The Loopring project was launched in 2017 and is designed to operate as an Ethereum zkRollup Layer2 solution. zkRollup allows quicker transaction confirmations and lower transaction costs versus Ethereum Layer1 by combining on-chain and off-chain processing. The protocol’s goal is to build “the best-in-class zkRollup exchange and payment protocol” specifically for the Ethereum network. It also aims to offer a decentralized alternative to custodial financial offerings and centralized exchanges. Additionally, it seeks to address some of DeFi’s existing issues, such as security incidents, slow performance, and high gas fees. 

To support this, Loopring has developed multiple products and services through smart contracts and ZK circuits. Among its main advantages are strong security, high throughput, and low costs. LRC is Loopring’s native cryptocurrency, with a total supply of 1,375,076,040 LRC. The token is used as a utility asset, to reward usage of the protocol, and to help deter harmful actions.

What are Loopring’s key features and how does it work?

Key components of the Loopring Protocol include the Loopring Relayer, Loopring Layer2 App, and the Loopring Wallet.

The Loopring Relayer acts as the protocol’s backend. Its responsibilities include hosting and updating the off-chain Merkle tree, generating rollup blocks, and transmitting data to Ethereum, alongside other tasks. It also offers an API for developers looking to integrate and use Loopring L2 capabilities in their own applications, supporting gas-free, fast transactions on Ethereum.

The Loopring Layer2 App provides a non-custodial exchange and payment experience directly on the Loopring protocol, with operations handled by the Loopring relayer. It functions as an AMM alongside an order book. Users benefit from gas-free, fast transactions and strong security. Through the app, they can run single swaps, execute high-frequency trading, and supply liquidity to the AMM pools.

The Loopring Wallet is a smart wallet application built for mobile devices. It includes L2 scaling using Loopring zkRollup integrated within the app. With it, users can swap tokens, add liquidity, use DeFi, and trade, buy, or sell crypto. Rather than depending on seed phrases and paper backups, it uses “social recovery.” If a user loses access to their mobile or wallet, they can appoint people, institutions, and hardware as guardians for their wallet.

Where can you buy LRC?

LRC can be traded on the CEXs and DEXs shown here. The most widely used platforms with the highest liquidity are Binance, Huobi Global, OKX, and CoinBase Pro. LRC pricing will change based on the exchange selected and broader market conditions. For current and historical LRC market pricing, check the price charts on this page.