DailyCoin
Published Nov 30, 2021 12:00AM ET
Updated Nov 30, 2021 12:30AM ET
Coin Healthcheck: Loopring (LRC)
About Loopring (LRC) is the token of Loopring, an open Ethereum Layer-2 protocol that was created as a response to the limitations of traditional cryptocurrency exchanges and aims to solve the issues of transaction speed, security, and transparency.
Loopring protocol enables developers to build faster and more scalable decentralized applications (dApps) with exchange functionality on Ethereum blockchain without compromising security features.
It also runs its own non-custodial Loopring.io decentralized exchange (DEX) and payment platform. The protocol’s LRC token is a utility token of the ERC-20 standard and was launched back at the end of 2017.
State of Project Loopring relies on Ethereum and zkRollup (Zero-knowledge Rollup) cryptography, which is a highly secure scaling mechanism with all Ethereum security features.
Performs up to 2,025 transactions per second, lowering transaction fees to 1/100th of ETH mainnet network fees.
Aggregates and executes transactions off-chain. Allows non-custodial DEXs to match the performance of custodial centralized exchanges.
Can be integrated with any smart contract platform.
Loopring (LRC) utility tokens are used for trading, swapping, liquidity providing, and payments. They’re also used as a governance token.
The Loopring DEX has over 27K users and over $0.5B of total value locked (TVL) on it at press time.
Competition: Uniswap DEX launched its layer-2 scaling solution in 2021. The leading DEX on Ethereum has the strongest community and liquidity (over $8.3B TVL).
Polygon enables highly scalable solutions for Ethereum-based DeFi apps.
Website & Whitepaper: Separate websites for Loopring protocol and DEX. Both have links to technical documentation, privacy policy, fees, a blog with monthly updates, community links, and Help center support.
Whitepaper: highly technical, goes deep into details.
Development stage: Loopring DEX uses Loopring protocol 3.6 version, which is in beta.
Loopring Wallet is publicly available in an Android-only beta version.
Loopring Automated Market Maker (AMM) launched a mainnet beta.
Enabled LRC staking in 2020.
Supports NFT minting, trading, and transfers directly on L2 for both ERC721 and ERC1155 token standards.
Roadmap: Each year, the project releases the development roadmap for the coming year.
Posts quarterly updates.
Works with an undisclosed partner on NFT marketplace, which is “set to launch sometime prior to the end of 2021(Q4).”
Fundraising: Raised $45 million during the initial coin offering ($0.06) in August 2017. 750 million LRC tokens were sold (54% of the max supply) during ICO.
A month later, Loopring refunded money to ICO investors due to China’s strict regulations.
No KYC was required for presale.
Team Daniel Wang, founder and CEO of Loopring Foundation, has been in crypto since 2014. Worked as Tech Lead & Senior Software Engineer at Google (NASDAQ:GOOGL), Senior Engineering Director at ZhongAn Insurance.
Adam Browman, Head of Growth since May 2021. Worked as a digital marketing specialist for a travel organization, founded a gaming company.
Has 11-50 employees, headquarters based in Shanghai.
Advisory board members include Da Hongfei, the co-founder of “Chinese Ethereum” NEO and CEO of blockchain tech company Onchain.
Partnership & Investments: Partnered with Chainlink and integrated its oracles on Loopring DEX in 2019.
Rumoured partnership with GameStop (NYSE:GME).
Venture capital investments include G2H2 Capital, NEO, Fundamental Labs, and Obsidian Capital. All investments came via ICO.
No data on venture capital investments since ICO.
Community Social media accounts: Twitter (NYSE:TWTR) (143K), Discord (19K), Reddit (~65K), Weibo (NASDAQ:WB) (218K), Medium (95).
Communities exist and are active on social media channels.
Key Metrics Token standard: ERC-20
Max supply: 1.37 billion
Circulating supply: 1.33 billion
Market Cap: $3.7 billion
Exchange listings: Listed on 137 cryptocurrency exchanges (see the full list).
Most common trading pairs with USDT, BTC, ETH, and WETH.
Token allocation: Over 72K wallets on Ethereum chain, 17 on Polygon.
Concentration at the hands of whales holding more than 1% of max supply: 89%
Wallets: Can be stored in any ERC-20 compatible wallet or in a downloadable Loopring Wallet.
Price movements: All-time High (ATH): $3.75 on November 2021
All-time Low (ATL): $0.019 on December 2019
LRC less than 30% below ATH at the time of writing
Verdict
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.