|All Time High:|
|Market Cap: |
|The price of #LRC today is $0.30 USD.|
The lowest LRC price for this period was $0, the highest was $0.304, and the exact current price of one LRC crypto coin is $0.30409.
The all-time high LRC coin price was $3.80.
Use our custom price calculator to see the hypothetical price of LRC with market cap of SOL or other crypto coins.
|The code for Loopring is #LRC. |
Loopring is 5.1 years old.
|The current market capitalization for Loopring is $407,130,054.|
Loopring is ranked #88, by market cap (and other factors).
|There is a large volume of trading today on #LRC.|
Today's 24-hour trading volume across all exchanges for Loopring is $16,675,374.
|The circulating supply of LRC is 1,338,841,968 coins, which is 97% of the total coin supply.|
|LRC is well integrated with many pairings with other cryptocurrencies and is listed on at least 39 crypto exchanges.|
View #LRC trading pairs and crypto exchanges that currently support #LRC purchase.
|Note that there are multiple coins that share the code #LRC, and you can view them on our LRC disambiguation page.|
Loopring L2 DeFi Port
Last year we proposed the concept of EthPort, the purpose of which was to allow users to experience various Layer 1 DeFi products on Loopring Layer 2 in a decentralized manner. As part of the process to implement this function, we carefully considered its limitations. For one, it would bring additional overhead to the system. Additionally, the reduction in gas costs would only be realized with large and frequent use in specific DeFi transactions, presenting initial liquidity challenges. Due to these limitations, we redesigned a new solution which I will be covering next. L2 DeFi Port is now live on L2 and we chose ETH 2.0 staking via Lido as the first integrated DeFi product using it. Before we cover the details of this new DeFi solution, let’s first review the orderbook mechanism of Loopring’s DEX. The matching engine in this architecture diagram is responsible for settling sell orders and buy orders between users. As long as the price matches, the matching engine will execute the settlement in the order of the orders coming in first. A zero-knowledge proof is generated for these settlements and then submitted to Ethereum. The matching and settlement of two orders is a piece of logic code solidified and realized by the zero-knowledge proof circuit. It can ensure that the entire matching and settlement process is truthfully executed according to the price specified in the user’s order, and that no third party can tamper with that process. With this settlement process in mind, if we regard the user’s desire to participate in a DeFi product on Layer 2 as a buy and sell order, then as long as there is a counterparty order provided by another party, the user can instantly complete the L2 DeFi Port interaction. Taking ETH 2.0 staking via Lido as an example, Loopring uses its own liquidity to participate in staking with Lido on Ethereum Layer 1, taking the corresponding wstETH and depositing it to Loopring L2. When a user places an order using a Loopring DeFi product in which they want to stake ETH on L2, the matching engine quickly matches a corresponding wstETH sell order, and then completes the mutual exchange of ETH and wstETH after passing the verification of the matching settlement circuit, and vice versa. When a user wants to withdraw from staking, we will provide a counterparty buy order based on the price of wstETH on Ethereum L1, where users can exchange wstETH back to ETH. The whole process is implemented in a decentralized and non-custodial manner. Loopring’s self-operated liquidity can be regarded as an intermediate bank that deposits and withdraws at any time. When users’ deposits and withdrawals are balanced or have a small deviation, they do not need to have any interaction with L1 at all. When there is a large deviation between funds deposited and withdrawn or if wstETH greatly appreciates in value against ETH, it is necessary to rebalance funds to L2. At this time, it will involve withdrawing some assets to L1, and then depositing back to L2 after the interaction with the DeFi protocol is completed. The entire process of rebalancing funds is currently controlled automatically by smart contracts on Ethereum L1. Loopring’s backend relayer will monitor the balance of the entire fund, triggering the rebalance operation of the smart contract according to preset conditions. From this process arises another consideration, what happens when there are not enough funds to match for a given order? We can take a real world example of a real bank to understand the process in such cases. When a user wants to withdraw a large amount of funds, such as in a large cash withdrawal, a real bank will require that the transaction be reserved in advance to allow the bank a sufficient amount of time to prepare the funds needed to process the large withdrawal. This mechanism can be entirely adapted to Loopring L2 in a decentralized way. We have introduced a new sufficiently powerful API, called asset locking. In practice, it is not so new. This locking function is already used by Loopring’s orderbook to accomplish the pending order functionality. The realization of the pending order essentially locks the user assets first (please note that this locking method is also decentralized, and the assets are always on the user’s wallet address). The asset will not be unlocked and the matching settlement will be performed until a matching counterparty order appears. We took this asset lock function separately and expanded it into a sufficiently general API. Using this API, we can specify how long the asset should be locked, allowing it to be automatically released after expiration. When we detect that L2 assets cannot fully match the user’s DeFi order, we will lock the balance that cannot be redeemed temporarily, and then we will go to L1 as soon as possible to interact with the DeFi protocol to get the remaining part that needs to be redeemed, and then deposit it back to L2 to redeem the full amount. Of course, because this means each user has to be dealt with specially, the associated cost will be higher. The main contributor to the higher cost is that the gas cost cannot be saved by gathering user operations on L2. Because of the introduction of the asset locking API, two abnormal situations will need to be accounted for: one occurs when the user updates the L2 public and private key pair during the locking period, and the other occurs when the user initiates a forced withdrawal during the locking period. Both will cause the user’s orders previously placed to be unable to be matched and settled. For the first case, the change of the public-private key pair will invalidate all the previously signed orders, so the relayer system will not process the request first when there is a special asset locked; for the second case, due to the protocol requiring forced withdrawals be processed within 2 weeks, if the asset lock expires within 1 week, we will wait until the locked asset expires before processing the forced withdrawal. If the asset lock period exceeds 1 week, it will be forced to unlock. The above discussion is about the way to access a DeFi protocol on Loopring L2. Turning now to assumptions, one of the assumptions is that the number of tokens corresponding to the DeFi protocol is fixed. For example, the reason why we only support wstETH and not stETH is because wstETH has a constant supply, but the value of wstETH is always rising, whereas the supply of stETH will increase dynamically. If the tokens of a specific DeFi protocol do not have this constant property, we need to provide a wrapped layer of smart contract on Ethereum L1 and interact with the DeFi protocol through this wrapped layer (in a way very similar to the implementation of wstETH). For the access of this kind of DeFi protocol, the overall framework diagram will become slightly different. In the design of the entire Loopring L2 DeFi access mechanism, a core design concept is that users always control their own assets. For example, the various DeFi protocol tokens obtained by users on L2 can be redeemed at any time on L2. You can also withdraw back to the Ethereum L1 at any time, and then interact with the DeFi protocol by yourself. With the asset locking API, many scenarios can be implemented on Loopring L2 in a decentralized way. For example, Uptick developed the buy-in, highest-price and Dutch auction mechanism for NFT sales based on the locking API. This locking mechanism may open the door to applications like lending protocols, margin trading, and more, all on Loopring L2. From a technical standpoint, all of these can be implemented. If you have some innovative ideas based on Loopring L2, please contact us and we are very willing to work with you. Let’s work together to build the best application specific zkRollup Layer 2 protocol. Remember our slogan: Be your own bank! — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Loopring L2 DeFi Port was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Loopring AMA: Q3 2022
In the third quarter of 2022, we hosted an AMA on Reddit to let the community get deeper access into some of the minds at the Loopring Foundation. The following is a summary of some of the questions and answers from this AMA, along with an additional updated message from Loopring Foundation’s CEO, Steve Guo.Since the conclusion of this AMA (below) earlier this month, a lot of progress has been made by the Loopring Foundation on delivering on the messages below.Currently we are heads down developing many new features and products to bring Loopring L2 to life and make it a one stop shop for all crypto users as we transition slowly into another bull market and another large adoption cycle for the whole industry.Some of these new products/features include:1) 2FA security enhancementSecurity is always the essential part of any wallet product. Loopring has just added 2 factor authentication support to enhance this security. With more trusted authentication sources added, it’s now able to update the registered smartphone number, email etc. information in case it’s changed; also it’s safer to conduct some sensitive operations such as forgot your password, recovery etc.2) NFT Collection supportCollections on Loopring Layer 2 have now been officially supported. Newly created NFTs can be easily categorized into the desired collection now.3) Dual Investment product integrationThe most popular earn product in traditional CEXs has now been introduced onto Loopring L2 in a trustless and pure decentralized way. It provides a Buy Low or Sell High opportunity; giving users a remarkably high APY incentive. More importantly, we support LRC-USD products which is a great fit for our community. Moving forward, Loopring will continue integrating more DeFi earning products directly onto L2.Along with these newly released features, there are more coming soon, including:1) Cloud back-up2) Multi-language support3) Dark mode4) NFT ERC721 support5) Stronger password type support6) Off-ramp support7) More DeFi products + integrationsWe are excited to be able to share more with you in the coming weeks and months. We know bear markets can be hard on some but we just continue to build and I am confident there are some promising times ahead on our mission to make Loopring L2 the top application specific rollup on Ethereum and to truly help the world become their own bank.