Loopring (LRC) Price Chart 

On today’s menu of cryptocurrencies, we’re exploring Loopring (LRC). Join us below as we take a closer look at what this cryptocurrency is, how it came to be, what it does, including the Loopring price over time, and a bonus quick guide on how to buy and sell crypto instantly. Let’s begin.

What is Loopring (LRC)?

Loopring is an open protocol crafted specifically for the purpose of building decentralized crypto exchanges. Its Ethereum-based cryptocurrency token is LRC. 

The average daily trading volume of the entire crypto market in 2020 fluctuated in the approximate range of between $50 and $200 million. Most of this trading occurred on centralized crypto exchanges. These are online platforms owned and operated by private companies that facilitate the matching of buy and sell orders (such as converting BTC to USD, for example) and store user funds.

The Loopring project combines centralized order matching with decentralized, on-chain order settlement. Loopring’s purported goal is to create a hybridized product intended to incorporate the best aspects of decentralized and centralized exchanges. 

Loopring history

An initial coin offering (ICO) in August 2017 made LRC tokens available to the public for the first time. Subsequently, in December 2019, the Loopring protocol was first deployed on the Ethereum mainnet. 

The primary objectives of this protocol include enabling global liquid markets, and reducing user reliance on centralized exchanges or other trusted third parties. The protocol aims to achieve these objectives by incentivizing ecosystem participants to trade via non-custodial smart contracts, and decentralize common exchange functions.

While building exchanges purely on-chain can increase certain security elements, other prohibitive factors can hinder the success of such systems.. For instance, computation costs, throughput, and processing speeds can all be impacted by participant density and distribution in a peer-to-peer network. 

In addition to being often prohibitively expensive, performing all centralized exchange functionality on-chain can also diminish network performance and speed. Loopring has moved all computation and data off-chain for these reasons, but retains trust-minimized properties by utilizing zero-knowledge proofs. 

Initially, Loopring planned to operate on all feasible large public blockchains with smart contract capability (in other words, to be blockchain agnostic). As mentioned above, it was first deployed on Ethereum to trade ERC-20 tokens, and uses its native LRC token to operate. 

Subsequently, it has also deployed on top of Neo, and airdropped another native token, LRN. However, that effort is paused as of this writing. Additionally, the company had plans for a similar launch on top of QTUM with another token called LRQ, but this plan has yet to materialize. 

Who are the founders of Loopring?

An entrepreneur and software engineer named Daniel Wang is the founder and current CEO of Loopring Foundation, which manages the development of the Loopring Protocol. He currently resides in Shanghai, China.

Wang has a master’s degree in computer science from Arizona State University, and a bachelor’s degree in the same field from the University of Science and Technology of China. 

He has held numerous executive and managerial positions in major tech companies before starting work on Loopring. For instance, he was a Tech Lead and Senior Software Engineer at Google, the Senior Director of Engineering, Search, Recommendation and Ads System at the Chinese e-commerce giant JD.com, as well as a Lead Software Engineer at the medical device manufacturer Boston Scientific. 

Wang has also co-founded a number of companies, such as the cryptocurrency firm Coinport Technology Ltd., and Yunrang (Beijing) Information Technology Ltd. 

How Loopring works

The smart contracts that comprise the Loopring Protocol govern the issuance of LRC tokens. So-called “ring mining” is the primary way of earning LRC. Improving the liquidity of the Loopring network means that placed orders are not matched strictly as pairs of two cryptocurrencies. Instead, the protocol can create an “order ring” by mixing and matching up to 16 orders for different cryptocurrencies in a circular trade. 

In exchange for combining individual orders into order rings, maintaining public trade history and order books, and sometimes broadcasting orders to other relays, nodes on the Loopring network are rewarded with LRC tokens. 

Additionally, LRC and LRN tokens for Ethereum and Neo, respectively, are secured by the hash functions of their underlying blockchain platforms. In the case of LRN, it is secured by Neo’s RIPEMD160 and SHA256, and in the case of LRC, it is secured by Ethereum’s Ethash. 

Current LRC price index

When looking into Loopring price prediction, most crypto enthusiasts start by observing its current price trend/price analysis. In doing so, it is critical to have access to the most recent and up-to-date market information and price charts. 

