Ali Raza
The cryptocurrency market has recovered slightly on Monday, and with Bitcoin trading above $30,000, many altcoins are following suit. Loopring (LRC) stands out as a top gainer during the past 24 hours, having made an 8.1% surge during the past 24 hours.
Loopring makes major gains
The Ethereum decentralized finance (DeFi) space sector has grown significantly over the past year. However, the network faces high gas fees and slow speeds that have created a need for layer two networks. Loopring is one of the top layer 2 networks on the Ethereum network.
The Loopring project is one of the top crypto projects in the space, and its iconic surge in popularity happened in November last year when the price of the token reached an all-time high of $3.75. The token has dipped just like the rest of the market, but it is currently showing signs of bouncing and recovering its losses.
Cryptoassets are a highly volatile unregulated investment product.
One of the top projects on Loopring is the Loopring exchange. It is a decentralized exchange (DEX) that supports lending and borrowing. The Loopring exchange is the first publicly accessible zkRollup exchange created on the Ethereum network. The launch of the DEX proved the viability of the project and the technology behind it.
Loopring is different from other trading technologies in the DeFi sector, given that the trading experience on the platform is nearly similar to that of centralized exchange because they are orderbook based.
Loopring offers scalability by using the zkRollups technology. Rollups bring transactions together, and they are executed outside the Ethereum mainnet. After the data is processed, it is relayed to the layer 1 network, making the network cheaper. Zero-knowledge (ZK) proofs are cryptographic techniques used to prove transactions.
The Loopring ecosystem is huge, and besides the Loopring exchange, there is also the LRC token. The LRC token ranks as the 91st largest cryptocurrency with over a $649 million market cap. The growth of the Loopring protocol is poised to build a utility for the LRC token. The token has seen notable growth over the past week despite the market recession. The gains are also intensifying with the support garnered from the market.
Where to buy LRC
The LRC token can be bought on eToro. It was listed on eToro in March, which also caused a spike in the LRC price. eToro is one of the best platforms for both new and experienced traders.
LRC is also listed on Coinbase.
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Cryptoassets are a highly volatile unregulated investment product.
This article was written for Business 2 Community by Ali Raza.
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