What is Loopring (LRC)?

Jul 27, 2018 at 20:55

Coin overview

Loopring is an open-source protocol for decentralized token exchange. It’s not a decentralized token exchange per se, but facilitates decentralized token exchange through relayers and liquidity sharing and ring networks.

LRC is the official ERC20 token of Loopring. It was released in August 2017 at an initial price of $0.12. It reached an all-time high of $2.09 in January 2018, a 1,741% increase in value, before settling back to $0.27 at the time of writing.

Loopring uses smart contracts (LSC), a set of Ethereum contracts that implement the Loopring protocol.

The way Loopring works is it allows users to place an order for a token exchange without requiring the user to deposit funds beforehand. The order is signed with the user’s private key to ensure its origin and then placed on the network. The LSC then computes the order and also allows the user to cancel or change orders any time they want.

The LSC receives order rings from miners, which they then match with the orders that they need to fill. The order then goes through order validation, subloop checking and fill rate checking processes before the order is scaled and the ring settlement happens. Only after this will the transaction happen—and that’s the only time the user has to pay through their wallet.

What sets Loopring from 0x and other similar protocols is its unique set of features: their Unidirectional Order Mode, which offers more generalized data from takers and makers; their Matching-as-a-Service (MaaS) approach; their ring-matching feature, which lowers fees and optimizes trading prices; their patented anti-front running technology; their open-source protocol allows potential ecosystem partners to adopt their system at a low cost; and they advocate relayers to join a sharing mesh network to share liquidity.

Loopring’s code is open source and available on GitHub.


Where to buy?

LRC is traded in cryptocurrency exchanges but is mostly traded in Binance, OKEx, and Gate.io.

Is it mineable?

LRC has a total token supply of 1,374,956,262 with a current circulating supply of 572,074,043 tokens.