Loopring (LRC), which conducted its ICO in August 2017, is a token whose purpose is to support the Loopring decentralized exchange protocol. With the tagline “the new crypto trading standard”, Loopring is attempting to do what all decentralized exchanges are focused on: giving users total control of their assets, with an additional focus on improving liquidity and tremendously lowering fees.
Decentralized exchanges (DEX) are a major trend in the market currently, with multiple exchanges either researching or launching decentralized versions of their respective exchanges. With the number of hacks that have occurred since the bull run of 2017, several projects have expedited their research into decentralized exchanges.
The true distinction of Loopring’s protocol, however, is that anyone can build a DEX using its open source protocol. Such a development, where DEXs are built on the Loopring protocol, would mean a shared network that greatly increases liquidity. The protocol is also blockchain agnostic, which means it can be deployed on any blockchain so long as it possesses smart contract capability.
The Loopring team has stated that their two major focuses of 2019 will be innovation and focus, with the former implying advancements in the blockchain tech, such as new research that may optimize the Loopring protocol. Focus refers to the development and improvement of current goals, features and strategic projects.
Currently, the team is working on version 3 of Loopring, which would bring about such changes as orders being matched off-chain but settled on-chain. Additionally, they are exploring new trading models and deploying Loopring 2.0 to the Loopring Chain, an application specific sidechain used exclusively for Loopring protocol orders.
Loopring also has two tokens on other chains; the first one being LRC (Ethereum), but also LRN (NEO), and LRQ (Qtum). You can enable trades on each of them without the need to lock down your cryptocurrency balances.
In this tag, read Loopring (LRC) news, price predictions, opinions and analyses created by users.