This Crypto Project Soared 220% Because of Ethereum’s High TX Fees
It is also one of the few projects currently placed ahead of the curve thanks to its use of zk-rollup technology, which scales Ethereum transactions from ~15/sec, to ~3,000/sec. It’s interesting to note, therefore, that the value of Loopring increased 220% from July into September, coinciding with the sudden explosion in the cost of using Ethereum.
As transaction fees soared, Ethereum founder Vitalik Buterin was already urging developers and users to adopt Loopring’s zk-rollup technology. On September 1, Buterin replied to claims that Ethereum was too expensive to be used for charitable donations, writing:
Ethereum’s average transaction fees rose all throughout 2020, from early January’s low of $0.07 up to the recent all-time high of $14.58.
