Loopring TVL Flourish as Ethereum Gas Fees Spike Again

Loopring TVL Flourish as Ethereum Gas Fees Spike Again

By Abhimanyu Krishnan | News | 4 Jan 2021

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

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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