Loopring Price

What is Loopring (LRC)?

Loopring (LRC) is a layer-2 (L2) protocol built on top of Ethereum (ETH), and it is designed to increase the speed and security of decentralized crypto exchanges (DEXs). The protocol combines centralized order matching with decentralized on-chain settlement via a proprietary technology known as zkRollup. Loopring enables users to trade and transfer assets without relying on intermediaries, benefiting from quick, low-cost transactions.

It’s also a platform for developers to build payment apps, non-fungible token (NFT) marketplaces, and other applications that use its L2 infrastructure. Additionally, Loopring is a payment app allowing users to move ETH and ERC20 tokens to any Ethereum address.

The platform has a native token called LRC, which became available in August 2017, two years before the Loopring protocol was deployed on Ethereum.

Who are the founders of Loopring?

The Loopring Foundation, the Loopring protocol’s parent organization, was founded by Shanghai-based software engineer and businessman Daniel Wang.

Wang, who’s also the foundation’s CEO, was once the lead software engineer at Boston Scientific. He also worked for Google and JD.com.

In addition to Loopring, Wang co-founded several businesses, including Coinport Technology and Yunrang Information Technology Ltd.

What makes Loopring unique?

Loopring’s most significant selling point is its combination of the best features of centralized and decentralized exchanges. The protocol also leverages xkRollup technology to scale ETH transactions and reduce gas fees. 

Centralized exchanges (CEXs) often risk losing customers’ funds due to cyberattacks, fraud, or regulatory interference. On the other hand, decentralized exchanges are less efficient and often have limited capabilities compared to CEXs.

Loopring has adopted a hybrid approach, where it manages orders in a centralized style like a CEX but settles trades on-chain and combines multiple orders into circular trades like a DEX.

In this way, the LRC protocol aims to preserve the strengths of both types of exchanges while lowering or eliminating their inefficiencies.

How is the Loopring network secured?

A combination of cryptography and economic incentives secures the Loopring network.

Cryptographic proofs ensure that every transaction on the network is valid and authorized by the users and that no funds can be stolen or double-spent. 

At the same time, economic incentives align the interests of the network participants, such as relayers, verifiers, and liquidity providers, to maintain the security and efficiency of the network.

Loopring is also available on Neo and Ethereum, with each network having its own coin: an LRN and an LRC coin. Each network’s underlying hash functions safeguard the tokens: Ethash for LRC and RIPEMD160 for LRN.

LRC price information

The Loopring coin is an essential component of the Loopring network since it’s used for transaction fees and staking.

The Loopring price now is $0.2589060 as of April 26, 2024. The LRC market cap currently stands at $322,770,455.

How to buy Loopring

To buy the Loopring coin, you need to have some ETH in your wallet and use a platform that supports Loopring trading.

You can use Loopring’s layer-2 app or other exchanges, such as Binance, Bilaxy, or OKX, to buy Loopring with ETH.

Alternatively, you can swap other tokens for Loopring crypto using decentralized exchanges like Uniswap or 1inch. 

How to use the Loopring DEX

To use Loopring, you need to do the following:

First, connect your wallet to the Loopring web or mobile app. You can use MetaMask, WalletConnect, Coinbase Wallet, or other supported wallets.

Next, deposit your crypto into the Loopring L2 account. It will require a one-time ETH transaction fee and a signature from your wallet.

After you are done, you can start trading on the Loopring order book or swap interface.

As mentioned earlier, Loopring is also a payment platform that you can use to settle frequent payments to many people, regardless of whether or not they have previously used the DEX. All you need is the intended recipient’s Ethereum address or ENS name, the crypto asset, and the quantity to be sent.

After trading on the DEX, you can withdraw your crypto back to your wallet. It will also require a signature from your wallet and a waiting period of up to 15 minutes.

What are the fees incurred from using Loopring DEX?

Per its official website, Loopring has reduced transaction charges to 1/30–1/100 of the fees on the Ethereum mainnet.

There are several fees associated with using the Loopring DEX. For instance, users will pay a registration fee of 0.0001 ETH plus a gas fee.

There’s a 0.0001 ETH fee for deposits and a 0.002 ETH fee for withdrawals.

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