Loopring aims to be an open standardized platform for the development of decentralized, orderbook-based cryptocurrency exchanges and applications.
After coming up with the idea in October 2016, Daniel Wang founded The Loopring Foundation in June the following year. The LRC token performs two primary functions on the Loopring platform – to fuel smart contracts with gas fees, and to reward ring miners.
In early 2020, Loopring announced the launch of Loopring Exchange, claiming it was the first public zkRollup exchange on Ethereum.
By handling the orderbook in a centralized manner while settling transactions on-chain, Loopring integrates the trustless nature of DEXs with the reliability and speed of a centralized exchange.
Using zkRollups, the exchange can also scale to a much higher throughput by handling transactions on a layer-2 sidechain. The ERC-20 LRC token can also be staked to earn rewards from exchange trading fees.
As a development platform on Ethereum the network can also handle smart contracts, and Loopring aims to create an ecosystem that resides within the ‘goldilocks zone’ of cryptocurrency exchanges.
Kriptomat offers the lowest possible market LRC price in euros (LRC to EUR).
Check out how to buy Loopring on Kriptomat.