— Steve Guo, CEO — Reddit AMA Summary💙 - — Q1:. — We hear WAGMI a lot, but I’d like to understand specifically how we are going to make it? — A:. — Loopring’s success will be measured in how much activity + volume the Loopring L2 ecosystem can attract, which then gets distributed back to LRC holders through the protocol fees and through DAO/tokenomics mechanisms, all of which we are planning to revitalize and expand upon. The Loopring team will continue to build consumer facing applications and attract innovative partners to help build applications and tools that will attract large amounts of users and drive activity to the Loopring L2 ecosystem with this end goal in mind — to drive activity + volume, which will translate into protocol fees for the DAO and LRC holders. Crypto as a whole is still in its very early stages as far as wide adoption goes. When the world inevitably moves to the new crypto rails we are building, we want to have the infrastructure + applications/wallets in place to make this transition as seamless as possible, being at the forefront of this adoption. More Context👇 STEVE: The trading volume increases that came with the new NFT marketplace partnerships comes mostly from NFT trades, as you can see from onchain data, the total trading volume is already above 20M USD. Basically the settlement fee for an NFT trade is set as 1%. The protocol fee includes 10% of NFT trading volume. So roughly 0.1% of total NFT trading volume will enter into protocol fee sharing. Looprings Partners are accepting LRC as the settlement token eg, LoopExchange and Uptick. I see this being the trend going forward, as the majority of Loopringers hold LRC on L2. The current bear market will definitely influence each exchange platform’s trading volume. As we can see, the volume has already dropped 80% compared with a few months ago. To increase DEX trading volume, the critical parts are to attract more liquidity. We have plans to increase some AMM pool assets and invite more market making partners to provider liquidity for orderbook. MAGIC: We are approaching this via various steps: Enable more trusted DeFi services via Layer 2;, Work w/ more partners in a smarter way to provide more liquidity;, Enhance our user experiences and provide app accessibility to more users (including HW wallet and EOA wallet users).Smartly wrapping services in a truly DeFi mode; allowing users to access rich services w/o forfeiting control of their assets — we are working hard to make Loopring a thriving ecosystem and dapp environment., — Q2:. — When will the team start working towards marketing and brand awareness? — A:. — While we do have plans ready to put more heavy resources towards PR/marketing activities, we do not feel the timing is appropriate at the moment to be using large amounts of valuable runway and resources on this. Bear markets are for building out products, features and the overall L2 ecosystem, so that when the next bull market arrives, we are prepared to throw resources at marketing to attract the masses of users who will join the crypto space and get them into the Loopring ecosystem. In the meantime, we will still deploy smaller amounts of marketing capital as best as we see fit, whether that means ecosystem grants for gaming, working with metaverse/gallery companies to expand on the NFT experience, or pouring incentives on for user acquisition and liquidity. — Q3:. — How/why do you see Loopring beating other L2's? — A:. — The main advantage Loopring has over other L2’s is our application-specific nature, allowing us to highly optimize the rollup to fit specific applications and use-cases, making our applications faster and cheaper to use than alternatives. We are really just scratching the surface of the applications that are possible on Loopring L2. More DeFi and other use-cases will be coming to Loopring over the coming months and years. Steve likes to compare us to being the Apple of L2s, while most other L2s strive to be more like Android. More Context👇 STEVE: You can think about Loopring as iOS in blockchain, while other L2 as Android in blockchain. We are focusing on building some of the best core products by ourselves, while also being open for any ecosystem partner that wants to work closely with us and highly optimize their application. — Q4:. — Is there any talk with other BIG partners? — A:. — We are working with some other partners already around the Loopring ecosystem, although may not be as famous as GME. The aim is simple — to bring more use cases to Loopring, and to provide more useful functionalities to Loopring users. We are also building a full stack for L2 NFT marketplace, including both the front end and backend system, all will be open sourced soon, which will help other commercial partners launch their own marketplaces more seamlessly. However, we don’t only want to work with big and established partners, we also are working to incubate new up + coming projects to get them to build with us on Loopring L2 to expand the ecosystem. We are working to launch a new incubator program with a partner in the coming future, so stay tuned for this as well. — Q5:. — Based on the Q2 report it seems like you are not intending on other projects to build on top of Loopring, isn’t that a big opportunity loss then for adoption? What exactly is the exact plan then for mass adoption? — A:. — This has been semi-addressed in other answers already, but it’s good to reiterate. We are definitely still actively working with and seeking various partners to enrich the Loopring ecosystem. The difference being that we work closely with our partners to build, develop and highly optimize their applications, something other L2s don’t have the opportunity to do. Our advantage is that when we work closely with partners, we can optimize their apps to perform exceedingly better than they could on other L2s. The Loopring community will see more and more DeFi products available on L2 rolling out over the coming months and years. — Q6:. — Can you speak on the current tokenomics of Loopring? — A:. — Currently, Loopring’s tokenomics allocate certain transaction fees in Loopring L2 as protocol fees, which are used to incentivize active community participants like liquidity providers. We are strongly considering revitalizing the tokenomics to encourage more initiatives in our community (ie. LRC staking) and to help onboard the Loopring ecosystem. However, any changes will require thorough consideration and the consensus of the DAO. — Q7:. — It seems like Loopring is investing resources and energy heavily into NFTs when in reality DeFi is most likely the future, what are your plans regarding DeFi? — A:. — NFTs are and will continue to be a massive use case for Loopring L2. As we have the advantage of being highly optimized for the specific applications built on our protocol, we are able to deliver a superior NFT experience compared with other rollups. The possibilities for NFTs are endless so we want to be at the forefront of this trend as it is only just beginning. That said, DeFi is also one of our major focuses moving forward. We just brought ETH staking onto Loopring and will introduce more and more trustless services into L2 to give users a full one stop solution for all things decentralized finance. — Q8:. — Will we be able to stake the LRC token itself without the risk of impermanent loss that the AMM pool provides? If that happens wouldn’t that kill liquidity on the DEX since most people would not want to risk impermanent loss with the AMMs and would just stake their LRC instead? — A:. — We are considering enabling staking LRC in Layer 2. The incentive is still undetermined though. We are also currently developing a new asset-lock feature on Loopring L2. With this underlying new feature, we can bring more DeFi use cases to our L2. On top of staking, Borrowing/Lending is also doable. The incentive to attract users to join AMM should still be there. And the participant should treat such an activity as a pure investment behaviour. If the potential loss due to impermanent loss is bigger than LP incentive, a wise user won’t join the AMM. Take ETH as one example, we have enabled ETH staking in Loopring L2, while ETH-USDC pool is still a large pool in Loopring L2 and there are still many users who want to participate in this program. In the same way, staking LRC won’t kill the LRC related liquidity. — Q9:. — When will we have an actual DAO and not just voting on AMM incentivization? — A:. — We are well on the way. Voting on AMMs, especially considering the integration of both L1 and L2 LRC holdings (for voting) is just the first step. We will soon have more serious topics listed as proposals, asking for DAO’s consensus. We just need to gradually build the transparency and process to let it run more smoothly and steadily. More Context👇 ADAM: We appreciate all feedback given for the 1st snapshot DAO vote. We are taking a close look to optimize the LP voting so things can run smoother. We are thinking about reducing the amount of pool options by placing a minimum $ liquidity threshold, and also looking into allowing LRC LPs to vote. Beyond LP incentives, we would like the community to have a say into which tokens will be supported by Loopring, among other things. I was excited to see the discussions around LP voting in the DAO Discord channel and on Reddit and look forward to seeing how the LRC community and DAO will incentivize certain parties to grow the Loopring ecosystem. — Q10:. — How are you going to bring mass adoption? — A:. — It’s important to emphasize that we are still in the very early days of crypto as a macro trend, and our main goal is to build out the infrastructure, applications and products that consumers will love so that when the trend finally reaches the mass adoption phase, we are ready to onboard them. That said, our main focuses now are: ✅ To ensure we have top quality services available on L2 (apps, products, integrations, tools) ✅ To ensure we have enough liquidity to make these services seamless and inexpensive to use ✅ To provide these services in an intuitive way, like a one-stop-shop for the consumer With all of this accomplished, we are confident that the masses will want to come aboard to truly “Be their own Bank”, leaving the traditional rails behind for faster, cheaper and more convenient crypto rails. — Q11:. — How will Loopring/ Loopring community benefit from Taiko exactly? — A:. — Taiko being neutral allows it to potentially grow much bigger than if Loopring directly developed the zkEVM itself. The split will allow us to compete with other L2s as one of the main L2s for all dapps, not just the L2 of Loopring apps. Taiko, a general purpose EVM-equivalent zkRollup built for developers to supercharge their apps, without sacrificing security or decentralization. And Loopring, geared towards advancing our application-specific advantage and building applications targeting end-users. This will allow both projects to grow their respective scopes even larger. We had to make the hard decision to split both efforts but we do believe this will be worth it for both Loopring and Taiko, and we believe that it can be done in a way that would be accretive to the Loopring community. Loopringers being a part of the Taiko token distribution means that they will be a part of both networks and will share in the success of each network. More Context👇 STEVE: The Loopring community will be an important component in helping bootstrap the Taiko network by way of the token distribution. As development progresses, potential benefits could include deploying Loopring’s smart contracts (smart wallets, etc), becoming a node operator, or acting as an L3, all on Taiko. BRECHT (on Loopring being an L3 on Taiko): There is nothing really stopping us from running the Loopring zkRollup on Taiko directly if it is significantly more efficient than using L2 smart contracts (also less work on Loopring’s side because everything remains the same, just cheaper vs running on L1 directly). — Q12:. — We’ve seen a lot of conversation about MEV recently… what benefits does Loopring have [in regards to MEV protection]? — A (Steve):. — We don’t have such MEV issues compared with L1. The Loopring relayer backend system will always execute transactions according to the receiving timestap on the relayer side. No other operators will be involved in the system. — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Loopring AMA: Q3 2022 was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Loopring L2 DeFi port
