Loopring announced the release of their new layer 3 testnet which is being built on Taiko, a zkEVM. The testnet comes with Loopring Smart Wallet integration which will provide users with rewards and tokens for using it. 

The team at Loopring plans to introduce layer 3 to their mainnet in a matter of months once after reviewing initial data from the testnet. Layer 3, an uncommon phase in web3, was first theorized by Vitalik Buterin and it would provide additional scaling infrastructure that results in lower fees and gas for users on the blockchain.