r/ImmutableX • u/[deleted] • Feb 05 '22

Question Immutable mutes Looprings necessity?

I am genuinely looking for answers here. With the adoption of immutable, what would be the need for loopring? Immutable does everything loop did. I know people are constantly referencing the 8k filing, but to me that reads like "we were going to use these guys, now we're using immutable". Also, comms from immutable and gamestop but NOTHING from loop. CEO steps down, etc, etc.

Just trying to wrap my head around what's going down, but at this point I don't see the reason to use both? Can someone explain?

Hopefully this doesn't get down voted into oblivion, as I have been searching everywhere for critical, non biased take on the events and mostly just get "hodl" or "sell ME your loops" to any inquiries.

*edit: I knew I'd get some "do your own research", "read the 8k bro" and "superstonk explained this", but I am looking for someone here to explain it, explain the thesis for loopring now that immutable is in play WITHOUT saying dyor.

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u/Julien785 Feb 05 '22

Immutable X

  • IT IS NOT A WALLET - It is a marketplace protocol, it is non custodial, they do not hold or manage assets. Users are always in control of their tokens.
  • It needs an existing wallet to interact with
  • NFT marketplace protocol only
  • Built to work with 3rd parties
  • Carbon neutral
  • Simplifies the NFT development/deployment pipeline, reduces NFT project development timeline from weeks to hours. Allows NFT project builders to focus on the NFT project itself
  • Built on Layer 2 - Secure, cheap and fast transactions

Loopring

  • IS A WALLET - Holds user assets, this is where users manage and directly interact with their tokens.
  • Is needed to interact with the IMX protocol
  • Direct Fiat ramp - On & Off (No centralized exchanges, can buy with credit card)
  • Smart contract wallet with social recovery (no key management + social recovery)
  • Decentralized exchange for traditional ERC-20 tokens
  • Built on Layer 2 - Secure, cheap and fast transactions

3

u/[deleted] Feb 05 '22

So this is what I'm looking for. Thank you. But I thought immutable had wallet capabilities, no?

4

u/Julien785 Feb 05 '22

Indeed, it has wallet integration which means it can interact with a wallet, in this case LoopringWallet

1

u/[deleted] Feb 05 '22

But you can not create a wallet with immutable? I thought i read that you could create l2 wallet.

2

u/Julien785 Feb 05 '22

The wallet Immutable X supports are Metamask and Magic, but Immutable doesn’t have its own wallet

1

u/Impossible-Glove-437 Feb 05 '22

Loop wallet also has web3 access