We proposed the concept of EthPort last year, the purpose of which is to allow users to experience various Layer 1 DeFi products on Loopring Layer 2 in a decentralized way, and at the same time, they can enjoy the advantages of high speed and low costs on Layer 2. When we were preparing to implement this function, we carefully considered the limitations of the previous solution. It will bring some additional overhead to the entire system, and the cost can only be reduced when a large number of users intensively use a certain DeFi service, which will bring great challenges to the operation after the launch in the future. Therefore, we redesigned a new solution, which is what I am going to talk about next. Now you can actually experience the first integrated DeFi product based on this solution on Loopring official website — ETH 2.0 staking via Lido. Let’s first review the orderbook mechanism of Loopring DEX. The matching engine in this architecture diagram is responsible for settling sell orders and buy orders between users. As long as the price matches, the matching engine will execute the settlement in the order of the orders coming in first, and generate zero-knowledge proofs for these settlements, and then regularly submit the proofs to the chain. The matching and settlement of two orders is a piece of logic code solidified and realized by the zero-knowledge proof circuit. It can ensure that the entire matching and settlement process is truthfully executed according to the price specified in the user’s order, and no third party can tamper with it. Starting from this essence, if we regard the user’s desire to participate in a DeFi product on Layer 2 as a buy and sell order, then as long as there is a counter-party order provided by another party, the user can instantly complete the interaction of this DeFi product . Taking the ETH 2.0 staking via Lido as an example, Loopring has used our own funds to participate in the staking with Lido on Ethereum Layer 1 in advance and obtain the corresponding wstETH, and then deposit the wstETH to Loopring L2. When a user places an order on Loopring products and wants to stake ETH on L2, we quickly match a corresponding wstETH sell order, and then complete the mutual exchange of ETH and wstETH after passing the verification of the matching settlement circuit, and vice versa. When you want to withdraw from the staking, we will provide a counter-party buy order based on the price of wstETH on Ethereum L1, and users can exchange wstETH back to ETH. The whole process is implemented in a decentralized way, and the assets are always in the user’s wallet address before the matching and settlement. You can regard Loopring’s self-operated funds as an intermediate bank that deposits and withdraws at any time. When balancing sufficiently small deposits and withdrawals, no L1 interaction is required at all. And when there is a large deviation between the funds deposited and withdrawn, for example, when the number of wstETH and ETH is more than 4, it is necessary to rebalance the funds on L2. At this time, it will involve withdrawing some assets to L1, and then depositing back to L2 after the interaction with the DeFi protocol is completed. The entire process of fund balance is currently controlled automatically by smart contracts on Ethereum L1. Loopring’s backend relayer will monitor the balance of the entire fund, and then trigger the rebalance operation of the smart contract according to preset conditions. You will definitely ask the next question, what should you do when the matching funds are not enough? Very well, let us still take the real bank as an example. When a user wants to withdraw a large amount of funds, the bank will require that a large amount of cash withdrawal must be reserved in advance, so that the bank can prepare sufficient funds before the agreed time to deal with the large withdrawals. This mechanism can completely correspond to it in a decentralized way on Loopring L2. We have introduced a new sufficiently powerful API, called asset locking. Well, it is not so new. You have actually experienced this locking function on Loopring orderbook functionality. We support the pending order function of the orderbook. The realization of the pending order essentially locks the user assets first (please note that this locking method is also decentralized, and the assets are always on the user’s wallet address), the asset will not be unlocked and the matching settlement will be performed until a matching counter-party order appears or the order is cancelled. We took this asset lock function separately and expanded it into a sufficiently general API. Through this API, we can specify how long the asset is locked, and it will be automatically released after expiration. When we detect that L2 assets cannot fully match the user’s DeFi order, we will lock the balance that cannot be redeemed temporarily, and then we will go to L1 as soon as possible to interact with the DeFi protocol to get the remaining part that needs to be redeemed, and then deposit it back to L2 to redeem the full amount. Of course, because in this case, each user has to be dealt with specially, the cost will be higher accordingly. The main reason is that the gas cost cannot be saved by gathering user operations on L2. Well, after the introduction of the asset locking API, there will be two abnormal situations: one is that the user updates the L2 public and private key pair during the locking period, and the other is that the user initiates a forced withdrawal, both of which will cause the user’s orders previously placed cannot be matched and settled. For the first case, the change of the public-private key pair will invalidate all the previously signed orders, so the relayer system will not process the request first when there is a special asset locked; for the second case, due to the protocol requiring forced withdrawal must be processed within 2 weeks, so if the asset lock expires within 1 week, we will wait until the locked asset expires before processing the forced withdrawal. If the asset lock period exceeds 1 week, it will be forced to unlock. The above discussion is about the way to access the DeFi protocol on Loopring L2. One of the assumptions is that the number of equity tokens corresponding to the DeFi protocol is fixed. For example, the reason why we only support wstETH instead of stETH is because wstETH has a constant number but the value of wstETH is always rising, while the number of stETH will increase dynamically. If the equity tokens of a specific DeFi protocol do not have this constant property, we need to provide a wrapped layer of smart contract on Ethereum L1 and interact with the DeFi protocol through this wrapped layer (it will be very similar to the implementation of wstETH). For the access of this kind of DeFi protocol, the overall framework diagram will become slightly different. In the design of the entire Loopring L2 DeFi access mechanism, it is our core design concept that users always control their own assets. For example, the various DeFi protocol equity tokens obtained by users on L2 can be redeemed at any time on L2. You can also withdraw back to the Ethereum L1 at any time, and then interact with the DeFi protocol by yourself. With the asset locking API, many scenarios can be implemented on Loopring L2 in a decentralized way. For example, Uptick developed the buy-in, highest-price and Dutch auction mechanism for NFT sales based on the locking API, and even it is possible to build loan protocol, leveraged transactions, etc. on Loopring L2. All these can be easily implemented. If you have some innovative ideas based on Loopring L2, please contact us and we are very willing to work with you. Let’s work together to build the best application specific zkRollup Layer 2 protocol. Remember our slogan: Be your own bank! Loopring L2 DeFi port was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Loophead Drop #4: NFT Marketplace Challenge
We have 1900 Loopheads up for grabs in this fourth Loophead NFT drop. The contest starts on September 19th 0:00:00(UTC) and finishes on November 20th 23:59:59(UTC). Drop #4 is for the NFT collectors! Users who use any of the qualifying NFT Marketplaces built on Loopring L2 to buy or sell NFTs will have a chance to win a Loophead NFT. — Qualifying NFT Marketplaces - ★ Any Loopring L2 based NFT Marketplace that collects + pays royalties to the NFT creators. As long as the buying or selling volume settles on Loopring’s L2, it will count towards the competition. — How to Win your Loophead NFT - There are two ways to win, either via Lucky Draw or by being a Top 900 NFT trader (buying and/or selling volume) during the qualifying period. — Top NFT Traders. — We will distribute a Loophead to each of the Top 900 NFT Traders by volume during the qualifying period. — Rules. — We calculate the total NFT trading volume for each address that is buying/selling NFTs on a qualifying marketplace, Total volumes are measured in $USD, We will only count trades placed on qualifying NFT marketplaces that pay out royalties to creators (even if the royalty set on an NFT is 0%), Wash trading will not be counted towards the competition, Addresses can only win one Loophead, — Lucky Draw. — For those that don’t qualify into the Top 900 traders category, you can try your luck with the Lucky Draw as 1000 addresses will be selected at random to win. — Rules. — This lucky draw will work on a ticketing system, where one ticket receives one entry into the lucky draw — the tickets will be rewarded as follows: ✅ Top 901–1200 NFT traders (by volume) receive 5 tickets * ✅ Top 1201–1500 NFT traders (by volume) receive 4 tickets * ✅ Top 1501–1800 NFT traders (by volume) receive 3 tickets * ✅ Top 1801–2100 NFT traders (by volume) receive 2 tickets * ✅ Top 2101+ NFT traders (by volume) receive 1 ticket * *trade minimums apply to total (accumulative) trade volume (see below) To be eligible for the lucky draw, you must place NFT trades over the entire eligibility period that accumulate to a total of at least $250 USD equivalent, We will only count trades placed on qualifying NFT marketplaces that pay out royalties to creators (even if the royalty set on an NFT is 0%), Wash trading will not be counted towards the competition, Addresses can only win one Loophead, — Leaderboard Tracking - Want to see where you stand? We’ve built out a leaderboard to see exactly where you are in the standings. Follow along here throughout the competition👇 ➡️loopring.io That’s it! Layer up to Loopring L2 and get ready for another exciting couple months of Loophead Madness💙 — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Loophead Drop #4: NFT Marketplace Challenge was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Lido Staked ETH on Loopring L2
