The social trends analysis by Santiment’s experts confirms the growing interest in crypto projects such as Loopring and ImmutableX following the recent GameStop’s NFT Marketplace Announcement.
While the overall crypto market still experiences high uncertainty, Loopring has demonstrated 28% positive social media dynamics during the past 7 days. GameStop has announced that the major part of the NFT marketplace will adopt Loopring and ImmutableX as layer-2 technologies for Ethereum-based tokens.
Such official recognition of their technological advantages both illustrates the high potential for addressing scalability challenges and provides investors with additional opportunities for receiving above-the-average returns. Loopring is an open protocol used for developing innovative decentralized exchanges that combine centralized and decentralized elements in order to balance high efficiency and reliability for users.
Circular trades introduced by Loopring facilitate the exchange process and allow combining up to 16 orders simultaneously. ImmutableX is a layer-2 solution designed specifically for addressing the current scalability problems in Ethereum’s network. By eliminating gas fees for minting, ImmutableX allows users to enjoy maximum trading opportunities at minimum expenses. Both Loopring and ImmutableX can significantly facilitate the NFT trading experience, allowing Ethereum to address its major disadvantages as compared with more flexible proof-of-stake competitors.
The identified social trends show that these layer-2 solutions become actively adopted by members of the mainstream community. The radical reduction of fees associated with NFT minting and trading as well as the higher speed and protection of transactions may be the drivers of a new wave of NFT rage in 2022.
According to CoinMarketCap, the price of Loopring’s token has increased by 6% within the past 7 days, confirming its growing industry adoption and investors’ positive expectations. ImmutableX’s token price has increased during the same period. While Loopring’s higher appreciation is largely caused by its more active social media coverage, both layer-2 tokens follow the same trend.
Loopring also offers the option of ring mining to its holders when its tokens can be earned when clustering individual orders into groups. ImmutableX relies on the API abstraction layer to attract new companies from the gaming and NFT segment. Although the technical realization of layer-2 functions by Loopring and ImmutableX is different, they can address Ethereum’s major cost-efficiency and operational challenges. Their combined adoption by GameStop for the NFT marketplace also reduces users’ dependence on any specific solution, making the Ethereum-based NFT segment more sustainable in anticipation of the complete transition to Ethereum 2.0.