Loopring is an Ethereum-based software. The network can process 1,000 times more deals per second than Ethereum. Loopring also retains the Ethereum blockchain’s security, with users having complete access to their assets at all times and exchange operators bound by the protocol’s rules.
The true objective of Loopring is to build a hybrid platform that incorporates the best aspects of both centralized and decentralized exchanges. Through hybrid solutions, the protocol wants to improve the positives of decentralized exchanges while minimizing or eradicating their inefficiencies.
How does Loopring work?
Loopring is a payment app as well as the “world’s first Ethereum smart wallet powered by zero knowledge rollups,” according to the company. Users can instantly send ETH and ERC-20 token transfers to any Ethereum address on Layer-2 (L2), and they can ensure the security of their assets by choosing a trusted third party as the guardian. With the Loopring Wallet, users are only required to pay 1% of Ethereum Layer-1 costs.
Loopring believes that by using a newer type of cryptography known as zero-knowledge rollups, or zkRollups, its platform will allow exchanges built on top of it to avoid the poor performance and costs associated with decentralized exchanges on Ethereum. zkRollups allow Loopring exchanges to finish important computations somewhere else instead of directly settling trades on the Ethereum blockchain, as other decentralized exchanges do.
On other exchanges, an order to buy a specific token in a trading pair must be paired with an order to sell that same token in the same trading pair. Loopring, on the other hand, uses an order ring to mix and match numerous orders. Each ordered ring can hold up to 16 orders and forms a loop in which each order can swap the desired tokens without the need for an opposing order for its pair.
Low transaction costs are another important aspect that Loopring aims to provide. The majority of Loopring’s operations, such as trading and transfer settlement, will be carried out on the Ethereum blockchain. This also decreases fuel consumption and transaction costs.
The Loopring network’s utility token is the Loopring (LRC) cryptocurrency. It serves as a reward to liquidity providers, DAO governors, insurers, and other users of the platforms. It also provides them a say in how the protocol is governed.
Loopring (LRC) can also be used to pay fees on zkRollup while maintaining complete Ethereum self-custody security.
Loopring Overview and History
Daniel Wang, a software engineer and entrepreneur, created the Loopring Foundation, which is responsible for the development of the Loopring protocol. Wang, who hails from Shanghai, China, is the foundation’s founder and current CEO.
Before joining Google as a Tech Lead and Senior Software Engineer, Daniel Wang worked as a Lead Software Engineer at Boston Scientific, a medical manufacturing firm.
Loopring raised $45 million with their initial coin offering (ICO) in August 2017. However, due to China’s tightening laws, the vast majority of cash raised was refunded to ICO participants. The Loopring Foundation later used the remaining funds to further develop the protocol.
An upgrade to the protocol was implemented. Loopring 2.0 was upgraded to Loopring 3.0 in December 2019, resulting in increased efficiency. Loopring also teamed up with Bitcoin to add oracles.
In February 2020, Loopring finally released their own decentralized exchange.
Loopring Current Price. $0.53
Price Change (24hrs) -$0.003709 (down by 0.76%)
24hrs Low / 24hrs High $0.4681 / $0.4964
Trading Volume (24hrs) $83,187,657.31 (down by 22.46%)
Volume / Market Cap 0.1284
Market Dominance 0.05%
Market Rank #68
Total Value Locked (TVL) $203,268,946
Loopring Market Cap. $647,810,362.35 (down by 0.87%)
Fully Diluted Market Cap $669,450,709.84 (down by 0.87%)
All Time High (Nov 10, 2021) $3.83 (down by 87.27%)
All Time Low (Dec 18, 2019). $0.01986 (up by 2352.31%)
Loopring ROI (up 874.09% )
Loopring Circulating Supply 1,330,082,009 LRC
Total Supply 1,373,873,439 LRC
Max Supply 1,374,513,896 LRC
Loopring Price Forecast
What is the Loopring’s future outlook, and should you buy, sell, or hold? We’ll now take a look at the Loopring’s price forecast.
Over the last two years, the crypto world has experienced rapid expansion. Loopring was launched as a result of the ever-changing nature of space. The platform aims to fix centralized and decentralized exchanges’ flaws.
The ecosystem’s main focus has been to provide solutions that are fast, safe, and transparent. The Ethereum platform allows for high-volume, low-cost payments and trade. It also hopes to improve hybrid solution competence by removing inefficiencies.