Loopring Layer 2 ETH staking has arrived! Powered by Lido, earning daily rewards on your staked ETH is now cheap, fast, and simple.Loopring Layer 2 ETH Staking — Powered by Lido Read on to learn more about Lido and how to stake ETH on Loopring Layer 2. — Understanding Lido - Lido is a liquid staking solution for Ethereum 2.0 backed by industry-leading staking providers. Lido lets users stake their ETH, i.e. deposit assets, on Ethereum 2.0 — without locking assets or maintaining infrastructure. Staking secures the Ethereum 2.0 network, and the rewards incentivize participation. Lido attempts to solve the problems associated with initial ETH staking — illiquidity, immovability and accessibility — making staked ETH liquid and allowing for participation with any amount of ETH to improve security of the Ethereum 2.0 network. When using Lido, users receive secure staking rewards in real-time, allowing for participation in the securing of Ethereum 2.0 with fewer associated risks and less downside potential. Read more about Lido in the Lido FAQ. — Staked ETH (stETH). — Staked ETH (stETH) is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards — penalties. stETH tokens are minted upon deposit and burned when redeemed. stETH token balances are pegged 1:1 to the ETH that is staked using Lido. stETH token balances are updated when the oracle reports changes in total stake every day. It effectively acts as a bridge bringing Ethereum 2.0’s staking rewards to ETH 1.0. stETH tokens can be used as one would use ETH, allowing users to earn ETH staking rewards whilst benefiting from, among other things, yields across other DeFi products. Read more about stETH on Lido here. — Wrapped staked ETH (wstETH). — Wrapped staked ETH (wstETH) is the wrapped version of stETH. wstETH is the token that users who stake their ETH on Loopring Layer 2 will receive. Unlike stETH, The total amount of wstETH doesn’t change after users receive the token. Rather, the wstETH’s token value increases over time to reflect ETH staking rewards earned, while the amount of tokens the user has remains the same. Because of this difference in reward distribution, wstETH is priced differently than stETH. Read more about wstETH on Lido here. — How to stake ETH on Loopring Layer 2 - Users can stake ETH to receive wstETH on Loopring Layer 2 via both the web app and the Loopring Wallet app. — Staking via Loopring.io. — Connect a wallet to Loopring.io and unlock it. Navigate to the Earn page. Enter an amount of ETH to stake for wstETH. Take note of the amount of wstETH that will be received, as well as the fee. If satisfied, click Subscribe to receive the amount of wstETH shown and begin earning rewards on staked ETH.Loopring.io ETH Staking — Step 1Loopring.io ETH Staking — Step 2 — Staking via Loopring Wallet. — Open the Loopring Wallet app. Navigate to the Earn tab. Tap the ETH Staking button. Enter an amount of ETH to stake for wstETH. Take note of the amount of wstETH that will be received, as well as the fee. If satisfied, tap Subscribe to receive the amount of wstETH shown and begin earning rewards on staked ETH.Loopring Wallet ETH Staking — Step 1Loopring Wallet ETH Staking — Step 2Loopring Wallet ETH Staking — Step 3 — Understanding Risk - It is important to note that users can’t redeem wstETH for ETH until phase 2 of Ethereum 2.0. However, users are able to trade wstETH for ETH on various exchanges at market prices. Loopring will provide a pool to allow users to trade wstETH for ETH directly on Layer 2. The pool will rebalance periodically when it reaches a specific threshold. If there is not enough inventory on Layer 2, users can always withdraw their wstETH tokens to Layer 1 and swap for ETH in Lido, Curve, or 1inch — or alternatively wait for the pool to rebalance and try again later. There exist a number of potential risks when staking ETH using liquid staking protocols. Detailed information about Lido’s potential risks can be found here. — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Lido Staked ETH on Loopring L2 was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Introducing DAO Voting
The first stage of Loopring DAO voting begins. LRC voting, powered by Snapshot and The Graph, will take place on vote.loopring.io this coming month. Loopringers will be able to vote with their LRC balances on Ethereum L1 as well as Loopring L2. Those who hold LRC on both layers are covered — Snapshot will capture the sum of Loopring + Ethereum LRC balances. Voting will take place quarterly and will decide which liquidity providers will be incentivized by Loopring protocol fees. — What are Loopring Protocol Fees?. — To know where protocol fees come from, we must first understand L2 network fees. L2 network fees are normal style fees, i.e. a small percentage fee to trade or swap, or a small flat fee to do a transfer or withdrawal. These fees are paid to the operator of the zkRollup, something we often refer to as the Loopring relayer. The relayer is the entity that makes a zkRollup run. The relayer shares fee revenue (known as “protocol fees”) with ecosystem participants who collectively act to support and strengthen the Layer-2 network. The protocol fee is set at 20% of the network fee for swaps, trades, and transfers. Let’s revisit how the protocol fee is broken down for the various transaction types. — AMM. — The fee for swaps is 0.3%. 0.2% is allocated to LPs for the relevant pool as a liquidity fee., The remaining 0.1% goes to the Loopring relayer, of which 20% is distributed as the Loopring protocol fee. So, 0.1%*20% protocol percentage = 0.02% (2 bps) protocol fee from AMM swaps., Since LPs earn the 0.2% liquidity fee, plus a portion of the protocol fees, you can see that LPs actually earn >0.2% of their pools’ L2 volume. — Orderbook. — Taker fees are 0.3% (or lower for VIP tiers). Takers are users who take liquidity from the orderbook (their orders are filled immediately)., Maker fees are -.0.02%. Makers, similarly to LPs, earn a liquidity fee (0.02% on all orders filled) for adding liquidity to the orderbook., On stablecoin vs stablecoin pairs, the taker fee is 0.04%, and the maker fee is still -0.02%., Protocol fees are once again 20% of the L2 transaction fee (after removing the liquidity incentive for makers first). So, (0.3%-0.02%)*20% protocol percentage = 0.056% (5.6bps) protocol fee from orderbook trading [and 0.004% (0.4bps) on stablecoin-stablecoin orderbook trading]., Note: In orderbook trading, there are users who have VIP level status. This means they have a lower trading fee (<0.3% to relayer in orderbook). Since VIPs pay less in L2 fees, that means protocol fees (calculated as L2 fees * 20%) would be lower on those trades. In other words, the protocol fee is always calculated from the ‘final figure’, the amount flowing to the relayer. — Transfers. — There’s a small fee for L2 transfers which is dependent on L1 gas fees. At the time of writing the L2 transfer fee is $0.01, while the protocol fee is once again 20% of the amount charged by the relayer, so $.002. Summary — the current fees earned by the protocol are 0.02% on AMM swaps, 0.056% on orderbook trades, 0.004% on stablecoin-stablecoin trades, and 20% on transfers. The following are the protocol fees for each transaction type: When AMM and orderbook transactions are routed through affiliates (referrers or applications that send users & volume to Loopring L2), affiliates earn 10% of the total fee (after the liquidity fee has been paid to makers and LPs). The protocol fee is always 20% of the amount flowing to the relayer, even if affiliate fees are included. The relayer takes its cut after the protocol fee and affiliates have been paid. — NFT Trading is now included in the protocol fee. — Loopring LPs, insurers, and the Loopring DAO earn a piece of every NFT trade. There are three types of NFT trading fees: Royalty fees which are paid to the NFT creator., NFT marketplace fees which are paid to the NFT marketplace operator., Loopring network fees which cover compute power for generating proofs, as well as gas costs for publishing the blocks to Ethereum. 10% of the network fee for NFT trading revenue goes towards the protocol fee., NFT trades have been collecting protocol fees since the beginning of June. This first batch will be included in September’s distribution. All protocol fees are disbursed in LRC. Protocol fees accrued in tokens other than LRC are to be sold on our L2 for LRC. LRC will always have a claim on every NFT trade. — How protocol fees are distributed. — Fees generated by the protocol are distributed to Liquidity providers, the Loopring insurance fund, and the Loopring DAO. Fee Distribution: 80% towards LPs., 10% to the Loopring insurance fund., 10% to the Loopring DAO., Fees generated by the protocol are paid to these participants on a monthly basis. While the insurance fund and DAO have not been initialized, their reserves have been accumulating fees. — So, what are we voting on?. — LRC holders will decide which AMM pools are to be incentivized by the protocol fee. Until now, we have rewarded LPs in the following seven pools: ⭐️ ETH / USDT ⭐️ ETH / USDC ⭐️ ETH / DAI ⭐️ LRC / ETH ⭐️ LRC / USDT ⭐️ LRC / WBTC ⭐️ LRC / MASK Going forward the Loopring DAO will decide which pools are allocated rewards. — How will the voting work?. — Three pools will automatically be rewarded each month: LRC/ETH, LRC/USDC, and LRC/USDT. Users will vote on the remaining pools. Any pool that receives a minimum of 10% of the vote will be rewarded for the upcoming month’s fee distribution. Protocol rewards will be disbursed with equal weight to each pool that is designated to receive them. — How do you vote?. — Head to vote.loopring.io and sign in with any L2 supported wallet. Once you’re signed in, look for active proposal(s), select the option that you would like to vote for, tap on ‘Vote’, then sign the message with your wallet provider. — When is the LP vote?. — Stay tuned for an upcoming protocol fee vote in the coming days. Join the Loopring Discord for official updates. — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Introducing DAO Voting was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
In the Loop
