Meme Stonk GameStop Taps Loopring for Beta NFT Marketplace Immutable X to Join Fellow Layer 2 in Running Live Platform
Meme stock fave GameStop just selected two Layer 2s to run its NFT marketplace.
97% of total supply
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Loopring is an Ethereum token that describes itself as “an open-sourced, audited, and non-custodial exchange protocol.” It aims to allow anyone to build non-custodial, order book-based exchanges on Ethereum by leveraging zero-knowledge proofs.
Loopring (LRC) is an Ethereum token that describes itself as “an open-source, audited, and non-custodial exchange protocol.” The protocol aims to allow anyone to build non-custodial, decentralized exchanges on top of it by leveraging zero-knowledge proofs (ZKPs), a popular means of enhancing privacy in cryptocurrency. ZKPs ensure that assets are always in the control of users.
The majority of crypto trading takes place on centralized cryptocurrency exchanges, which are online platforms run by private corporations that hold users’ funds and match trading orders. However, as indicated in the whitepaper, these platforms come with a variety of risks. The three main risks of centralized exchanges include lack of security, lack of transparency, and lack of liquidity. As a result, a new type of exchange called decentralized exchange has evolved to address these issues. These exchanges are different from centralized exchanges because users keep control of their private keys by trading directly on the underlying blockchain. However, decentralized exchanges are not completely free from flaws. Performance and structural constraints continue to be a problem.
Hence, Loopring’s stated purpose is to create a hybrid platform that combines prominent features of both centralized and decentralized exchanges. The protocol aims to maintain the benefits of decentralized exchanges while lowering or eliminating their inefficiencies through hybrid solutions. Loopring intends to improve order execution efficiency and DEX liquidity by managing the orders in a centralized manner but settling the trade on blockchain.
Another prominent feature that Loopring seeks to offer is the low transaction cost. Loopring aims to execute the majority of operations, such as trade and transfer settlement, off the Ethereum blockchain. This considerably reduces the gas usage and overall transaction cost to a fraction of what it would be on-chain.
Loopring Foundation, which looks after the development of the Loopring protocol, was founded by Daniel Wang, a software engineer and entrepreneur. Wang is the founder and current CEO of the foundation, hailing from Shanghai, China.
Wang completed his bachelor's degree in computer science from the University of Science and Technology, China. He also worked at companies like JD.com and Coinport.
The whitepaper of Loopring was launched on September 8, 2018. Loopring conducted an initial coin offering (ICO) in 2017 and raised 120,000 Ether, worth $45 million (USD equivalent at the time of offering). However, a tightening of regulations around these offerings in China at that time caused Loopring to return a large portion of the funds raised in the ICO. According to Wang, the team refunded around 80% of the funds raised, and the Loopring team used the remaining funds to further develop their exchange.
The Loopring protocol token LRC is an ERC-20 compliant and a stakeable token. Staking is a process of earning rewards by holding certain cryptocurrencies. Using this method, cryptocurrencies verify their transactions and allow users to earn rewards for their holdings. LRC can be used in three types of staking:
Anyone can stake LRC to get a share of the 70% protocol fees collected by all Loopring-based exchanges. The Loopring DAO receives 20% of the funds, while the remaining 10% are sent to the unusable wallet to remove them from circulation, which is called “burning.” The Loopring DAO is the community of members (LRC holders) deciding how these funds should be spent.
For economic security and reputation, an exchange owner can stake LRC.
An exchange owner, high-frequency traders, and market makers can stake LRC to reduce protocol fees on a specific exchange.
The total supply of LRC tokens is capped at 1,375,076,040.
Users can buy LRC tokens on centralized and decentralized exchanges like Coinbase.
The price of Loopring has risen by 17.12% in the past 7 days. The price declined by 3.16% in the last 24 hours. In just the past hour, the price grew by 0.40%. The current price is $0.42975 per LRC. Loopring is 88.78% below the all time high of $3.83.
The current circulating supply is 1,330,088,529.838 LRC.
Loopring was mentioned in 5,009 out of 1,755,926 social media posts on Twitter and Reddit on Jun 25, 2022. 2,165 unique individuals are talking about Loopring and it is ranked #55 in most mentions and activity from collected posts.
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