including Red Packet related to the market trading, non-fungible tokens, and Ethereum.
To enhance the cost-effectiveness of transactions on the Ethereum platform, Loopring has been offered as the prominent solution. It’s based on Layer2 scaling and helping the segment of decentralized finance by making the participation more cost affordable. This collaboration will also help users enhance the scalability and overall speed of the transactions on the network. These aspects will benefit millions of users on social media platforms who want to become find high cost and low processing speed as stumbling blocks. Loopring had already achieved the distinction of being the first Initial offering project on Twitter that was launched using the Mask Network’s ITO function. The launch of the project turned out to be so popular that in less than 3 minutes, the $LRC worth $50,000 was grabbed by thousands of users on the platform. According to experts, this success is likely to help the partnership sustain for a longer period.