Loopring is used on the Loopring Protocol, a network that uses innovative solutions to facilitate the exchange of cryptocurrencies. The network offers the advantages of decentralized exchanges while reducing their inefficiencies. With this cryptocurrency, anyone will be able to create responsive DEXs.
Briefly about Loopring
Loopring became available to the public towards the end of 2017, even though the protocol itself was first deployed in 2019. It was developed by Daniel Wang, an entrepreneur and software engineer who is based in Shanghai, China. His main idea was to combine the benefits of centralized and decentralized exchanges while minimizing the disadvantages of both types of exchanges. The coin is used as the native cryptocurrency of the network and facilitates various processes on the platform.
Loopring is rather fast, very secure and got 100x lower fees than Ether.CryptoLists.com
Loopring is used for major operations on the Loopring Protocol. The total supply of the coin is 1.395 billion tokens, and 20% of these coins have been allotted to the Loopring DAO. These funds will be spent by users of Loopring in the future. 70% of the coins are allocated to users staking LRC, and the other 10% of the coins are burned.
Utility of Loopring?
In order to use the Loopring Protocol, you will be required to hold at least 250,000 LRC tokens. With this system, the operator will be able to initiate an exchange that will use its on-chain data proof. In the absence of this feature, a user will have to stake or lock up a million LRC tokens. The coins also help to ensure that the network is used properly. Anyone who fails to use the platform properly will end up having their coins confiscated by the network. These confiscated tokens will be shared with users who have decided to stake their coins. Another use of these tokens is to secure the network through staking. By staking your coins, you will be able to earn interest on the platform.
Loopring Price detailsERC20 Contract address: 0xbbbbca6a901c926f240b89eacb641d8aec7aeafd
›› LRC tokenomics and social media
Advantages at Loopring+ You can transfer Loopring cheaply.
+ LRC supports an innovative protocol.
+ Users can transfer LRC in seconds.
+ Loopring is available on lots of exchanges.
Disadvantages- The LRC price has been highly volatile.
- Loopring isn’t backed by any traditional assets.
- You can’t purchase the token with fiat currencies.
- There’s been a lot of delay in the launch of the protocol.
Costs▪ Rated at 10/10
Although LRC is an Ethereum-based token, users don’t necessarily have to pay the outrageous gas fees charged by the network in order to transfer the asset. This is because it uses a Layer2 solution of the Ethereum blockchain. The technical layout of Loopring makes it possible for users to transfer the token at about a hundredth of the cost of a regular ETH transaction. In most cases, this could be around $0.2. However, the fees will increase when there are too many transactions as this helps to prevent spam on the network.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
The popularity of this coin can be seen in the fact that its ICO raised over 40 million within several weeks. Lots of people still support the project and have hailed it as being highly innovative. Also, the fact that it is backed by a reputable team has helped to boost its popularity in the crypto community. Its Twitter page currently has around 200,000 followers, so you can discuss the coin on this social media platform. You can also follow discussions about this coin on Reddit.
Who founded Loopring Coin (LRC)?
The founder and current CEO of this cryptocurrency is Daniel Wang, a software engineer who is based in Shanghai, China. He currently manages the development of the Loopring Protocol.
Where can I purchase this token?
This cryptocurrency is available on many popular exchanges, including Binance Exchange, Bithumb, and DragonEx. You will also find it on many decentralized exchanges. You should note that none of these exchanges allows users to buy the token with fiat currencies.
What are the fees for transferring this cryptocurrency?
Since this altcoin is transferred on a Layer 2 blockchain, it is able to avoid the congestion and outrageous fees of the main Ethereum blockchain. The network charges 100 times lower fees compared to those of the main Ethereum blockchain.
Is it risky to invest in this token?
Like all other cryptocurrencies, this one carries a lot of risks. However, you should note that it offers great utility, and its associated protocol can make other Ethereum projects usable.
Will this token overtake ETH?
No, Loopring is extremely unlikely to overtake ETH as the latter enjoys the first-mover advantage. Also, Loopring is built on the Ethereum network, so its cryptocurrency cannot really overtake ETH.
Screenshots from Loopring
More sites where to buy/sell/trade LoopringBelow you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Loopring details and tokenomics
SOL Contract address: HCTVFTzHL21a1dPzKxAUeWwqbE8QMUyvgChFDL4XYoi1