Loopring (LRC) Price

Loopring Protocol

With Loopring (LRC), user assets are the top priority, ensuring security and sovereignty. The protocol utilizes the zkRollup mechanism, offering the industry's most secure scaling solution for accessing assets in any situation. No individual, company, or government can interfere with a user's Ethereum-based assets.

Loopring provides 100% Ethereum-level security without relying on external validators or consensus. The protocol relies solely on Ethereum and Zero Knowledge cryptography, enforcing correct actions by design. Exchange operators are bound to protocol-described behavior, ensuring their actions cannot be malicious.

For centralized crypto exchanges, control is a liability, subjecting them to the fear of being hacked and regulatory burdens. Loopring (LRC) removes this burden by preventing access to or loss of user assets. By implementing the open-source, audited, and secure Ethereum protocol, exchanges can allocate more resources to growing their business rather than security and compliance.

Even if not used to power exchanges, Loopring can enhance the payment functionality of businesses. It provides a fast and gas-free lane for users to deposit and withdraw Ethereum-based assets. This improves the user experience while reducing network costs without needing additional tools.

Loopring (LRC) solves scalability issues without compromising Ethereum security. Its zkRollup technology offers throughput approximately 1000x higher than Ethereum, supporting up to 2,025 trades per second. Transaction costs are significantly reduced to a fraction of Ethereum's cost, enabling non-custodial exchanges and payment apps to outcompete centralized ones.

Ethereum's popularity has created congestion, resulting in high fees and delays. Loopring provides a less congested fast lane on Layer 2, allowing users to transact gas-free and instantly while maintaining Ethereum's security. Loopring's performance is suitable for algorithmic traders and market makers.

Loopring (LRC) Token

Loopring is a zkRollup protocol, a secure Layer-2 scaling solution for Ethereum with stable fee structures. Users experience smoother transactions, avoiding fluctuating gas fees and long confirmation waits during network congestion, as settlement is instant on the L2.

LRC is Loopring’s native token, used to incentivize protocol-desirable behavior from liquidity providers, insurers, and DAO governors. The Loopring Coin is an Ethereum-compliant digital asset (ERC20 standard).

The LRC token provides access to the Loopring platform. Operating a DEX with Loopring requires 250,000 LRC for on-chain data proofs, or 1 million LRC to operate without these proofs. Holders can benefit from trading fees, even if they don’t run an exchange.

New LRC tokens are created through a process called staking, which allows users to earn rewards by holding certain cryptocurrencies.

The creation of new LRC coins occurs in three different types of staking:

• Staking for Protocol Fees. Any user can stake LRC and receive a share of the 70% protocol fees collected by all Loopring-based exchanges. Out of the total fees, 20% goes to the Loopring DAO (a community of LRC holders) for governance and decision-making, and the remaining 10% is sent to an unusable wallet to remove those tokens from circulation (known as "burning").

• Exchange Owner Staking. Exchange owners have the option to stake the LRC coin for economic security and reputation purposes. By staking LRC, they contribute to the overall stability and reliability of the exchange.

• Staking for Fee Reduction. Exchange owners, high-frequency traders, and market makers can stake LRC to reduce protocol fees specifically on a particular exchange. This incentivizes liquidity provision and trading activity on that exchange.

The max supply is capped at 1.375B LRC tokens, and the current circulating supply constitutes nearly 96% of the total supply.

How Looping (LRC) Operates

Loopring (LRC) is an Ethereum-based protocol and “automated trade execution system” that facilitates asset trading between exchanges in a decentralized manner. It is not a decentralized exchange itself, but enables trading through ring sharing and order matching.

The goal of Loopring is to provide the best zkRollup-based decentralized transaction solution on Ethereum, while supporting order book matching and Automated Market Maker (AMM) flash trading.

The protocol aggregates orders from various exchanges and executes them using multiple order books, providing decentralized and centralized exchanges with access to cross-blockchain and cross-exchange liquidity. This also benefits investors by giving them access to the best prices available on the broader market. Loopring is compatible with any platform that utilizes smart contracts, such as NEO, Ethereum, and Qtum, making it blockchain-agnostic.

