How Loopring enabled efficient Layer 2 onboarding with Ramp Network

Background

Loopring has established itself as a leader in decentralized finance (DeFi) by offering a platform that emphasizes speed, cost-efficiency, and security. With their Layer 2 solutions built on Ethereum, Loopring enables fast and low-cost trading of ERC20 tokens and NFTs. However, expanding their user base, particularly among those unfamiliar with crypto, required addressing significant onboarding challenges.

Challenge

Loopring’s mission to make DeFi accessible to a broader audience was hindered by the complexity and cost of onboarding users through Ethereum’s mainnet. For crypto newcomers, the process was daunting and expensive, with fluctuating gas fees acting as a barrier to entry. This created a significant roadblock, preventing many potential users from experiencing Loopring’s high-speed, low-cost transactions.

"Our goal has always been to make DeFi accessible to everyone, but the initial onboarding process, especially for those new to crypto, was a real sticking point," said Magic Pan, VP of Product & Operation at Loopring. "We knew we needed a more intuitive, user-friendly solution to lower the barriers to entry."

Solution

To address these challenges, Loopring sought a trusted on-ramp provider that could seamlessly integrate with their Layer 2 solution, ensuring a smooth transition from fiat to crypto. Ramp Network emerged as the ideal partner due to its strong reputation, particularly for supporting Layer 2 networks through collaborations with partners like Argent, where Ramp Network integrated zkSync and later supported Argent’s transition to Starknet. Additionally, Ramp Network’s extensive experience with other Layer 2 networks, including Arbitrum, Optimism, and Polygon, further demonstrated its capability and commitment to enhancing user experiences across diverse ecosystems.

Ramp Network worked closely with Loopring to integrate the Loopring L2 chain, adding support for key assets like ETH, USDC, and LRC. This integration went beyond merely adding payment options—it created a comprehensive experience that kept users within the Loopring ecosystem, simplifying what was once a complex and intimidating process.

"Working with Ramp Network was a game-changer for us. Their team was incredibly responsive and helped us create an onboarding process that our users could trust and easily navigate," noted Magic Pan, VP of Product and Operation at Loopring. "This partnership has enabled us to lower the entry barriers, bringing more users into the DeFi space than we could have on our own."

Results and impact

The integration of Ramp Network has had a tangible impact on Loopring’s growth and user experience:

• #1 in on-ramp volume: Ramp Network consistently accounts for the highest percentage of on-ramp volume on Loopring’s platform, outpacing all other available on-ramp options, showcasing the trust and preference users have for Ramp Network.
• 20,000+ transactions facilitated: within the first three months of integration, we facilitated over 20,000 transactions for Loopring’s users, demonstrating the rapid adoption and effectiveness of our solution.
• $300 average transaction size: users have shown confidence in using Ramp Network, with an average transaction size of approximately $300, indicating a strong willingness to make substantial investments through Loopring.

“Ramp Network’s integration has allowed us to onboard users more effectively, keeping them engaged and active on our platform. It’s clear that users prefer Ramp Network for their fiat-to-crypto needs,” noted Magic Pan, VP of Product and Operation at Loopring.

Future outlook

Loopring plans to deepen its partnership with Ramp Network by integrating an off-ramp solution, offering users even greater flexibility in managing their assets. Additionally, Loopring is committed to expanding this partnership beyond Layer 2, with plans to add Ramp Network as an on-ramp option for Ethereum Layer 1. As Loopring evolves into a Layer 3 solution on other Layer 2 networks, this collaboration is expected to grow further, ensuring that Ramp Network remains integral to Loopring’s long-term growth strategy.

Conclusion

Ramp Network’s integration has not only simplified the onboarding process for Loopring users but has also played a crucial role in Loopring’s growth in the DeFi space. By prioritizing a secure, efficient, and user-friendly experience, Ramp Network has enabled Loopring to broaden its user base and increase engagement. This partnership exemplifies how Ramp Network’s tailored solutions drive tangible benefits for its partners, making it the preferred choice for companies looking to scale in the crypto world.