Where we’ve been, and where we’re heading. — Loopring’s mission has always been to empower the individual. Whether by delivering non-custodial consumer facing products that could do no evil, or building the underlying infrastructure and protocols that make such products possible. ‘Be your own bank’ is more than a meme for us. We’ve built the tools that allow our users to live in a parallel financial world while never sacrificing self-sovereignty and security. From when we were an orderbook DEX protocol on Ethereum Layer 1, through our evolution on Layer 2, this has always been our goal. — Recap on how we got here. — In 2017, we started out as an open protocol allowing anyone to build orderbook DEXs on Ethereum, with an innovative combinatorial “order ring” settlement mechanism. Two years in, it was clear that L1 was not the most conducive environment for CLOB trading — especially with extra matching logic. To survive during crypto winter, we needed to find a better way to scale and do so quickly. Thankfully, we found zk-SNARKS, a form of zero-knowledge cryptography that could be the answer. Zcash pioneered the use of SNARKs for on-chain privacy whereas others like Barry Whitehat were coming up with something called a rollup to help scale Ethereum. Amazed by this potential to scale Loopring, we took a massive leap and built the first ever rollup on Ethereum — a zkRollup. We’ve never looked back. Three years later, with over 130k L2 accounts created, $5 billion volume traded and 40k smart wallets deployed, we believe we have begun to create compelling value for our users, and the Ethereum community at large. Loopring quickly turned into a thriving ecosystem where Ethereans could access a low fee, high speed, and secure execution environment. From the start we supported orderbook trading, then AMMs, followed by payments (thanks to a suggestion by Vitalik), and now NFTs. Getting to this point has required a ton of patience and buy-in from our team and Loopring community. It took years of engineering effort to abstract away the difficulties of onboarding, reduce batching costs, and improve the products that sit atop this protocol. To get this compression machine off the ground, we needed to build every component ourselves. Loopring is many things: an open source zkRollup protocol, a relayer that handles all the off-chain duties that make a zkRollup run, a highly performant non-custodial exchange, and a Smart Wallet (protocol and mobile application) with L2 baked in for great usability, Together these components are what make Loopring, Loopring. We are the only project in town that’s crazy enough to have built the entire stack. We’ve done all this work to custom fit and optimize our Loopring applications, serve our community, and we believe this is a competitive advantage. This is what makes Loopring special and an entirely different beast. — What is Loopring?. — “What Loopring Is and Isn’t” has not changed.medium.loopring.io,L2%20orderbook%20and%20AMM%20DEX. The one thing that has changed, is that certain projects are now building on Loopring because we have optimized for specific applications. The NFT experience, for example, had previously been riddled with unnecessary expenses and cumbersome UX. Loopring’s innovations in this domain, including our novel counterfactual NFTs, have attracted exciting projects to Loopring, like NFT.Gamestop.com. — A reaffirmation of our goals. — Loopring’s goal is to increase financial freedom and self-sovereignty. We believe the best way to achieve this is to build products and protocols that make Ethereum easy to use — and that has brought us to ZK technology. We are focused on our application-specific zkRollup for high security, high throughput, and low fees, and our user-facing products like the multi-purposed web app, and the mobile smart contract wallet for removing the complexities of self-custody. Loopring is a one-stop-shop that serves the needs of Ethereans and those seeking to participate in a parallel and open financial system. By providing access to DeFi, payments, token swaps, and NFT minting & trading all in a single product, Loopring will capture crypto natives as well as those that have yet to enter Web3. After 4.5 years of R&D, building and iterating Ethereum’s longest running rollup, the experience gets better by the day. There are more and more bridges connecting to Loopring, greater access to exciting DeFi yield, and soon, reduced barriers for creators building digital token stores. Now with an NFT foundation laid, the Loopring ecosystem is well set up for gaming, art, and collectibles to explode. — What’s coming. — Opening and optimizing L2 on mobile The Loopring Wallet is more than just a mobile wallet, it is a gateway to Loopring L2 services. Currently, EOA wallet users (Metamask, Rainbow, etc.) can only access Loopring via the web app (loopring.io) and they’ve been missing out on the extra features that our mobile app offers. Soon, the Loopring Wallet mobile app will open its doors and allow this large group of existing-wallet users to connect and access Loopring directly from their mobile device. Open sourcing NFT marketplace In the coming months we will be providing open-source code to an upcoming NFT marketplace on Loopring. This will make it easier for anyone to build their own NFT marketplace. Teams will be able to fork the code, add their own UI and specialized focus to their NFT trading platform. We will give builders the best tools available on L2 to power this decentralized economy. Leveling up L2 DeFi Moving forward, Loopring will integrate more DeFi products onto L2, enabling greater access to investment opportunities from across the Ethereum ecosystem. Loopring Earn will broaden the scope of what can be accessed and traded trustlessly on Loopring, while maintaining the low-fee benefits of L2. — Onwards. — Loopring has a bright future as a highly optimized application-specific rollup, with user-facing products living atop — all in the name of empowering users. Given we believe in a multi-rollup future, however, where there will be many L2s providing value on Ethereum, we will ensure that our products have the best possible functionality by living on the best possible networks. As such, we may deploy Loopring products to multiple rollups, as is necessary to provide the greatest experience to users. We will continue to build global, consumer-grade, inclusive DeFi and NFT applications and offer what traditional fintech giants can’t (or won’t). We won’t stop until we bring Ethereum to the masses. We’re thankful to have such a devoted community and team. Our hunger and curiosity has helped us discover DEX trading protocols, zkRollups, and social recovery wallets. We will continue to evolve and grow as we have done since day one. — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube In the Loop was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Loopring Quarterly Update (Q2/2022)
This is the second edition of our 2022 Loopring Quarterly Updates. You can catch up on the previous quarter here; you can also receive these updates in your inbox every quarter by subscribing here. What a quarter!💙 Q2/2022 was headlined with some major announcements of Loopring L2 integrations, with the launch of GameStop NFT as well as the new GameStop Wallet. We also experienced some incredible growth this quarter within the L2 ecosystem, hitting a major milestone with over 100,000 Layer 2 accounts now active on Loopring. Here are a few notable accomplishments: — Major Milestones in Q2/2022 🔥 - Over 130,000 L2 accounts reached as well as over 40,000 Loopring Smart Wallets are now activated — with over 50,000 new L2 accounts added in Q2 alone!, Over $5billion in trading volume on Loopring L2, More social growth in Q2 (2022): * Over 100,000 Loopers now on Reddit * Over 200,000 followers on Twitter * A highly active Discord community with over 30,000 members, — Summary of Q2 - — 1. GameStop NFT Launch - The game has changed, NFT creators, buyers, and sellers are no longer constrained by costly gas fees. Now anyone can mint and trade NFTs for a fraction of the cost without sacrificing on security. GameStop NFT is fully integrated with Loopring’s L2 zkRollup. Simply connect your L2 activated wallet and start exploring + trading all of the many NFT collections available on L2. You can read more by checking out our latest blog on the new marketplace here. — 2. GameStop Wallet Launch - GameStop also delivered a new browser-based EOA wallet this quarter, with Loopring L2 directly baked into the experience. Their website shows a mobile version coming soon. Now, crypto and NFT users can download and set up a new Ethereum-based wallet at no cost and start interacting with NFTs and DeFi immediately. Pro-tip: you can learn more about the differences between an EOA wallet (GameStop Wallet, MetaMask) and a Smart Contract Wallet (Loopring Wallet) here If you haven’t already, you can check out our detailed blog or video guides for step-by-step instructions on how to set up and use the new GameStop Wallet. — 3. Loopring L2 + Wallet Upgrades - We took time this quarter to fix some bugs, making the app that much smoother, and we’ve also added a number of new upgrades + features. Here are some notable upgrades we’ve rolled out across mobile and web apps this past quarter👇 NFT functionality — display, deposit, withdrawal, and transfer functionality has been added to the iOS app (Android already supported), Pro orderbooks were added to the iOS app, Small quantity support was added at the protocol level (minimum swap amounts have been decreased substantially), LayerSwap was seamlessly integrated into the app experience to facilitate direct deposits (+ soon withdraw) from CEX’s to Loopring L2, Force Withdrawals — a new front end has been built to make this important security feature more accessible to everyone, A new wallet activation flow was introduced to mobile to make it even easier for users to activate their Loopring Smart Wallets, Loopring Bridge was introduced (bridge.loopring.io) — to better allow users to onboard directly from L1 to any L2 address, removing one extra step and eliminating more gas-fees, Smart Wallet Send/Receive mobile flow was cleaned up for a smoother user experience, A new “Earn” tab was implemented to make room for more upcoming DeFi integrations, including Loopring Earn functionality, We will continue to gather feedback from the community as well as work with the best partners to add new features, tools and improve accessibility to Loopring L2 so that users can truly move closer to becoming their own bank. — 4. More NFT Functionality on L2 - We made minting NFTs a breeze this quarter! You no longer need to be technically savvy in order to mint NFTs on Ethereum’s second layer. Simply connect your wallet, hit the Create NFT button, upload your content, and fill out the required fields to quickly and cheaply mint on Layer 2. The Advanced Create option is also still available for those who want a little extra flexibility when minting. On top of this, we also added👇 Audio + video file format support for minting on L2, 3D animation support on the Loopring Explorer, We’re in the early innings for NFTs on Layer 2. We are excited to continue building out this functionality, bringing on support new features like galleries, mass minting tools, NFT gating and so much more. — 5. New Community Creator Grants - Our new