Loopring Quarterly Report Shows Promising Results in Trading Volume and NFTs Minted
Loopring (LRC), an Ethereum-based protocol for decentralized crypto exchanges, has presented the 2022 Quarterly Updates that indicate the rapid growth in the platform’s trading volume, NFTs minted, and Loopring Smart Wallets’ adoption.
Loopring’s NFT Initiatives
Loopring’s developers have introduced a new project Loopheads NFTs that was available exclusively for community members. Following the success of the initiative, Loopring’s team has developed the entire NFT ecosystem that includes such extensions as Loopalike Club, Loopring Art, and Loophead Explorer. The growing adoption of these NFTs also positively affected the demand for the LRC token and its price.
Loopring also utilizes its L2 solutions for making minting affordable to all users as NFT minting costs under $1. In this manner, a growing number of people can be effectively involved in the process of NFT minting and trading as they are not restricted by high ETH gas fees anymore. According to Loopring’s representatives, its L2 solutions allow making NFT minting about 100 times cheaper as compared with the L1 approach. The project team declares its intention to develop scalability opportunities even further in this field, despite reaching the milestone of 3 million NFTs minted within the past quarter.
Loopring Exchange and Wallet
At the present moment, Loopring prioritizes the development of the most innovative exchange and wallet that will allow expanding the customer base and strengthening LRC market positions. The company has recently upgraded its Loopring.io web app that includes the BANXA addition and NFT support deposits, withdrawals, and other operations. Moreover, the web app has become mobile responsive, making it more convenient for all users regardless of the type of devices they use. The major advantage is accessing the gas-free Ethereum environment.
Loopring has also recently updated its wallet to introduce the relevant UI/UX changes and fix some previously identified bugs. The wallet allows customizing the preferred fiat currency for every user with AUD, CAD, GBP, EUR, JPY, etc. being added. The wallet also covers the vast majority of regions and territories, thus reflecting inter-regional differences. A new feature allows estimating gas fees in the most precise manner. In this way, users can precisely determine their expected gas fees in advance.
The company has also improved its NFT functionality, providing the maximum opportunities to its wallet users. Deposit, withdrawal, and transfer operations are currently available for both Android and iOS users. Thus, Loopring successfully challenges the competitive positions of the major industry leaders in this segment. The fact of 65,000 wallets being recently activated confirms functionality and cost-related benefits of such a wallet for its users.
Loopring announces the major progress in the trading volume achieved by reaching the level of $4.6 billion. The company has also introduced its Loopring University that addresses educational needs of its users. Discord channels and YouTube tutorials offer quality content that address various specific questions, such as creating the Loopring L2 wallet; integrating Loopring with MetaMask, Coinbase, and other services; and additional tips on using Ethereum L2 solutions. By monitoring users’ feedback and reactions, the company regularly adds new content.
Loopring also increases its media presence by regularly providing updates on its innovations and updates. Such a strategy contributes to the higher customer base loyalty that is crucial during the platform’s growth stage. The company has hired several talented iOS developers and product managers who may assist it in facilitating its technological expansion. Thus, the company continues to invest in human resources as the main strategic asset.
The growing adoption of L2 solutions creates a higher demand for LRC among strategic investors. Although Loopring still significantly depends on the demand for Ethereum, it tries to expand its functionality, thus ensuring the higher sustainability of its business model.
The major support level is at the price of $0.65, indicating the lowest price level within the past 2-3 months. At the same time, LRC also faces the two major resistance levels at the prices of $1.25 and $1.65 respectively. If LRC exceeds the first resistance level of $1.25, investors can reliably open long positions, estimating its further price and capitalization growth in the following weeks.