The current price of Loopring is $0.088500. Over the last 24 hours, Loopring has decreased by -0.90%. It currently has a circulating supply of 1,245,991,469 LRC and a maximum supply of 1,374,513,896 LRC, giving it a fully diluted market cap of $110.27M. At present, the Loopring coin holds the 0 position in market cap rankings. The Loopring/USD price is updated in real-time.
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Loopring is a Layer 2 scaling protocol designed to optimize and facilitate building non-custodial, order book-based decentralized exchanges (DEX) and payment protocols on Ethereum. The project looks to eliminate the bottlenecks associated with cost and scalability often experienced by Ethereum users.
Loopring achieves this by building a secondary layer powered by ZK-rollups where transactions can be processed at a fraction of a cent and finalized faster than it would typically take to execute transactions on the Ethereum blockchain. By adopting the ZK-rollup technology, Loopring processes transactions in batches rather than entering each individually into the blockchain. This system not only enhances speed but also reduces transaction fees considerably.
Notably, Loopring's solution still relies on the security infrastructure of Ethereum. In other words, even though transactions are processed on a secondary layer, finality is achieved when such transactions are eventually recorded on Ethereum's blockchain. Another core feature is Loopring's decentralized nature. The protocol does not rely on centralized processes or infrastructures to function. As such, Loopring ensures that users control their funds at all times.
LRC is the native ERC-20 token of the Loopring protocol. It is primarily used to anchor the incentive-based economy that rewards users for contributing positively to the sustainability of the protocol and its in-house decentralized exchange.
Like most Layer 2 solutions, Loopring allows users to pay fees with its native coin. When a user completes a trade on Loopring, 20% of the associated transaction fee is set aside as the protocol fee. The accrued protocol fees are shared among liquidity providers and insurers of Loopring DEX. Liquidity providers are the users that deposit their holdings on the decentralized exchange to make liquidity available for other users to trade against.
On the other hand, insurers deposit their LRC tokens into Loopring's insurance fund as a safety net against unforeseen security incidents. Apart from the yield-generating system designed around LRC, holders can also use their tokens for governance. Since a DAO governs Loopring, users can join the decision-making process by holding LRC.
LRC price and tokenomics
At the time of writing, around $1.33 billion LRC tokens are in circulation. This makes up around 97% of the maximum supply of LRC capped at 1.37 billion tokens. In other words, no new LRC tokens are being supplied via mining or staking-based emission systems.
Around 600,000 LRC tokens have been burned or removed permanently from circulation. The remaining 43 million LRC tokens yet to be released into circulation are held by the DAO or staked by exchange operators to enable a sustainable trading platform on Loopring.
In 2021, Loopring launched a revised LRC tokenomics that reshuffled how tokens were distributed to different sets of network contributors. The previous tokenomics had a 70-20-10 sharing formula. 70% of the protocol fees went to stakers, 20% to the DAO, and the remaining 10% was burned. However, with the new tokenomics launched in 2021, the LRC tokenomics now utilizes an 80-10-10 sharing formula. 80% of the protocol fees are shared among liquidity providers, 10% is awarded to the DAO, and the remaining 10% funds the yield-earning initiative designed for insurers.
While the original tokenomics ensures that 10% of the earnings generated from protocol fees is burned, the new system leaves it to the DAO to determine the burning rate of LRC. The community members collectively decide how to spend the 10% allocated to the DAO. As such, they can burn part or all the funds available for spending.
Loopring adopts a deflationary model, meaning the LRC supply shrinks over time. Like all other cryptocurrency protocols running a deflationary token model, Loopring hopes that the continuous burning or reduction of the token supply will positively impact the value of LRC.
About the founders
Loopring was founded in 2017 by David Wang, a former Google and Boston Scientific lead software engineer, and Jay Zhou, a former Paypal employee. After the introduction of Loopring in 2017, the development team opted to conduct an initial coin offering (ICO) in August of the same year. At the end of the crowd sale, Loopring had raised $45 million. However, the team had to return 80% of the fund to investors due to the ICO crackdown imposed by China. The Loopring Foundation, the non-profit organization tasked with building and managing Loopring, used the remaining 20% to fund the development of the protocol.