Loopring Community Creator Grants have been unveiled and distributed this quarter, spurring even more building on Loopring L2! These new grants are aimed at Community Creators building tools, apps, and educational content that have contributed to the growth of the Loopring L2 ecosystem. If you are interested in learning more or want to receive a grant in the future, you can read more about this new initiative here. — 6. Loopring New Hires - Markets up, markets down, we’re still growing. This quarter, we’ve added four new hires to the Loopring team👇 1️⃣ Product Manager, 1️⃣ Test Engineer, 1️⃣ UI Designer, 1️⃣ Android Engineer, We’re excited to welcome more talent to Loopring and believe this growing team will only help to level up Loopring’s products and user experience. Keep an eye on our hiring portal for more opportunities to join our growing team in the future. — 7. Protocol Fees - Another quarter, another new record high in protocol fees. As we saw an uptick in exchange volumes, Loopring captured and distributed a quarterly high 236,893.10 LRC in fees. Liquidity providers, insurers, and the DAO receive fees in return for strengthening the protocol. — Loopring in the Media ☆ - Catch some of Loopring’s media and blog coverage highlighting Ethereum Layer 2’s growing significance. — BANXA AMA w/ Byron from Loopring: - twitter.com/status/1511896503719182337?s=20&t=T6azSP1Cs0VAsTR5zcZsOQ — Yahoo! coverage of Loopring: - GameStop Launches Beta Version of Non-Custodial Crypto Walletfinance.yahoo.com — Messari coverage of Loopring: - Loopring: More than a Mememessari.io — The Daily Gwei coverage of GameStop NFT and Loopring - www.youtube.com — Decrypt coverage of Loopring: - What Is Loopring? An Ethereum Tool for Decentralized Exchanges and Paymentsdecrypt.co — Path Forward 💙 - — 1. Loopring Earn - Loopring Earn will be rolling out in Q3 with the first passive staking integration, Lido staked ETH. Loopring Earn will be available on both the web app (loopring.io) as well as the mobile Smart Wallet apps (iOS + Android). This is just the first of many, as more earning opportunities will be integrated and added over time so stay tuned 👀 — 2. Taiko + zkEVM - In Q3/2021 we announced that we were contributing to a new zkEVM core design alongside the Ethereum Foundation, and much progress has been made. Since then, Taiko, a new team has formed to build and expand upon this zkEVM design. — Why the separate team + token?. — There are two main reasons why this effort required the formation of a separate team and token: Neutrality + strategic focus — For this zkEVM to succeed it would need to be credibly neutral, censorship resistant, permissionless, and decentralized. Yet some of these principles came at odds with the realities of Loopring’s existing and established products. Specifically, deploying Loopring’s apps atop its zkEVM could conceivably conflict with the network’s neutrality. With these potential conflicts of interest, others would likely perceive Loopring to favor its own applications to theirs. This would deter communities and developers from deploying their applications onto Loopring’s general purpose chain, and pose a great risk to bootstrapping a thriving network. The new team allows for credible neutrality as well as the ability to strategically focus on new target markets (developer communities, as opposed to end-users) in order to properly compete with other general-purpose rollups., “[…]when building mechanisms that decide high-stakes outcomes, it’s very important for those mechanisms to be credibly neutral.” — Vitalik Max decentralization —in order to achieve strong decentralization at the onset and over time, a new (inflationary) token model would be needed. This new token and token model would allow for the network to properly incentivize a diverse and vast group of proposers and provers. Additionally, it would enable the project to be self-sustainable over time by keeping the DAO resources available to incentivize and attract builders, projects, and other contributors., While the efforts must be separate, we are happy to share that the Loopring community will be an important component in helping bootstrap the Taiko network and token distribution. Taiko is still in the early stages; the team is focused on building the layer 2 infrastructure and will share details as they get closer to a testnet launch. To stay in the loop on everything Taiko, join the new Taiko discord here, Taiko Reddit, or follow along on Twitter here. — 3. More NFT Marketplaces - In the coming months, we will be releasing an open source marketplace, which will allow anyone to fork and build new marketplaces on Loopring L2. We already have more commercial partners building upon this new marketplace framework and will be sharing more news and releases soon. Loopring L2 is set to become the home for NFTs on Ethereum’s second layer with its highly optimized performance for fast and cheap NFT minting and transactions. Stay tuned ✨ — 4. DAO Voting on L2 - This quarter, DAO voting is coming to you live from Snapshot.org. LRC holders will soon decide which liquidity providers will be incentivized by Loopring protocol fees. Users will be able to vote with their LRC on Ethereum L1 as well as Loopring L2. — 5. Loopring HQ — New + Improved - As our relationships and communities continue to move from physical to digital, our virtual spaces in which we interact should evolve too. Our new Loopring HQ in the Decentraland Metaverse is close to being released! Stay tuned for an announcement around a beta version meetup this quarter. This new space will allow many more users to join us in the Metaverse for meet-ups, concerts, games and much more. We look forward to meeting more of you in the digital realm soon! — 6. Off-ramps <> Loopring L2 - Last but surely not least, off-ramps are coming to Loopring L2. All on-ramp partners are currently working on off-ramps, including Ramp, BANXA + LayerSwap. Many of these integrations are now in alpha or beta testing phases and more regions will be rolled out in the coming months. Soon, users of Loopring L2 will be able to seamlessly on-ramp and off-ramp fiat directly to + from Loopring L2, to save on steps and fees by bypassing Ethereum L1, making L2 even more accessible for all. — ⭐️ Community Initiatives + Events ⭐️ - We have such an amazing and growing community with so much happening that we want to start to share some of the cool things going on in this new regular piece as part of the quarterly reports. Here are some recent + upcoming community initiatives and events👇 Note: Loopring does not directly endorse the use of any third-party applications as we have not been able to independently verify the code, so please exercise caution and use at your own risk. — Puzzle Gang Special Event. — The Puzzle Gang is a collective creating challenges, puzzles, and games with one reward: a tasty (LRC filled) Loopring Red Packet. Their motto is: “Do Good, Be Good.” and we couldn’t be more excited to have such an amazing crew in our community. QUADRANT:222 was the Puzzle Gang’s most recent special giveaway challenge and was a big success. It was split up into two special challenges over two separate weekends in July. The momentum of these events keeps growing, with more entrants joining to try to solve the puzzles and earn LRC rewards in the process. You can check out more information about this most recent event here. Be sure to follow the crew and stay up to date on all of their special giveaways and events on our Discord in the #puzzle-gang channel. — LoopExchange. — LoopExchange.art is a community-driven NFT exchange based on Loopring API, where everyone can share and sell their L2 NFTs (no approval processes!). It launched a couple months ago as a simple P2P linking tool for Loopring artists, so they could easily share and directly sell their NFTs to their audiences instead of using Google Forms. The proof of concept worked and has been evolving into a proper NFT marketplace ever since, adding more and more requested features every week. The goal is to become an inclusive, feature-rich platform for all creators and collectors alike, while giving them as much governing power over their Web3 presence and the community itself as possible, hence #PowerToTheCommunity. Check out the new community driven marketplace for yourself here. — Loopmon L2 Gaming Events. — Loopmon is a new community-driven L2 NFT game built on Loopring L2, and it is now in Beta! There have been many exciting community events and the game has been evolving with new improvements and features being added all the time.The first big Loopmon event was held on July 9th, with many more yet to come! You can check it out for yourself here: play.loopmon.com — Want to get into the next Community section?. — Get into our Discord server and post your community events into the #community-initiatives channel or make some noise on Twitter and we will follow along and pick out some of the coolest things happening on Loopring L2 and post them in each new addition of our quarterly reports! — More Questions & Feedback - If you’d like to talk to us about any partnerships, have questions, and/or feedback, please join our Discord, or drop us a line at: firstname.lastname@example.org. We also have an active Reddit community for anyone to join. — About Loopring - Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure DeFi and NFT applications. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, follow us on Medium or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Loopring Quarterly Update (Q2/2022) was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
GameStop NFT is live on Loopring L2
We’re excited to announce that GameStop NFT is here and live on Loopring L2. The game has changed, NFT creators, buyers, and sellers are no longer constrained by costly gas fees. Now anyone can trade and mint NFTs for a fraction of the cost without sacrificing on security. While most of the popular NFT marketplace’s launched today are live on Ethereum, they have been very cost prohibitive for the average creator and NFT collector. GameStop NFT comes straight out of the box on top of Ethereum’s second layer, enabling minting and trading at approximately 100x lower cost relative to Layer 1. The GameStop marketplace scales NFTs without compromising on UX or security. This is because zkRollups are well suited to support NFTs. On Loopring, users don’t need to wait for a challenge period to withdraw their NFTs, or have to rely on any new validator sets as zkRollups inherit Ethereum security guarantees.Get Started First, connect your favorite wallet on the homepage here. Now you’re free to check out some of the cool new features that GameStop NFT enables 👇Explore NFTs Explore and discover NFTs from all of your favorite new GameStop creators or search for specific collections from creators you already know.Buying + Selling NFTs GameStop NFT makes buying and selling NFTs easier than ever. All you have to do to enable buying and selling on the new GameStop Marketplace is to connect your favorite wallet and fund your Loopring L2 account to get started. — How to Buy an NFT. — After signing in with your L2 wallet, click the NFT you would like to purchase and then hit ‘buy now’. Once the transaction is approved, the NFT is stored in your wallet and is available for trading. — How to Sell an NFT. — Go to your collection, click on the NFT that you want to sell. Underneath the ‘Manage NFT’ section, click ‘List for sale’ which appears below ‘Actions’. Simply fill in what price you want to list the NFT for and click ‘List for sale’ again to complete the listing. Note: It costs nothing to list an item for sale on the marketplace. Fees are only collected and distributed once an item is sold.Connect your GameStop Wallet to Loopring web app Simply connect your GameStop Wallet to the Loopring L2 web app here. https://medium.com/media/7df93b02339766dbff6a425e527a731a/href We’ve made a full video guide for you to follow step-by-step on exactly how to setup a new GameStop Wallet as well as show you some of the functionality it enables on Loopring L2. Check out the full video guide here.Find your Community Looking for more people who are interested in creating, minting and trading NFTs on Ethereum? We have a large and growing community full of helpful and inspiring members across our social channels. Check out our active Discord server here, our official Reddit here or follow and tag us on Twitter here!About Loopring Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, you can sign up for our Quarterly Update or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube GameStop NFT is live on Loopring L2 was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
Guide: How to use the GameStop Wallet
Guide: How to use the GameStop Wallet Loopring’s zkRollup is designed to hyper-scale DeFi and NFTs while maintaining the same security guarantees as Ethereum L1. To navigate this large and growing Loopring ecosystem, a web-based wallet is needed more than ever. Providing self-sovereignty and financial freedom through a non-custodial wallet will truly help bring power to the players. Introducing GameStop Wallet, the first EOA wallet built with Loopring L2 directly baked into the experience. This sleek Web3 wallet allows you to make affordable transactions at blazing fast speeds. This guide below will show you exactly how to create and use this powerful wallet. Please note: this is not an official GameStop guide. For FAQs directly from GameStop or to reach their support desk, visit https://support.blockchain.gamestop.com/hc/en-us — Table of Contents. — How to get the GameStop Wallet browser extensionHow to Create your new WalletHow to store your 12-word secret phraseHow to activate Layer 2How to swap gas-freeHow to transfer NFTs for cheapHow to make a withdrawal to L1How to connect to Loopring.ioHow to connect your hardware wallet — Guide. — It takes less than a minute to set up your new GameStop wallet and from there, you’ll learn how to transact gas-free. — How to get the GameStop Wallet browser extension. — Head to GameStop Wallet and click ‘Download’ to install the Google Chrome extension. Once the extension is on your browser you are able to create your new wallet. — How to create your new Wallet. — Click on the extension icon in the top right-hand corner of your browser to open GameStop Wallet.Agree to the terms of service and click ‘Create New Wallet’Set a strong password and continue to ‘Next’ — How to store your 12-word secret phrase. — This is a very important step, so please take your time to do this carefully. Your Secret Recovery Phrase is your backup and allows you to recover your wallet if it is ever lost or stolen.Click to reveal your Secret Recovery PhraseWrite down your Secret Recovery Phrase on Paper It is not a good idea to store your Secret Phrase digitally. Make sure you take the time to write it down, store it in a safe place offline, and do not share with anyone! 3. After you’ve written it down, triple check to make sure everything matches up, and then click on ‘I Saved my Secret Recovery Phrase’. — How to activate Layer 2. — The GameStop Wallet supports two networks, Ethereum L1 and Loopring L2. In this guide we will focus on the L2 Wallet. Activating your L2 Wallet is simple — all you need is a little bit of ETH . At the time of writing, it is 0.000918 ETH. There are four ways to fund your L2 wallet:Send funds using Loopring L2Deposit from Ethereum L1Fiat onramp into ETHCentralized Exchange (CEX) withdrawal using LayerSwap — 1. Send funds using Loopring L2. — If you already have funds on Loopring L2 either via The Loopring Smart Wallet or with other Ethereum wallets like Metamask, this is the cheapest and easiest option to activate your L2 GameStop Wallet. Using The Loopring Smart Wallet In the GameStop Wallet, on the ‘Move to Layer 2’ screen, click on the ‘View Receive Address’ and then ‘Copy to clipboard’. Once you’re on your Loopring Wallet, tap the scan icon in the top-right corner to scan the QR code, then select the ‘Address Type’ to ‘EOA Wallet’, and complete the details on the L2 send screen and ‘Confirm’. For detailed instructions you can check here. Using The Loopring Web App Head to loopring.io. Once you’ve signed in, click ‘Send’ ETH ‘To Another Loopring L2 Account’, then copy/paste your GameStop Wallet address into the recipient address, choose the amount, select ‘Wallet’ in the Address Origin, click ‘Send’ and sign the request. Your gas-free transfer is sent once these steps are complete. — 2. Deposit from Ethereum L1. — Send ETH to your GameStop Wallet on L1 Ethereum. Once the funds are on L1 GameStop Wallet, select “Move Eth” onto the ‘Move To Layer 2 Page’, then add your transfer amount. Note there should be a minimum balance of ETH to pay for gas fees. After you have clicked ‘Review Deposit’, you can approve the transaction and wait for the Ethereum blockchain to confirm the transaction. Pro Tip: When depositing onto Layer 2 be mindful of fees. Estimators are a great tool to monitor gas prices on Ethereum which can help time your moves and avoid costly gas spikes. — 3. Fiat onramp into ETH. — Using a fiat onramp like Wyre and Ramp is another great way to onboard L2 as it skips L1 entirely. — 4. CEX Withdrawal using LayerSwap. — If you have funds on a CEX such as Coinbase, Binance or FTX, LayerSwap is the cheapest and fastest way to move your funds from an exchange onto your L2 GameStop Wallet. Follow the steps in this video.Note: There is an assumption of trust when using LayerSwap similar to using a fiat onramp provider. — How to activate Layer 2. — Now that your L2 Wallet is funded, you’re all set to activate Loopring L2 and get on the fast lane. — How to swap gas-free. — Click on the ‘Swap’ tab at the bottom. Select your pool (each pool has two assets you can swap between) and which way you are swapping. Choose your amount to swap. The AMM pool will automatically show you the exchange rate. You will also see the minimum amount you are guaranteed to receive from the swap. You can adjust the slippage tolerance at the bottom. The fees to swap are 1%. Broken down, 0.70% goes to GameStop and 0.30% goes to Loopring (of which 0.2% goes to Loopring liquidity providers (LPs) and the remaining 0.1% to the relayer and protocol fee). Fees are taken from the token you are buying. Once you’re ready, click ‘Swap’ and your transaction will be executed instantly. No delay, no gas fee. Your L2 balance will be updated. You can always see your swap history in the ‘Activity’ tab. — How to make an instant L2 transfer. — Users can send ETH and ERC20 token transfers to an Ethereum address instantly, cheaply, and securely on L2. Simply choose the asset, select the amount and send — all for less than 10 cents!Note: Never send a L2 transfer to a Centralized Exchange (CEX) as many do not support Loopring yet — only transfer to wallets that you know can access Loopring L2. — How to transfer NFTs for cheap. — Sending NFTs with GameStop L2 Wallet is easy and affordable. If you’re an NFT creator, you can drop your collection to your fans for a fraction of the cost of Ethereum L1. — How to make a withdrawal to L1. — On the ‘Coins’ tab, simply click ‘Move’ to move assets from your Loopring L2 account back to your Ethereum L1 address. With zkRollups you can withdraw your assets at any time. Your funds can never be stolen, frozen, or seized by Loopring. Due to the aggregation of a zkRollup, and since it is an L2 to L1 interaction, withdrawals can take ~10–20 minutes until the ‘train wants to leave the station’ from L2 to L1. The more activity on Loopring, the faster the withdrawals are processed. There is a fee to process a withdrawal, since the Loopring relayer has costs in processing these transactions (compute power for the ZK proofs, and the overhead gas cost to publish a rollup block to Ethereum). This fee fluctuates with L1 gas fees, and is usually less than half the cost of token transfer on L1. — How to connect to Loopring.io. — Head to Loopring L2. Click ‘Connect Wallet’ and link up your GameStop Wallet.There should be an ‘Unlock’ button. Go ahead and click that. This asks your wallet for a signature to unlock your L2 account. It is a signature, not a transaction, so no gas fee!Once you’re logged in you can mint NFTs, trade on the orderbook, and provide liquidity (LP) in an AMM pool. Mint an entire NFT collection for less than a $1 NFT creators that have been priced out of Ethereum can find salvation on L2. Creating your very own NFT collection for a dollar is now a reality. To mint, just drag n’ drop, set your royalty percentage and the amount of NFTs. Bingo bango bongo, you’re all set! Become an LP and earn fees Liquidity providers (LPs) currently earn 0.2% on all swap fees in the pools they provide liquidity to and that fee is proportional to their share of that pool. To become an LP, you simply deposit an equal value of both assets in the pool. Trade on the orderbook like a pro Loopring is more than just an AMM, it is also an orderbook DEX. Trade like you’re on Binance or Coinbase while never giving up custody of your assets. Traders can place limit or market orders. Makers receive a 0.02% (2bps) rebate on orders that get filled on the book. — How to connect your hardware wallet. — Connecting hardware wallets like a Ledger or Trezor adds additional security to your GameStop Wallet. This combo gives you the ease of use of a hot wallet with the safety of storing your keys offline. Currently, only Ledger is supported. Here’s how to connect your Ledger device:https://support.blockchain.gamestop.com/hc/en-us/articles/6169877151251-How-do-I-connect-my-hardware-wallet-to-my-GameStop-Wallet-Welcome to the Future of Ethereum! Congratulations, you’re on L2 and have entered the rollup-centric future of Ethereum. Ethereum 2.0 is on its way with EIP-4488 further lowering the cost to use rollups by a factor of 5x. That means even more freedom for you to move your assets. Ain’t that something.About Loopring Loopring is an Ethereum Layer 2 zkRollup protocol for scalable, secure exchanges & payments. Loopring builds non-custodial, high-performance products atop our L2, including the Loopring Wallet — a mobile Ethereum smart wallet, and the Loopring L2 web app — an L2 orderbook and AMM DEX. To learn more, you can sign up for our Quarterly Update or see Loopring.org. Twitter ⭑ Discord ⭑ Reddit ⭑ GitHub ⭑ Docs ⭑ YouTube Guide: How to use the GameStop Wallet was originally published in Loopring Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.
