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What is Loopring (LRC)?

A decentralised exchange (DEX) technology called Loopring (LRC) enables peer-to-peer cryptocurrency trading while supplying improved liquidity, less counterparty risk, and better transparency.

The History of Loopring

The founder of Loopring, Daniel Wang, a former Google software engineer who had previously worked on blockchain initiatives for JD.com, started the company in 2017. By developing a DEX protocol that makes use of off-chain order matching and on-chain settlement, Loopring seeks to offer a non-custodial, trustless, and permissionless trading experience. The initial coin offering (ICO) for Loopring raised over $45 million in ETH in August 2017.

The Use Case of Loopring

The purpose of Loopring is to offer a DEX solution to centralised exchanges that overcomes its drawbacks, such as security problems, hacking incidents, and a lack of transparency. The protocol eliminates counterparty risk and lowers trading costs by enabling peer-to-peer trading of assets without the need for middlemen. A decentralised, automated market maker (AMM) is another tool that Loopring uses to guarantee transaction liquidity and minimise price slippage.

Unlike other DEXs that only allow a small number of tokens, Loopring's protocol enables users to trade with any other ERC-20 token on the Ethereum network, increasing adaptability and flexibility. The Loopring team has also created a mobile wallet app that lets users use their smartphones to access the DEX.