Remarkably, Loopring has sealed several key partnerships with crypto and traditional organizations. For instance, the protocol collaborated with Chainlink in 2019 to implement Oracle integrations on Loopring V3. The first integration between Loopring and Chainlink enabled the LRC/ETH price feed for DEX users. Another key integration was announced in March 2022 when Loopring became the Layer 2 scaling platform powering GameStop's NFT marketplace. The platform officially went live in July 2022. Some prominent investors of Loopring include Consensus FinTech Group, Cosmos Capital, ChainFunder, Hash Capital, and Matrix CIB.
Loopring highlights
Loopring launched a VIP reward system aimed at market makers and high-volume traders late in 2021. This is similar to the reward model used by centralized exchanges to determine which users are eligible for discounts and rebates. The partnership with Gamestop is Loopring's biggest highlight in 2022, and arguably the most significant since the company's inception. The announcement of this partnership alone resulted in a 32% increase in the price of LRC.
The cost-effective minting feature launched in February 2022 is another example of Loopring's growing presence in the NFT market. Users can use this service to mint NFTs for less than $1. Loopring also entered the Metaverse in 2022, when it launched the beta version of Loopring HQ on Decentraland and held a virtual meetup to commemorate the occasion.
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Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 271 new posts about Loopring, driven by 183 contributors, and total online engagement reached 14K social interactions. The sentiment score for Loopring currently stands at 89%. Compared to all cryptocurrencies, post volume for Loopring currently ranks at 5414. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Loopring.
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Posts
271
Contributors
183
Interactions
14,429
Sentiment
89%
Volume rank
#5414
X
Posts
64
Interactions
12,420
Sentiment
90%
Loopring FAQ
What is Loopring?
Loopring is a Layer 2 solution that enables decentralized exchange services that offer quick and affordable crypto trading features. While this is Loopring's primary business, the project has broadened its scope. Loopring has evolved from a decentralized exchange-focused scaling solution to an ecosystem compatible with various blockchain applications, including NFT marketplaces.
How does Loopring work?
Loopring optimizes transactions using zero-knowledge proofs, also known as ZK-rollups. ZK-rollups technology bundles transactions before submitting them for verification on the Ethereum blockchain's primary layer. Loopring can thus optimize transaction speeds while relying on the Ethereum blockchain's formidable security. At the same time, zero-knowledge provides additional privacy features. As a result, Loopring does not need to submit transaction information that can be linked back to users on the Ethereum blockchain.
Where can I buy LRC?
Easily buy LRC tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include LRC/USDT and LRC/USDC.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into LRC, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
How much is 1 Loopring worth today?
Currently, one Loopring is worth $0.088500. For answers and insight into Loopring's price action, you're in the right place. Explore the latest Loopring charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Loopring, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Loopring have been created as well.
ESG (Environmental, Social, and Governance) regulations for crypto assets aim to address their environmental impact (e.g., energy-intensive mining), promote transparency, and ensure ethical governance practices to align the crypto industry with broader sustainability and societal goals. These regulations encourage compliance with standards that mitigate risks and foster trust in digital assets.
