Loopring lists pBTC, creating the first cross-chain DEX bridge with zkRollups

pTokens BTC is now available on Loopring exchange and can be swapped with USDT. This makes Ethereum’s most high-performing DEX compatible with BTC and introduces its market liquidity. It also makes the high-performance, decentralized trading of pBTC possible.

If you want to take advantage of self-custodial trades, high speeds, and some of the lowest fees of any Ethereum DEX, then head to the Loopring platform. You only need to link your Ethereum wallet to get started.

What is Loopring?

Ethereum’s first and only zkRollup DEX

Loopring is an open-source, audited, and non-custodial decentralized exchange. It hosts a unique approach compared to other Ethereum-based DEXs, implementing a technique called zkRollup, which is centred around scalability.

As a high-performance, non-custodial DEX, Loopring processes thousands of transactions (approx. 2,025 trades per second) completely off-chain. The platform is cheaper and ~1000x faster than a “normal” DEX. It not only reduces gas consumption and brings overall settlement costs to only fractions of a cent, but thanks to the zkRollup mechanism, it means that the performance of underlying blockchains no longer affects the speed of trades. Orderbook transactions are later settled on-chain with so-called zkSNARK proofs.

Loopring Exchange also acts as a payment app via Loopring Pay. Users can send ETH and ERC20 token transfers to any other user on the zkRollup instantly, cheaply, and securely.

What’s so special about Loopring zkRollup x pTokens?

pTokens makes any cryptocurrency compatible with any blockchain. For example, pBTC connects Bitcoin to the Ethereum ecosystem, so it can be used across the DeFi universe and with platforms like Loopring. pBTC is pegged 1:1 with Bitcoin, so you can redeem your Bitcoin anytime you like through a custom DApp, or swap it with any other Ethereum or EOS token. With this new Loopring listing, you can easily swap your USDT for pBTC, effectively buying and owning Bitcoin without any kind of centralized exchange or custodial platform being involved.

pBTC is the first cross-chain solution to be listed on the Loopring exchange, and by extension, the first instance of Bitcoin-pegged tokens leveraging the zkRollups for trading.

We’re excited to see the introduction of BTC in the Ethereum ecosystem scale even higher.

How to trade pBTC on Loopring

Learn more about Loopring DEX in their dedicated FAQ.

1.Head to Loopring.Io to get started. Press “Connect wallet” in the top right corner to link your Ethereum wallet.

Then register your account. This means your Ethereum address will be tied to a “slot” (Account ID) in Loopring’s off-chain account system. This takes a single on-chain transaction to be processed, which includes paying a gas fee on Ethereum and waiting for the transaction to be confirmed. Then it takes 5–30 minutes longer for the account to be created on the zkRollup, so you should see appear on your dashboard during or after this time.

2. Once you’ve registered your account, make sure you have USDT stored in your wallet to exchange with pBTC. Select the USDT-pBTC trading pair from the drop-down list on the far left.

3. Press the “Buy” option, enter how much you’d like to swap with your USDT. Then press the “Buy pBTC” button at the bottom.

That’s it! Your transaction should be confirmed and it will appear in your order history. You now have pBTC thanks to this lightening speed DEX.

Note that in these initial stages of the new listing, you may not see any activity on the dashboard. This will change over the coming days as more and more people trade.

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💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.

🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.

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