What is Loopring (LRC) and how does its zkRollup layer‑2 improve Ethereum (ETH)’s scalability?

What is Loopring (LRC), and how does its zkRollup layer-2 solution enhance the scalability of Ethereum (ETH)? Please provide insights into the technology behind Loopring, its role in improving transaction efficiency, and how it addresses Ethereum's limitations regarding speed and cost-effectiveness in decentralized applications.

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