L2 Labs Foundation, the high-profile software engineering team behind flagship Ethereum-based decentralized exchanges (DEXes), solidifies its stance as a prominent scaling infrastructure provider. Now it intensifies the research and development efforts addressing the one-stop payment solution for businesses and individuals.
L2 Labs Foundation develops payment protocol powered by zk-proofs: What is L2.Cash?
Seasoned blockchain developers from L2 Labs have shared the details of their new product, L2.Cash. It is going to allow decentralized applications and end users to harness leading L2 scaling techniques of the Ethereum (ETH) universe, zk-proofs.
The new product will be integrated with major Ethereum-based decentralized trading platforms and open to the whole blockchain ecosystem: no previous expertise in blockchain programming will be required to utilize L2.Cash.
Due to revolutionary resource-efficiency of zk-proofs, all Layer 2 transactions in L2 Labs’ solutions are 100% free. L2.Cash can also be used free of charge that reaffirms L2 Labs’ strategy of further expanding feeless scaling solutions worldwide.
Technically, L2.Cash should be referred to as a payment protocol for lightning-fast, low-latency retail transactions. Thus, it is the first “out-of-the-box” solution for retail users and merchants developed by L2 Labs. The launch of L2.Cash will finally give a proper spin to real-world zk-proofs adoption flywheel.
L2.Cash facilitates nearly-instant value transfers as zk-proofs infrastructure allows very low transactional latency and full consistency of L1/L2 status. It ensures maximum capability of 1,000 txs per second for all ERC-20 tokens.
Thus, using L2.Cash can save users’ businesses and wallets from the congestion and fee spikes of mainstream blockchains like Ethereum (ETH) and Binance Smart Chain (BSC). As covered by U.Today previously, within the periods of maximum network overload, fees on Ethereum-based DEXes like Uniswap (UNI) can spike over $250 per one swap.
L2.Cash for businesses: Airdrops 2.0
L2.Cash boasts resource-efficient airdrop functionality: all Ethereum-based tokens can be distributed through its instruments free of charge. L2.Cash can airdrop tokens to 10 users every second. This feature is a crucial one for early-stage teams with tokens as it allows to save on infrastructure costs while airdropping assets to first adopters.
Also, the L2 Labs team is actively researching opportunities for zk-rollups technology to get connected to Ethereum Virtual Machine (also EVM), a ‘decentralized computer’ behind Ethereum and a number of similar blockchains like Binance Smart Chain (BSC), Huobi Ecosystem Chain (HECO), OKEx Chain, Polygon Network (MATIC), and so on.
Once deployed, L2.Cash protocol will be able to expand on every EMV-compatible chain. This, in turn, will open massive opportunities for its user base boost.