Instant, Gasless Transfers Now Available Through DXdao’s Launch of Rails.eth
The DXdao has ratified the IPFS content hash for the Rails application to resolve on the Rails.eth domain. In other words, Rails is now officially live because of the successful vote from the digital collective. This is what decentralized governance looks like.
Rails is a layer-2 application powered by Loopring’s zkRollup. When transferring funds from your wallet to the second layer, you will be able to send ETH and any ERC20 compatible token to anyone else within the second layer- instantly and free of any gas fees.
How can it be free?
Well, the fees are so negligibly low, Loopring has offered to cover the fees for the time being. Currently gas prices are at a fraction of a fraction of a penny.
Ok, so how do I use it?
First, you will have to onboard your Web3 Ethereum wallet (such as Metamask) onto the Loopring zkRollup. This essentially creates a Layer 2 account for your Layer 1 wallet.
If you already have a Loopring-enabled wallet, you will see a button like the one above.
There will be a prompt to sign a message to access Loopring’s second layer.
Now you’re in! You can transfer your crypto from your wallet to the second layer by clicking Deposit. This may initially cost you some gas in the beginning and take some time. Once you’re on Rails, all transfers of crypto are instant and gasless. Reminder- this will only allow you to transfer crypto to anyone else who has a Loopring-enabled Ethereum wallet. Pretty soon, you will be able to send crypto to any Ethereum wallet address on Layer 1 after the release of Loopring v3.6. You can read more about it here.
The DXdao is excited to introduce this new scalability solution to the Ethereum ecosystem. Be on the lookout for more updates on Rails and DXdao’s other DeFi products. Until then, spread the word and #GetOnRails.
