What is Loopring (LRC)? Loopring is a crypto project under which several blockchain solutions exist. Such solutions include a zk-Rollup protocol and an automated market maker (AMM) platform. Loopring is not a mainnet blockchain, so LRC coins are actually better described as LRC tokens — the main asset the Loopring project utilizes.
How does Loopring (LRC) work?
At its core, the Loopring project is based around the Loopring protocol — an Ethereum-based, open-source zk-Rollup protocol that developers can use to build products such as decentralized exchanges (DEXs). A zk-Rollup is essentially a layer-2 scaling option that batches multiple transactions and settles that batch in one transaction on a blockchain’s layer 1 instead of settling each transaction individually.
The Loopring protocol was used to construct an AMM called Loopring Layer2, also known as Loopring Exchange. Thanks to Loopring’s zk-Rollup protocol, the AMM has the potential for significantly faster, cheaper transactions while still benefiting from the security of the Ethereum blockchain on which it was built. The Loopring protocol itself can also be used as a payment solution.
Loopring has a decentralized autonomous organization (DAO) called Loopring DAO that is responsible for various aspects of Loopring, such as fee-related issues. The DAO’s decisions are made through voting. Loopring is also overseen by the Loopring Foundation, a nonprofit entity.
Loopring price today
Loopring itself does not directly have a price, although the project’s LRC asset does. What is Loopring (LRC) used for? LRC has multiple roles within the Loopring project, including as a method of voting. For the LRC price in U.S. dollars (USD), see the top of the page for an LRC to USD live price, the Loopring marketcap via LRC, the LRC total supply and more. The LRC circulation supply depends on how much LRC is available on the market. This page also includes an LRC live price chart.