The Loopring project was created in 2017 and functions as an Ethereum zkRollup Layer2 solution. zkRollup enables faster transaction validations and cheaper transaction fees on blockchains compared to Ethereum Layer1 by using both on and off-chain processes. The protocol aims to create “the best-in-class zkRollup exchange and payment protocol” built specifically on the Ethereum network. It hopes to create a decentralized alternative to custodial financial products and centralized exchanges. It also seeks to improve upon some of the current drawbacks of DeFi, including breaches of security, slow speeds, and high gas fees. 

As such, Loopring has created a range of products and services by creating smart contracts and ZK circuits. Some of its key benefits include high levels of security, high throughput and low costs. LRC is Loopring’s native cryptocurrency. It has a total supply of 1,375,076,040 LRC. It is used as a utility token, to incentive protocol use, and prevent malicious behaviour.

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

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

The Loopring Relayer functions as the backend system of the protocol. Some of its operations include hosting and updating the off-chain Merkle tree, creating rollup blocks, and sending data to Ethereum, amongst other processes. It also provides an API that can be used by developers to integrate and make use of the Loopring L2 solutions with their applications and thus, benefiting from gas-free, fast transactions on Ethereum.

The Loopring Layer2 App functions as a non-custodial exchange and payment platform built directly on the Loopring protocol, operated by the Loopring relayer. It works as an AMM with an order book. Some of its benefits include gas-free and fast transactions, as well as high levels of security. Users can conduct single swaps, high-frequency trades, and provide liquidity to the AMM pools with the app.

The Loopring Wallet is a smart wallet app for mobile. It features L2 scaling with Loopring zkRollup integrated directly into the application. Users can conduct swaps, provide liquidity, engage in DeFi, trade, buy, and sell crypto all via the application. Instead of relying on seed phrases and paper backups, the app uses “social recovery”. In the case of a user losing access to their mobile and wallet, he or she can choose people, institutions, and hardware to be the guardians of their wallet.

Where can you buy LRC?

LRC is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, Huobi Global, OKX, and CoinBase Pro. The price of LRC will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for LRC market prices, please view the price charts on this page.