Stablecorp announces collaboration with Loopring to launch QCAD trading and transfers on Ethereum Layer-2
September 23 2020: Stablecorp and Loopring are thrilled to announce that QCAD, the first mass market Canadian Dollar Stablecoin is now officially listed on Loopring.io, Ethereum’s zkRollup Exchange. As of today, QCAD is available to trade against USDT (Tether). Users can now deposit QCAD to Loopring’s layer 2 (a scaling solution), maintaining complete self-custody, while being able trade at the highest speeds and lowest costs of any Ethereum DEX. The first 30 users to aboard onto Loopring using the code “QCAD” will receive 5 QCAD in their layer 2 account as a promotional offer.
QCAD is now also able to be transferred to any other user on Loopring’s layer 2. This means QCAD can be used for payments on Ethereum, without incurring gas fees or long delays. Loopring’s zkRollup scaling construction ensures users are able to avoid the congestion currently experienced on the Ethereum base chain, without sacrificing Ethereum-level security guarantees at all.
This listing is a milestone as it marks the first synthetic-FX trading pair between a US Dollar Stablecoin and a Canadian Dollar Stablecoin on a scalable Ethereum DEX, allowing Loopring to showcase how its high-performance, non-custodial order book exchange is able to compete with centralized incumbents. The FX use case demands low latency, low cost, and is something that Loopring’s layer 2 is especially suited to support.
In addition to the announcement of the QCAD/USDT pair launch on Loopring, we will also be launching a liquidity mining campaign to help incentivize trading activity, or more specifically, liquidity provision. Traders adding liquidity to the QCAD/USDT orderbook (placing resting limit orders) will automatically be eligible to receive their share of ~$1300 QCAD ($1k USD) in rewards. Rewards accrue hourly to any resting limit order within a 0.5% spread, proportional to order depth and order balance. Liquidity providers will accrue these rewards every hour for 30 days, and can see a dashboard depicting all their earnings in real time. For more details on Loopring’s liquidity mining, see here.
This integration with Loopring marks QCAD’s first major Decentralized Exchange (DEX) listing and the second major international exchange integration this year. QCAD is currently integrated with over 20 different ecosystem service providers including the majority of the Canadian digital asset exchanges as well as several custodians, wallets and service providers. This integration with Loopring will help to accelerate QCAD adoption and liquidity internationally, especially as it relates to the budding Ethereum & Decentralized Finance (DeFi) ecosystems, enabling it to be one of the premier tools-of-choice to move funds in and out of Canada in a more efficient way. This listing couldn’t come at a better time for two reasons:
- The trend of rapidly increasing trading volume across decentralized exchanges. September has already surpassed the total volume seen in August. With $14.9 billion so far this month, this reflects an almost 30% increase in month over month volume, according to data published by Dune Analytics.
- Ethereum usage is exploding, having settled more transactions than ever before on September 17th, with over 1.4 million transactions. As such, the network is congested, and gas prices (the cost to execute a transaction on Ethereum) is higher than ever, precluding much activity from taking place. Layer 2 scalability is needed now more than ever.
To access Loopring for trading or transferring QCAD, visit https://loopring.io. All that’s required is an Ethereum wallet.
About Loopring:
Loopring is a layer-2 open source protocol for scalable transfers, order-book trading, and AMM swaps on Ethereum using zkRollup. Loopring.io is the first publicly accessible zkRollup exchange and payment application on Ethereum mainnet. It is 100% non-custodial, inheriting complete Ethereum-level security guarantees while capable to perform at a throughput 1000x greater, and 800x cheaper than layer-1 DEXs.
About Stablecorp:
Canada Stablecorp Inc. is a joint venture between 3iQ, Canada’s largest cryptoasset manager and Mavennet Systems, a leader in blockchain development. QCAD is Stablecorp’s first product release, and is a digital asset with the stability of the Canadian dollar. It is built on the Ethereum blockchain by utilizing the ERC-20 standard and enjoys the full benefits of enabling seamless settlement and full traceability. Launched in February 2020, QCAD is the first ever major Canadian-dollar Stablecoin designed for the mass market and is currently live with over 20 ecosystem partners including digital asset exchanges, OTC desks, custodians and payment processors and more.
To learn more about Stablecorp and QCAD or to explore partnership opportunities please reach out to info@stablecorp.ca
To learn more about QCAD visit: www.stablecorp.ca
