LRC is Loopring's ETH-based cryptocurrency token, an open protocol designed for the creation of decentralized crypto exchanges.
Loopring is a decentralized cryptocurrency protocol. Control of cryptocurrencies on the platform is entirely in the users. With Loopring, a laborious and risky transaction such as depositing money in central exchanges becomes history.
Anyone can contribute to the open source Loopring platform as a "decentralized exchange" (DEX). You can join the DEX network to share liquidity; you can even set up and manage your own DEX network.
In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated around $ 50-200 million. Most of this trading is performed on centralized cryptocurrency exchanges, namely online platforms operated by private companies that store users' funds and facilitate matching buy and sell orders.
There are some disadvantages common to all such platforms, so a new type of - decentralized - change has emerged to alleviate these disadvantages. However, purely decentralized exchanges also have their own flaws.
The goal of Loopring is to combine central order matching with order agreement on decentralized blockchain into a hybridized product that will take the best of both centralized and decentralized exchanges.
While the Loopring protocol was first deployed on the Ethereum mainnet in December 2019, LRC tokens went public in August 2017 during the initial coin offering