What Is Loopring Defi Coin
Loopring Defi Coin objective is to design and engineer the best-in-class orderbook-based DEX protocol on Ethereum. With Loopring v3 – using a cutting-edge construction called zkRollup – they have achieved this. They wish to make this infrastructure available for the entire industry, powering people and projects to build highly scalable non-custodial crypto-exchanges, and improving cryptoasset holders’ overall trading experience and peace of mind. Satisfying owners, users, and regulators, we expect that our effort will accelerate the adoption of blockchain technology and cryptocurrencies.
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges. In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated in the approximate range of $50-$200 million. Most of that trading is conducted on centralized cryptocurrency exchanges — online platforms operated by private companies that store users’ funds and facilitate the matching of buy and sell orders.
Such platforms have a number of downsides common to all of them, so a new type of exchange — decentralized— has emerged to try to alleviate these disadvantages. However, fully decentralized exchanges are not without their own flaws.
Loopring Defi Coin purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges. LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.
Loopring Project Facts
|Defi Coin Name||Loopring Project|
|Whitepaper||Click Here To View|
|Circulating Supply||1,215,381,204 LRC|
|Official Website||Click Here To Visit|
Loopring is an open-sourced, audited, and non-custodial exchange protocol, which means nobody in the Loopring ecosystem needs to trust others. Cryptoassets are always under users’ own control, with 100% Ethereum-level security guarantees.
Loopring powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck.
Loopring performs most operations, including order-matching and trade settlement, off the Ethereum blockchain. Such a design dramatically reduces gas consumption and thus overall settlement cost to only fractions of a cent.Learn more about Loopring 3.0
Loopring Exchange (Loopring.io) is the first decentralized trading platform built on top of Loopring 3.0. Now you can trade with MetaMask and multiple WalletConnect-compatible wallets.
If you have ever run a centralized exchange business for cryptocurrencies, you know the stress and fear of being hacked. You also know the regulatory burden which is being imposed on custodial crypto-businesses, and rightfully so. Loopring ensures that even if all your servers were compromised, you will, at worst, only lose a couple of Ether that you use as transaction fees (gas).
You can always recover from such an incident and resume your business. Even in the unimaginable case of being blackmailed, extorted or threatend with violence, an exchange owner simply cannot access user funds – a powerful deterrent. And without control over user assets, you also shed the bulk of regulatory burden. Control is a liability. Using an open-sourced, audited, cryptographically sound protocol means less time & money spent on security & compliance, and more on growing your business.
Loopring Defi Coin 1.0 introduced the Ring-Matching concept – in one trade, two or more orders can circularly swap cryptoassets in the form of rings. This feature is unique and brings the potential for improved price discovery and higher trading volume. Our project name Loopring is derived from this feature.
With 1.0, orders are managed and matched off-chain. The protocol’s smart contracts verify order signatures, trading prices, and settlement amounts on-chain and perform token transfers for each order accordingly. Because of the off-chain order management and matching, the performance of Loopring 1.0 is better than that of EtherDelta and the like, which rest entirely on-chain.
How Is the Loopring Network Secured?
Loopring is operable on Ethereum and Neo blockchains with plans to add support for the Qtum blockchain. Each of these networks has its own token: LRC and LRN for Ethereum and Neo respectively; when launched, the Qtum network token will be called LRQ.
These tokens are secured by the hash functions of their underlying blockchain platforms: LRC by Ethereum’s Ethash, LRN by Neo’s SHA256 and RIPEMD160 and LRQ by Qtum’s proof-of-stake PoSv3 algorithm.
Where Can You Buy Loopring [LRC]?
Loopring Defi Coin is available on many exchanges, some of the major and most trusted ones are: