Loopring (LRC) Coin – The new Project for the defi World

There is a wave of change coming in the finance market and the current mode of centralized operation is to evolve to become decentralized. Blockchain technology is the foundation upon which the future of decentralized finance (DeFi) is going to rest on. Now the rest of the supporting elements are specific protocols and infrastructure to enact a mode of operation that can make DeFi a reality.  Loopring (LRC) is one of those specific protocols trying to change the game.

Loopring (LRC) aims to be the future of marketing. It is built on Ethereum but more specifically on layer 2 (zk Rollups). Loopring believes that the users of DeFI can make low-free, high-speed platforms for trading, swapping, liquidity providing, and payments – without compromising the security feature of Ethereum. The purpose of Loopring is to design the best zk Rollup exchange and the most efficient payment protocol on the Ethereum ecosystem. It also aims at operating products that can bring users across the world to access it. The security of Loopring is assured by them as they guarantee 100% Ethereum-level security. As the normal convention of the coin is held, it doesn’t need the depend upon validators, consensus, or cryptoeconomic assumption but only upon Ethereum and Zero Knowledge (zk) cryptography.

Speaking a little about zk, it is a fast and secure gas-free lane through which users can deposit and withdraw Ethereum-based assets such as non-fungible tokens (NFTs). This is a promising concept that can resolve a lot of issues that are currently faced by the Queen of the market.  The scalability issue can also be resolved through the zk Rollups. They estimate their speed to be 1000 times with that of Ethereum trades.

A novel aspect adopted by Loopring (LRC) is the Merkle Tree. This is to get the speediest and most efficient outcome. Only off-chain balances are supported by Loopring. These balances are stored within the Merkle trees. The users have the ability to deposit and withdraw tokens to their smart contracts, and their balance is subsequently changed in the Merkle Trees accordingly. This significantly lowers the cost of transactions.

Current Price Movement – Loopring (LRC)

At the time of writing, LRC, the utility token of Loopring has a value of $3.49 which is a 22.87% increase over the past twenty-four hours. LRC has a trading volume of $1,391,926,957, a 93.06% increase over the past twenty-four hours. Even if the NFT market seems to be in dire straits, it seems that the value of LRC is increasing. This also seems to be strange considering the bearish momentum of Bitcoin.