Loopring cryptocurrency exchange is a decentralized exchange built on the Ethereum blockchain. The exchange is a part of the Loopring protocol, which is all-encompassing Ethereum's Layer 2 scaling solution that supports NFT projects, DeFi applications, and so on. Besides that, the exchange supports non-custodial trading of Ethereum-based assets and it utilizes zero-knowledge rollup technology.
Users don't have to go through the KYC process. They just need to connect their existing crypto wallets and they are good to go. Additionally, there are no listed countries where the services of the platform are restricted.
The major markets on the platform are ETH, LRC, USDT, and DAI markets. There are 28 Loopring Exchange trading pairs available on the platform. Some of the major cryptocurrencies supported include Bitcoin, Ethereum, and the Loopring Coin (LRC). Apart from the Loopring Exchange spot market, there are also options for perpetual and futures markets.
Loopring Exchange crypto fees are dependent on Ethereum gas fees for their transactions and swaps. However, as Loopring is a Layer 2 protocol, it allows users to avoid costly gas fees and network congestion. Overall, Loopring exchange fees are based on the maker-taker model, as with most other exchanges. For each service type, Loopring Exchange charges a flat fee and a percentage fee. Check out a detailed fee structure on their website.
The LRC token is the native token of the Loopring crypto exchange. LRC is used for major operations on the network. There is a total supply of around 1,374 million tokens. 20% of this was allotted to the Loopring DAO, 70% was shared among users for staking LRC, and the remaining 10% was set for token burns. You can see the current Loopring Exchange crypto price here.
The platform facilitates other DEXs using ring-sharing and order-matching technologies. Thus, Loopring crypto exchange allows for a cross-exchange of assets among various exchanges. Furthermore, it pools orders from all possible exchanges and fills them. This process is done by matching these orders with order books from all other exchanges participating in the Loopring platform.
Users who wish to operate a DEX on Loopring cryptocurrency exchange must have at least 250,000 LRC locked up in their wallets. This allows the operator to initiate an exchange that will use its on-chain data proof.
Besides, LRC also helps to ensure that the Loopring network is used properly. Exchange operators may have their deposited LRC confiscated by the Loopring crypto platform if they do not know how to operate the exchange properly. These confiscated LRCs are shared with users who have decided to stake their LRC tokens. Apart from this, users can decide to stake their LRC and earn part of the Loopring Exchange fees charged by the protocol.
About the Company
The CEO and founder of the Loopring crypto exchange is Daniel Wang. He is an entrepreneur and a software engineer who lives in Shanghai, China. Daniel is a computer scientist with a bachelor’s degree from the Science & Technology University of China. Besides, he also holds a master’s degree in computer science from Arizona State University.
Before Loopring, Daniel started Coin Port Technology Limited, around 2014. Over his career, he has held several executive and managerial positions in reputable technological companies. For example, he was the vice president and co-founder of Yunrang and the former technical lead and software engineer at Google. Other members of the leading team are Johnston Chen, Steve Gou, and Jay Zhou.
The Loopring Foundation launched the LRC token and held an ICO (initial coin offering) around August 2017. Later, in 2019, the protocol itself was deployed on the Ethereum mainnet.
As of December 2022, the 24-hour Loopring Exchange trade volume ranged around $920 thousand dollars. Check out the current Loopring Exchange volume above.