CEX.IO’s award-winning Spot Trading platform is the perfect place to acquire this information in the form of a one-stop shop, not to mention checking current crypto prices. But, more than a mere crypto exchange and trading platform, CEX.IO is an entire ecosystem of crypto products and services. It’s brimming with industry knowledge, know-how, and tricks of the trade that may be potentially beneficial to both the crypto serious and the crypto curious. 

CEX.IO offers access to live crypto prices, tutorials to elucidate our product ecosystem, and educational materials to expand your crypto knowledge. Not to mention — Spot Trading is home to 300+ markets available for buying, selling, trading, and exploring just some of the opportunities available in the digital economy. Looking to learn more about the Loopring token stock price? CEX.IO is the place to make it happen. 

Loopring price history

When looking into the LRC historical price, several events from the protocol’s history are noteworthy. 

LRC reached an all-time high (ATH) of $3.83 on November 10, 2021. Conversely, its all-time low (ATL) of $0.01986 occurred in December 2019. Loopring’s market cap as of December 8, 2023, is $337,414,276, with a circulating supply of 1,331,682,636 LRC tokens.

Where to buy LRC

LRC is available on numerous safe, secure, and longstanding crypto exchanges and platforms, including CEX.IO. In our ecosystem, you can buy, sell, convert, and trade LRC with USD, EUR, and USDT almost instantly. 

CEX.IO has served more than six million users since its founding in 2013, and proudly continues to do so today. If you’re looking for a straightforward way to acquire, sell, or trade this token through an intuitive interface, CEX.IO can be an excellent choice. 

Among the numerous crypto transactions available within our ecosystem, you can buy Bitcoin with PayPal (currently available only for U.S. customers), buy Bitcoin with a bank account, and even buy crypto with Apple Pay. 

Additionally, more than 300 crypto markets await at our award-winning Spot Trading platform, complete with deep liquidity, multiple sub-accounts, advanced order types, and more.

CEX.IO is a premier resource for all things crypto, and a longstanding ecosystem of products and services, regardless of whether you’re looking to buy Bitcoin, or conduct LRC transactions. 

How to buy LRC at CEX.IO

If you’re looking to buy USDT, buy Ethereum, buy Dogecoin, buy BNB, or buy LRC, you can do so at CEX.IO by following a few straightforward steps. In doing so, you can use a variety of payment methods, such as:

• Credit cards
• Debit cards
• Bank transfers
• E-wallets

Please note that the availability of these payment methods may differ depending on your region. Nevertheless, two of our premier avenues are at your disposal for buying LRC: the CEX.IO Wallet, and our Instant Buy service. Additionally, here’s a quick guide on how to buy cryptocurrency with a debit card on CEX.IO.

How to buy LRC with CEX.IO Wallet

Follow these steps to buy LRC:

• Log into your CEX.IO account (or create one and get verified);
• Hover your cursor over the Products tab on the homepage;
• Click on Wallet;
• From the Wallet dashboard, scroll down and select LRC from the list of available cryptocurrencies;
• Choose between Add Funds or Convert buttons next to LRC; 
• Follow the instructions on the screen to complete the desired transaction.

How to buy LRC with CEX.IO Instant Buy service

Using Instant Buy is another convenient way to acquire LRC:

• Log into your CEX.IO account (or create one and get verified);
• Hover your cursor over the Products tab on the homepage and select Instant Buy;
• Under You receive, click the drop-down arrow and select LRC from the list of available currencies, and the amount you wish to purchase;
• Or, under the You pay field, enter the amount of LRC you wish to acquire in a preferred fiat currency;
• Once you’re satisfied with the values, click Buy;
• From the Add Funds page, click Select Payment Method to choose between card, Google Pay, or Apple Pay to proceed;
• After conducting a personal risk assessment, and verifying all transaction information, confirm your purchase.

FAQ

What is the LRC token? 

LRC is the cryptocurrency token (ERC-20) of the Loopring Protocol. 

What makes the Loopring Protocol unique?

Loopring aims to combine elements of decentralized and centralized cryptocurrency exchanges to create a protocol that will feature the unique advantages of each type., with the aim of simultaneously eliminating some innate inefficiencies. 

Why choose CEX.IO to buy LRC?

CEX.IO has a longstanding reputation for security and transparency, and currently offers many convenient pathways to buy LRC tokens. Additionally, its award-winning Spot Trading platform makes trading this token straightforward and intuitive for eligible users.