Loopring Price (LRC)

About Loopring (LRC)

Loopring is currently trading at 0.22353707. Its 24-hour trading volume is $4,401,819 and has plunged -0.8% in the previous 24 hours. Loopring’s live market cap is $297,650,269. The coin ranks #121 on the Coingape Crypto Price Page. It has a circulating supply of 1,331,547,705 and a maximum supply of NA.

What is Loopring?

Deployed in 2019, on the Ethereum mainnet, Loopring is an open protocol that helps in building DEXs. By merging centralized order matching with decentralized on-chain order settlement, Loopring aims to create a hybridized product. LRC is the native token of Loopring that follows the ERC-20 standard and is also “deflationary” in nature.

Officially described as an “open-sourced, audited, and non-custodial” platform, it leverages zero-knowledge proofs. The native token is responsible for the key operations on the protocol as well as incentivizing the correct use of the network. This project aims to be an interconnected system of trading platforms where traders can access several platforms from a single dashboard.

How Loopring Works

Known as “the world’s first Ethereum smart wallet,” Loopring is managed by smart contracts, contrary to ZK-Rollups, which are powered by a private key. ZK-Rollups helps build exchanges on top of the platform to lower costs and avoid slow speeds without compromising security.

These rollups on the platform work by winding up a huge number of transactions together and executing them outside the layer-1 blockchain. On completion, a cryptographic proof is then generated, which helps settle trades more quickly.

Loopring Key Events

• Daniel Wang founded the project in 2017.
• In 2018, the Loopring protocol and the LRC wallet went live on the Ethereum blockchain.
• LRC joined several major cryptocurrency exchanges, including Binance and Huobi in 2019.
• In 2020, the project introduced a new consensus mechanism called “zkRollup,” which allows for faster and cheaper trades on the protocol. Loopring’s DEX launches on the Ethereum mainnet in the same year.
• The platform announced a partnership with ChainGuardian to build a decentralized exchange on the Polygon network.
• In 2021, Loopring’s layer 2 scaling solutions went live on Ethereum.
• Loopring announces a partnership with ChainGuardian to bring interoperability between Ethereum and Polygon.
• In 2022, this project announced its new token standard, LRC-2021, an upgrade of its previous LRC-20, to improve smart contract security.
• The platform announced the launch of its new Loopring Pay, a decentralized payment gateway built on LRC-2021.
• Loopring also announced the launch of its new LoopringDAO in 2022.

LRC Mining

It uses a consensus mechanism called “Proof of Stake Automated Market Making” (PoS-AMM). This mechanism allows users to earn rewards for providing liquidity to the exchange and participating in the network.

This is done by locking up LRC tokens in a smart contract to provide liquidity to trading pairs on the Loopring exchange. Users can also earn rewards for participating in the network as “Ring-Miners.” They can earn by matching and executing trades on the exchange. Ring miners receive LRC tokens as service fees in return.

FAQs