- Loopring’s protocol is officially live on Wanchain’s platform
- The cross transfer is a big step towards interoperability
- Wanchain’s seeks to enhance cross-chain transfers
Loopring and Wanchain have announced that Loopring’s protocol is live on the Wanchain platform. The Loopring Protocol enables third parties to create non-custodial platforms to execute peer-to-peer transactions without surrendering the custody of their assets. The announcement via a December 18, 2018 Medium blog spot, says the LRC Token becomes a huge step towards achieving full interoperability with Bitcoin.
According to the MoU, Loopring will offer a highly modular and efficient DEX protocol as WanChain supports cross-chain transfer of value that will enable the breakdown of existing barriers the currently exist between independent chains. Daniel Wang, the founder and CEO of Loopring stated:
“We’ve always been clear about focusing on building the most powerful decentralized exchange technology, and letting specialist teams tackle interoperability; Wanchain is clearly one of those leading teams. With Wanchain, LRC can live cross-chain, without needing to issue new tokens per platform. Fundamentally, for DEXs to realize their true vision, cross-chain capability is crucial.”
SEC has not spared DEXes
Decentralized trading platforms received a serious blow following the charging of EtherDelta’s Zachary Coburn for trading in unregistered securities. For all practical purposes the exchange was considered decentralized since all trades took place on the Ethereum MainNet and users could trade any token on the Ethereum network.
The exchange contained all the elements of decentralization since the trades did not incur the risk of surrendering the funds to anyone else. However, the issue concerning EtherDelta was sufficient to cause the federal government to label it a centralized entity trading in unregistered securities.
Following the new development, Loopring is expected to enable entrepreneurs get hold of and change the situation. Since it is an open source and decentralized platform, it is expected that it will jumpstart the growth of decentralized exchanges. Commenting on the development, Jack Lu, the founder and CEO of Wanchain stated:
“Loopring is a critical component in our plan to build the future of finance in a decentralized manner, […] Wanchain’s interoperability platform is an excellent complement to Loopring’s protocol and will set the stage for a more advanced DEX ecosystem with the ability to offer cross-chain trading pairs and increased liquidity. We expect 2019 to be an exciting year in the DEX space.”
Last week Wanchain introduced a built-in platform the enables Bitcoin and Ethereum interoperability, which enables cross-chain transfers. Wanchain’s token (WAN) is currently cheaper than Ethereum ensuring the transaction fees are therefore cheaper. Meanwhile, it is actively creating demand in the form of attracting new projects and partnerships.