Loopring’s price behavior has been extremely bearish in the new year, with a significant drop. It has been on a downward trend since starting the year with a price of $2.0166. By the end of the month, the LRC price had lost 54.72 percent of its gains. As a result, the closing price for the month was $0.9232.
Up until the first week of February, the altcoin was on a rise, reaching $1.233. Turmoil in the market due to geopolitical tensions between Russia and Ukraine, as well as concerns over the United States Federal Reserve’s rate hike. As a result, LRC’s price brushed against $0.649 levels, signaling the start of yet another downturn. Loopring closed the quarterly trade at $1.308 after recovering from the slump thanks to a bullish rise in volumes.
Increasing developmental activities and community-building initiatives, as well as a burgeoning adoption of the zk-Rollups, could make Loopring’s price grow in the long run.
In early 2017, the LRC token started to rise slowly but steadily, and with time, eventually reached an all-time high of $3.72 on November 10, 2021. At first, it was trading at $0.66 at the start of November 2021, but went on a steep rise in a matter of days.
A series of interesting events from October to November last year saw a spike of over 1000% in the price of LRC. A bearish run followed this increase, and the price fell rapidly. Today, the current price of LRC is $0.53.
LRC’s price would be propelled further by the expanding number of users and volumes. As a result, the digital coin might reach a high of $3.884 by the end of the year.
On the other hand, the protocol’s declining stance and increased competition could drive the price down to $2.145.
Loopring Price Prediction
The majority of crypto analysts and investors believe Loopring will continue to rise. They say that Loopring has demonstrated its resiliency and will most likely resume and sustain its upward trend during the coming years. Some even believe that the LRC token’s value will recover and surge past its current all-time high before the year is through. Below are some of the predictions for the Loopring coin.
Loopring Price Prediction for 2022
According to Wallet Investors’ updated forecast. By the end of 2022, the Loopring price is expected to reach a maximum of $1.985. According to the firm’s analysts, a trend reversal might bring the price down to $1.128.
Other analysts, like the Digital Coin price predict, also expect the price of LRC to soar by the end of the year. A minimum price of $1.07 is expected while an average and maximum target value of $1.15 and $1.22 is predicted.
Loopring Price Prediction for 2023
If bulls considerably retrace the market trend for a period of time, the coming year might be fantastic for Loopring. By the end of the year, the protocol may be worth more than $5.146. If the rumors of collaboration with Gamestop do not come to fruition, the price may end up around $3.14.
Loopring Price Prediction for 2025
Walletinvestor predicts that by the end of 2025, the altcoin will have reached a high of $4.359. On the other hand, the digital coin price, on the other hand, predicts a minimum price of $0.83 while it maintains a maximum price of $0.99.
Loopring Price Prediction for 2030
According to the Loopring projection for 2030, the average price will be $2.44, with prices ranging between $2.53 and $2.33.
Frequently Asked Questions (FAQs)
What is the current price of the Loopring (LRC)?
As at the time of this writing, the current price of the LRC is $0.53.
Will the price of the Loopring rise in the future?
The price of Loopring is driven by a variety of traditional factors, including company news and developmental plans, market sentiment, cryptocurrency exchange volume, and the overall economy.
What will Loopring be worth by the end of 2022?
By the end of 2022, the price of LRC might have risen to $1.985.
What will Loopring be worth by 2025?
Loopring’s pricing in 2025 will range from $0.99 to $0.83.
Where can I buy Loopring coins?
Due to its growing popularity and excellent prior price action, Loopring has been listed on nearly all of the big crypto exchanges. Popular crypto brokerages and peer-to-peer trading platforms are accepting it for trading.
Examples of these exchanges are Binance, Coinbase, eToro, Crypto.com, Kucoin, etc.
Pick an exchange of your choice, register and follow instructions to purchase the Loopring token using fiat currency or other cryptocurrencies available to you.
With a solid background, knowledge and certifications in blockchain, fintech and technical content writing. Gabriel has researched, written and developed several SEO-driven articles, press releases, financial technical documents, litepapers and whitepapers in the blockchain niche. He also specializes in taking rough business ideas and making sure they are both financially and technically feasible (with a focus on blockchain, tokenomics advisory, DeFi, AI and the finance industry).