Loopring Price (LRC)

The Loopring project was created in 2017 and functions as an Ethereum zkRollup Layer2 solution. zkRollup enables faster transaction validations and cheaper transaction fees on blockchains compared to Ethereum Layer1 by using both on and off-chain processes. The protocol aims to create “the best-in-class zkRollup exchange and payment protocol” built specifically on the Ethereum network. It hopes to create a decentralized alternative to custodial financial products and centralized exchanges. It also seeks to improve upon some of the current drawbacks of DeFi, including breaches of security, slow speeds, and high gas fees. 

As such, Loopring has created a range of products and services by creating smart contracts and ZK circuits. Some of its key benefits include high levels of security, high throughput and low costs. LRC is Loopring’s native cryptocurrency. It has a total supply of 1,375,076,040 LRC. It is used as a utility token, to incentive protocol use, and prevent malicious behaviour.