The Loopring (LRC) protocol recorded its highest ever 24 hour volume on Jan. 4, just as altcoins in the market began rallying.
- The team announced that the Loopring protocol, a layer 2 solution, logged about $2 million in total trading volume, a significant jump from previous highs
- Volatility and high eth gas prices as a result of network congestion have driven users to Loopring’s nearly-free and almost instantaneous exchange protocol
- Ethereum’s average gas fees had jumped up to over 500 today, just as Loopring’s DEX added $11 million in TVL between Jan 3. And Jan. 4.; currently, there is approximately $50 million locked into Loopring
- Loopring plans to bring Layer 2 to AMMs and also launches its own AMM liquidity mining program on Jan. 7
- The protocol’s zK Rollup technology is seen as a solution to high gas fees and low transaction output, bringing costs to even $0.0002 per trade and lower and 2k transactions per second