We are excited to announce that Loop Crypto is now available on Optimism, empowering companies and projects to schedule and collect crypto payments. As a customer centric company, our guiding principle is to build for our customers. Over the last several months, we’ve received numerous requests to deploy on Optimism to facilitate one-time and recurring crypto payments.
With this launch, many of our clients have already made Optimism available as a payment option within their Loop checkout pages. You can now make your crypto subscription payments for Satsuma, Web3 Analytic, CharmVerse, and others on Optimism. Customers using the Loop checkout URL or modal can simply select Optimism as a payment option and then choose their token for payment. We support payments in any ERC-20 token. For those making payments with Loop to others, they can authorize a wallet on the Optimism network and then schedule their upcoming crypto payments.
After several years in the making, Optimism’s open mainnet launch occurred in December 2021. Since then, the network has become a leading Layer-2 (L2) scaling solution for Ethereum addressing the congestion and high gas fees Ethereum has faced over the last several years. In addition to the client requests, there are a few key reasons why we’re bullish on Optimism and looking forward to engaging with the community.
First, Optimism delivers on the promises of L2s enabling transactions to be processed quicker and cheaper. This is critical for the mass adoption of blockchain-based payments. Businesses and projects are highly sensitive to fees and convenience. Low-dollar subscription payments and transactions do not make sense on Ethereum Mainnet due to high gas fees. Crypto payments unlock true value when they allow for lower transaction fees, fast settlement, and a seamless experience. Using Loop on Optimism unlocks this value. The chain offers a compelling case for more and more businesses to implement crypto payments since its low gas fees allow Loop to offer payment processing that is substantially cheaper than web2 payment rails.
Second, Optimism’s network activity has been growing. Arbitrum, which Loop also supports 🙂, and Optimism continue to be leading contenders as two of the most widely used L2 networks along with Base. In June, Optimism reached parity with Arbitrum in terms of daily transactions as it has continued an upward trend in activity throughout 2023. (Artemis provides a great dashboard for tracking activity across the various L2s as shown below).
Finally, we’re intrigued by the potential of Optimism’s Superchain and believe there could be further opportunities down the road to support payments on additional chains built with the Optimism (OP) stack. With the Bedrock upgrade in early June 2023, it is now possible for third-party developers to launch their own customizable L2 networks using the Optimism framework. Coinbase’s Base chain, which we are also live on, is the most well-known example built on the OP stack so far. We will continue to monitor how the Superchain evolves, but we’re ultimately excited to be a part of this growing community of builders focused on scalability.
If you’re ready to get started with crypto subscription payments or one-time crypto payments on Optimism, reach out to Loop Crypto here. Loop is also available on Ethereum, Polygon, Arbitrum, Base, and BNB Smart Chain (BSC).
Loop Crypto makes it simple to collect and pay in crypto by allowing companies to turn on autopay and schedule payments. Built by web3 veterans, Loop unlocks payment automation to reduce customer churn and eliminate time-consuming payment collection and follow-up. By connecting on-chain and off-chain data, Loop streamlines invoice reconciliation, accounting, and fits seamlessly into your financial stack.
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