Asset details
Name
OKcoin Europe LTD
Relevant legal entity identifier
54930069NLWEIGLHXU42
Name of the crypto-asset
LoopringCoin V2
Consensus Mechanism
The Ethereum network uses a Proof-of-Stake Consensus Mechanism to validate new transactions on the blockchain. Core Components 1. Validators: Validators are responsible for proposing and validating new blocks. To become a validator, a user must deposit (stake) 32 ETH into a smart contract. This stake acts as collateral and can be slashed if the validator behaves dishonestly. 2. Beacon Chain: The Beacon Chain is the backbone of Ethereum 2.0. It coordinates the network of validators and manages the consensus protocol. It is responsible for creating new blocks, organizing validators into committees, and implementing the finality of blocks. Consensus Process 1. Block Proposal: Validators are chosen randomly to propose new blocks. This selection is based on a weighted random function (WRF), where the weight is determined by the amount of ETH staked. 2. Attestation: Validators not proposing a block participate in attestation. They attest to the validity of the proposed block by voting for it. Attestations are then aggregated to form a single proof of the block’s validity. 3. Committees: Validators are organized into committees to streamline the validation process. Each committee is responsible for validating blocks within a specific shard or the Beacon Chain itself. This ensures decentralization and security, as a smaller group of validators can quickly reach consensus. 4. Finality: Ethereum 2.0 uses a mechanism called Casper FFG (Friendly Finality Gadget) to achieve finality. Finality means that a block and its transactions are considered irreversible and confirmed. Validators vote on the finality of blocks, and once a supermajority is reached, the block is finalized. 5. Incentives and Penalties: Validators earn rewards for participating in the network, including proposing blocks and attesting to their validity. Conversely, validators can be penalized (slashed) for malicious behavior, such as double-signing or being offline for extended periods. This ensures honest participation and network security.
Incentive Mechanisms and Applicable Fees
Ethereum, particularly after transitioning to Ethereum 2.0 (Eth2), employs a Proof-of-Stake (PoS) consensus mechanism to secure its network. The incentives for validators and the fee structures play crucial roles in maintaining the security and efficiency of the blockchain. Incentive Mechanisms 1. Staking Rewards: Validator Rewards: Validators are essential to the PoS mechanism. They are responsible for proposing and validating new blocks. To participate, they must stake a minimum of 32 ETH. In return, they earn rewards for their contributions, which are paid out in ETH. These rewards are a combination of newly minted ETH and transaction fees from the blocks they validate. Reward Rate: The reward rate for validators is dynamic and depends on the total amount of ETH staked in the network. The more ETH staked, the lower the individual reward rate, and vice versa. This is designed to balance the network's security and the incentive to participate. 2. Transaction Fees: Base Fee: After the implementation of Ethereum Improvement Proposal (EIP) 1559, the transaction fee model changed to include a base fee that is burned (i.e., removed from circulation). This base fee adjusts dynamically based on network demand, aiming to stabilize transaction fees and reduce volatility. Priority Fee (Tip): Users can also include a priority fee (tip) to incentivize validators to include their transactions more quickly. This fee goes directly to the validators, providing them with an additional incentive to process transactions efficiently. 3. Penalties for Malicious Behavior: Slashing: Validators face penalties (slashing) if they engage in malicious behavior, such as double-signing or validating incorrect information. Slashing results in the loss of a portion of their staked ETH, discouraging bad actors and ensuring that validators act in the network's best interest. Inactivity Penalties: Validators also face penalties for prolonged inactivity. This ensures that validators remain active and engaged in maintaining the network's security and operation. Fees Applicable on the Ethereum Blockchain 1. Gas Fees: Calculation: Gas fees are calculated based on the computational complexity of transactions and smart contract executions. Each operation on the Ethereum Virtual Machine (EVM) has an associated gas cost. Dynamic Adjustment: The base fee introduced by EIP-1559 dynamically adjusts according to network congestion. When demand for block space is high, the base fee increases, and when demand is low, it decreases. 2. Smart Contract Fees: Deployment and Interaction: Deploying a smart contract on Ethereum involves paying gas fees proportional to the contract's complexity and size. Interacting with deployed smart contracts (e.g., executing functions, transferring tokens) also incurs gas fees. Optimizations: Developers are incentivized to optimize their smart contracts to minimize gas usage, making transactions more cost-effective for users. 3. Asset Transfer Fees: Token Transfers: Transferring ERC-20 or other token standards involves gas fees. These fees vary based on the token's contract implementation and the current network demand.
Beginning of the period to which the disclosure relates
2024-04-13
End of the period to which the disclosure relates
2025-04-13
Energy report
Energy consumption
332.47268 (kWh/a)
Energy consumption sources and methodologies
The energy consumption of this asset is aggregated across multiple components:
To determine the energy consumption of a token, the energy consumption of the network(s) ethereum is calculated first. Based on the crypto asset's gas consumption per network, the share of the total consumption of the respective network that is assigned to this asset is defined. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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