Loopring is Running a Withdrawal Mining Campaign

By Abhimanyu Krishnan | News | 1 Dec 2020

The Loopring (LRC) project is running a mining incentive campaign from Nov. 27 to Dec. 26, in a bid to attract users to its newly launched Loopring Wallet beta.

  • Called withdrawal mining, Loopring will distribute a total of 1 million LRC, worth about $220,000, to users who move their funds from centralized exchanges to the Loopring Wallet
  • The program is designed to get users to use non-custodial wallets, with the post describing the campaign as being "meant to incentivize people to take control of their cryptoassets, and take them off centralized platforms"
  • Supported assets include LRC, ETH, WBTC, USDT, USDC and DAI, and the minimum transfer amount is $100
  • Loopring is offering double the reward for the following conditions: users who paid wallets or created a wallet before the program started; those who make LRC transfers; assets on Loopring 3.6’s Layer-2 account wallets; and wallets with 3 or more guardians
  • These double rewards can be stacked up to 8x and the participation limit is $800,000
  • Rewards are distributed to users’ layer-2 account wallets the next day
  • The Loopring Wallet, which supports Automated Market Markets and has the zkRollup scaling solution built in, can process 2,025 transactions per second at a cost of $0.0002 per transaction

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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