November 2021 may be the heyday of Loopring (LRC) as it managed to record a 530% jump since November 1 until the date of publication of this article.
At the time of writing, LRC is trading at $ 3.60 with a price increase of over 25% in 24 hours.
Trivia Loopring (LRC)
Launched in December 2017 by Chinese software engineer Daniel Wang who previously served at Google and JD.com
Since its launch date, Loopring has 2 versions: Loopring v2 and Loopring v3.
Both versions introduce new cost models as well as offer more trade execution options.
Loopring is software activated on the Ethereum (ETH) network as an incentive to the operation of the platform that allows the establishment of new types of crypto asset exchange.
The project is also one of the decentralized financial protocols (DeFi) that is being developed with Loopring itself using several cryptocurrencies including LRC.
The advantages of the Loopring protocol are detailed as follows:
Off-chain order management and on-chain settlement without negative impact on its securities.
Greater liquidity following ring-mining and order sharing.
The presence of Dual Authoring solves a critical problem as faced by most DEXs and their users.
Free and general smart contracts allow any decentralized applications (dApps) to be developed and/or interconnected with this protocol.
Standardization among operators allows the acceptance of network effects and improves the user experience.
The network is maintained with flexibility in order book execution and communication.
Reduce the gap for low fund flow inflows for node participation to the network and end users.
Investors can conduct transactions anonymously directly from their wallets.
Through the existence of a new type of cryptography, zero-knowledge rollups (zkRollups), Loopring also offers the establishment of decentralized exchanges (DEX) on its platform as a solution to the issue of transaction slowness and its expensive costs, mostly related to DEX in Ethereum.
Through zkRollups, Loopring is able to run over 2,000 trades per second.
Loopring Performance (LRC)
Despite being launched in 2017, LRC began to get serious attention from investors since October this year, before showcasing a remarkable surge in November due to its issue with GameStop.
It is said that GameStop plans to use Loopring technology for the establishment of a non-fungible token (NFT) market platform.
As for the competitor aspect, Loopring wants to be an alternative platform to DEX such as Uniswap and SushiSwap which are at risk of hacking, including centralized crypto platforms such as Coinbase and Luno which are expensive.
If you are interested in starting an LRC investment, you can get these assets at Binance, Coinbase, Binance, Kucoin, and Huobi.