One of the key advantages of using Loopring is that traders do not need to deposit funds into an exchange to start trading. Instead, their funds remain in their wallets and are never frozen by orders, ensuring complete control over their assets.

Loopring's technological architecture allows for significantly lower trading costs compared to trading assets directly on the Ethereum network. It serves as a gas-free route for users to deposit and withdraw Ethereum-based assets, with fees that can be as low as 1/100th of the cost of an Ethereum transaction. These cost savings can be particularly beneficial for developers creating complex decentralized apps (dapps), as they can avoid excessive expenses and enhance usability.

The network also offers several products.

Loopring DEX

Loopring DEX is a decentralized exchange platform based on zkRollup technology. It offers users extremely high-security guarantees while providing a seamless trading experience. With the Loopring exchange, users can access their assets under any circumstances, as the protocol does not custody any of the user's assets. This means there is no risk of the exchange running away or engaging in malicious activities.

Loopring ensures asset security through zero-knowledge proof technology and operates within the secure Ethereum mainnet. Compared to centralized exchanges, Loopring provides better anti-risk ability, ensuring that even in the worst-case scenario, users will only lose the transaction fee. Additionally, Loopring offers outstanding performance with increased throughput and reduced transaction fees, making it a viable option for users to replace traditional exchanges.

Loopring Wallet

Loopring wallet is a fast, secure, and cost-effective solution for managing your crypto assets. With 100x lower fees than Ethereum, thanks to its built-in zkRollups technology, Loopring provides instant transactions without compromising security.

In addition to storing and securing your funds, the wallet offers various investment options with the ability to earn yield and rewards on your crypto. You can easily buy and sell cryptocurrencies on the platform and even manage and display your NFT collection. With features like dual investment, personal vault, and digital red packets, Loopring wallet offers a comprehensive and user-friendly experience for all your crypto needs.

History of Loopring (LRC)

Daniel Wang, a software engineer and entrepreneur based in Shanghai, China, is the founder and current CEO of Loopring Foundation, overseeing the development of the Loopring protocol. He holds a bachelor's degree in computer science from the University of Science and Technology of China and a master's degree in the same field from Arizona State University.

Prior to Loopring, Wang served in various leadership roles at prominent IT companies. In particular, he worked as a senior software engineer and tech-lead at Google Mountain View, a senior director of engineering at JD com, and a senior director at Zhongan Insurance.

He is also a co-founder of Hygene Inc. Additionally, he has co-founded companies including Yunrang (Beijing) Information Technology Ltd. and Coinport Technology Ltd., a cryptocurrency services firm.

Loopring conducted an ICO (initial coin offering) for its LRC token in August 2017, raising 120,000 ETH, equivalent to $45 million then.

LRC (Loopring) Price

Changelly’s interactive Loopring price chart displays the Loopring price in USD with real-time updates. LRC’s 24-hour trading volume, recent Looprings price change, current market capitalization (market cap), and popularity at the crypto market are also provided by the price chart of our crypto exchange.

Along with the current Loopring price, users can access the entire LRC price history since the project’s establishment till now. The Loopring news can also be found on our crypto exchange platform.

Cryptocurrency prices can be highly volatile, and they can fluctuate rapidly due to various factors, including market demand, investor sentiment, and overall market conditions. Therefore, it is essential to keep track of real-time market data and conduct thorough research before making any investment choices.

Read our Loopring LRC price prediction to get an insight into the possible future price movements of the Loopring cryptocurrency. However, do not regard our LRC Loopring price forecast as investment advice. Before you buy crypto like LRC, it is important to consider the project's fundamentals, such as its technology, partnerships, and adoption rate, to gauge the potential direction of the price.

It is important to remember that predicting digital asset prices is challenging due to the unpredictable nature of the crypto market. Factors like regulatory changes, market sentiment, and technological advancements can significantly impact LRCs prices.