Loopring (LRC)

Last Updated: 08/06/2022

What is Loopring (LRC)?

Loopring (LRC) is an ERC-20 token that describes itself as “an open-sourced, audited, and non-custodial exchange protocol”.

Loopring’s objective is to incorporate centralized order matching with decentralized on-blockhain order settlement into a hybridized product that would embrace the best aspects of both centralized and decentralized exchanges. To design and engineer the best-in-class zkRollup exchange and payment protocol on Ethereum, and to operate products that bring it to users across the world. Loopring’s Layer 2 (L2) allows a high-speed, low-cost platform for trading, swapping, providing liquidity and payments without sacrificing Ethereum (ETH) security at all.

ZkRollup throughput reaches approximately 1000x of Ethereum (as high as 2,025 trades per second) and cost per transaction to as little as 1/100th the cost of Ethereum. Since Ethereum has such a high demand it now brings congestion to the table almost permanently, that is where Layer 2 comes in handy. It presents a less congested fast lane, where users transact gas-free and without delay, yet completely coupled to Ethereum security.

In 2017 August was the initial coin offering (ICO) that made LRC tokens available to the public for the first time, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.

Team

Daniel Wang based in Shanghai, China is the founder and current CEO of Loopring Foundation, which leads the development of Loopring protocol. Daniel Wang was a lead software engineer at the medical device manufacturer Boston Scientific, the senior director of engineering, search, recommendation and ads system at the Chinese e-commerce giant JD.com, as well as a tech lead and senior software engineer at Google.
Jay Zhou - chief marketing officer.
Johnston Chen - chief operating officer.

Roadmap

December 2017 - Loopring v1 release.
July 2018 - First LRN airdrop - LRC holders received LRN, airdropped version of the Loopring token on NEO
September 2018 - Second LRN airdrop - 1.5 million LRN was airdropped to 758 NEO addresses bound to 892 Ethereum addresses
November 2018 - Third LRN airdrop - a total of 2.1 million LRN was airdropped to 854 NEO addresses, corresponding to 1039 Ethereum addresses.
December 2018 - Loopring 2.0 released - an upgrade to the protocol was released to allow more efficient ring settlement, a new fee model, and additional ways to create orders.
December 2019 - Loopring 3.0 release - the second major upgrade to Loopring brought the first zero-knowledge rollup DEX protocol to the Ethereum mainnet.

Where to store Loopring (LRC)

One way of storing Loopring (LRC) tokens is through their own built Loopring Wallet – an Ethereum mobile smart contract wallet, with Loopring zkRollup baked in. It is the first smart wallet app with L2 scaling, and provides a secure, intuitive, powerful Ethereum experience in your pocket. The following statement is from the Loopring (LRC) team:

You can say goodbye to seed phrases and paper backups and say hello to social recovery. This means choosing people, institutions, and hardware that you trust as the guardians of your wallet. If ever you lose access to your mobile, they help you recover your assets. As long as more than half of your guardians are trustworthy, your assets are secure. You can also set limits on daily transfers, and whitelist trusted addresses.

Options to keep your Loopring (LRC) secure and offline can include the leading hardware wallet providers Ledger and Trezor. All ERC-20 tokens including Loopring (LRC) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.

An alternative wallet provider for Loopring (LRC) token holders can be Trust Wallet – a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place. Popular among traders and gamers, the beginner friendly mobile wallet may be appropriate for users looking for a convenience and accessible app, with trusted security and backup options.

Similarly, a user-friendly option to keep your $LRC secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting your MetaMask wallet.

Where to Buy and Sell Loopring (LRC)

You can Buy & Sell Loopring (LRC) by heading over to the Buy Coins page of our website. Loopring (LRC) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $LRC has never been easier, simply place your order and provide your wallet address. Once your payment arrives Loopring (LRC) will be sent directly to your wallet.

If you choose to Sell Loopring (LRC) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.

Loopring (LRC) Resources

Website: https://loopring.org

Block Explorer: https://etherscan.io/token

Github: https://github.com/Loopring

Twitter: https://twitter.com/loopringorg

Medium: https://medium.loopring.io/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.