More Loopring (#LRC) News
|LoopRing Price Lags Despite Relief, Is LRC Double-Digit Gain Feasible?
The price of LoopRing (LRC) has shown no sign of relief bounce against Tether as it continues to range in its low region. Despite relief bounces shown by other cryptocurrencies across the market, some producing double-digit gains, LoopRing price continued to look dormant. (Data from Binance)
LoopRing Price Analysis On The Weekly Chart
Weekly LRC Price Chart | Source: LRCUSDT On Tradingview.com
From the chart, the price of LRC saw its weekly bottom at $0.35; the price of LRC bounced from that region to a price of $0.4 on the weekly chart as the price is unable to show much strength to trend higher.
LRC weekly candle closed with the bearish sentiment, with the new week's candle looking indecisive.
The price has continued to show little or no traction; If the price of LRC on the weekly chart maintains this structure, it could retest its low of $0.35 as this is a key support region on the weekly chart.
For the price of LRC to trend higher, it needs to break the resistance at $0.5 with a good volume to have a go at higher prices and double gains.
Weekly resistance for the price of LRC - $0.5.
Weekly support for the price of LRC - $0.35.
Price Analysis Of LRC On The Daily (1D) Chart
Daily LRC Price Chart | Source: LRCUSDT On Tradingview.com
The price of LRC has found itself ranging in a channel trying to break out from what looks like a cage preventing the price from trending higher.
LRC has found its price between $0.35 acting as support and $0.5 acting as the resista...
|Loopring Wobbles In Last 2 Months – Can LRC Stay In The Loop?
The Loopring (LRC) price has entered a symmetrical triangle pattern on the daily chart in the face of continuous bearish pressure.
This indicates that the bulls are retreating, so LRC must attract buyers to achieve a successful breakout.
However, a bearish breakthrough is anticipated, and the token price may fall below the important support at $0.30. Loopring is trading at $0.37 as of this writing, a decrease of 4% over the last seven days, according to statistics provided by Coingecko on Wednesday.
The whole crypto market began the year on a positive note. However, by the end of January, it had already begun to indicate that 2022 would be quite bumpy.
Image - FX Empire
Suggested Reading | Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support
Loopring Dragged Down By Gloomy Market
Today, the entire crypto market is aggressively negative, having seen a mini-crash in both the months of May and June.
The present strong aggressive bearish trend of the sector has also affected other cryptocurrencies, such as Loopring, which is down 80% year-to-date. The coin's trading volume is 69 million, while its market capitalization is 488 million.
Loopring has fluctuated in a descending triangle pattern during the course of the past two months. In addition, LRC has retested the falling trendline, which could ignite another bear cycle inside this pattern.
Loopring was one of the few projects in June that had begun to exhibit indications of recovery. The first five day...
|Biggest Movers: XMR Hits 2-Week High, LRC Climbs for Fifth Straight Day
Following a bearish start to the day, XMR climbed to a two-week high during today's trading session. Gains in monero come as LRC also saw its price move higher, rising for a fifth consecutive day, as it approaches a multi-week high of its own.
Monero extended a recent bullish streak during today's session, with prices rising to a two-week high as a result of strong gains.
XMR/USD hit an intraday peak of $204.69 earlier in the day, which is over $10 higher than yesterday's low.
Today's rally comes as prices have now risen for six out of seven sessions, with today's the highest XMR has hit since May 9.
On May 12, prices declined to a bottom of $112.98, which was a fifteen-month low, however since then, we have seen significant rebounds.
This resurgence in price is encapsulated by the ascending triangle currently shown on the chart, however prices now look to have landed at a resistance level.
Resistance at $205 has so far held firm, with the RSI tracking at its own ceiling of 55.
Should we see a breakout from this ceiling of 55, then bulls will likely target take profits at $230.
LRC made a run for its long-term resistance level on Wednesday, as prices rose for a fifth day on the bounce.
Today's run saw LRC/USD rise to an intraday high of $0.60, which is over 10% higher than yesterday's low of $0.5207.
As a result of Wednesday's surge, LRC is now marginally below its long-term resistance level at $0.6210.
To start the week, loopring broke past th...
|Biggest Movers: ETC up 80% in the Last Week, as Loopring Gains 42% on We...
Loopring was trading by over 42% on Wednesday, overtaking QNT as the world's 65th largest crypto in the process. This came as ethereum classic was trading 10.30% higher on the day, taking its one week gain to over 80%.Loopring (LRC)
On Wednesday, loopring (LRC) rose to its highest level in three months, a move which saw it cement itself as the world's 65th largest cryptocurrency.
Following a low of $0.8075 on Tuesday, LRC/USD rallied to an intraday high above $1.21 during hump-day.
Today's move came as LRC has consolidated for the last few months, moving between support of $0.6222 and resistance of $0.8889.
However, prices finally broke out of this range today, coming after bulls piled on the pressure, once the floor in the 14-day RSI of 51.16 failed to break.
Looking at the chart, price strength then rose to a high above 71, which is the most overbought it has been since November.
Despite this, history has shown that the RSI can go to as high as 91, so although it is now relatively overbought, there could still be further gains in loopring (LRC).
Ethereum Classic (ETC)
Ethereum classic (ETC) was over 10% higher earlier in the session on Wednesday, as prices continued to hover close to a five-month high.
ETC/USD rose to an intraday peak of $54.07 during Wednesday's session, which was marginally below yesterday's high of $54.37.
That was the most ETC has traded since November last year, as markets were falling from a then-high of $65 in that month.
During the past ten days...
|Technical Analysis: Quant Climbs 20%, as Loopring Selloff Extends
After earlier spells of consolidation, the tide turned on cryptocurrencies this afternoon, with markets finding themselves in a red wave. Quant managed to evade the wave, climbing by as much as 20% during the session.
Following yesterday's strong gains, the global cryptocurrency marketplace was trading over 6% lower on Wednesday, however, there were some notable exceptions.
Quant was one of these exceptions and was easily one of the biggest movers in the crypto top 100 during today's session.
QNT/USD hit an intraday high of $119.91 on Wednesday, after trading at a low of $97.60 the day prior.
Today's rally sees QNT extend its gains for the third consecutive day, and now is on the brink of breaking into the 0.236 Fibonacci zone.
This run began after QNT/USD rose from its support of $89 on Monday, after falling to its lowest level in over 1-year towards the end of last month.
There is a visible RSI resistance currently in place, some still remain confident that we may be set for a break.
Loopring extended Tuesday's losses today, falling to a low of $0.8932, which saw its price decline by nearly 7% as of writing.
Despite this, there was another bear that stood out on Wednesday, that of course being arweave (AR).
AR/USD was down 8.3% as of writing, hitting a session low of $37.04 in the process, which came after resistance of $42.20 was held.
This selloff coincided with the 14-day RSI failing to break out of its recent ceiling of 50, which app...
|Technical Analysis: Solana Surges 15%, as Loopring Price Declines
Solana was trading close to 15% higher on Tuesday, as crypto markets were mostly in the green to start February. This comes as markets look set to move past January's red wave.
Cryptocurrency markets were mostly bullish during Tuesday's session, with several projects seeing their value rise to start the new month.
One of these was solana (SOL), which, as of writing is up 14.04%, hitting an intraday high of $108.32 in the process.
This move comes as SOL/USD broke out of its resistance level of $100 for the first time since January 22nd.
SOL/USD has mainly been consolidating in recent weeks, however, it picked up momentum yesterday after it rose from its floor of $90.49.
As a result of this run, the 14-day RSI rose above resistance of 42 for the first time since January 4th, with price strength now tracking at 44.07.
Should price strength continue to surge, SOL bulls may target the higher resistance of $120.
Uniswap, flow and helium were some of the only notable crypto bears on Tuesday, however, none of these saw the biggest decline in price.
That honor went to loopring (LRC), which is currently trading 6.11% lower, hitting an intraday low of $0.9651 as a result of today's short sellers.
Looking at the chart below, today's decline has resulted in LRC/USD moving closer to its recent support of $0.8854, after trading at resistance of $1.04 only yesterday.
This selloff coincided with the 14-day RSI failing to break out of its recent ceiling, w...
|Ethereum Fees Drop 53% in 20 Days — Polygon Hermez, Loopring Offer...
Ethereum's average network fees have dropped to the lowest value in 30 days at 0.0096 ether or $24.64 per transaction. Median-sized ethereum fees are lower today as well, as fees are between $8.37 to $10.82 per transaction as ether fees haven't been this low since January 1.
Onchain Ethereum Fees Drop, Current Bitcoin Fees 91% Cheaper Than Ethereum Fees
It's cheaper today to send ethereum (ETH), as network fees are 0.0096 ETH or $24.64 on average to send the second leading crypto asset. On January 30, 2022, ethereum has a 24-hour price range of around $2,575 to $2,647 per unit.
Average-sized ETH fees haven't been this low since January 1, 2022, when the average-sized fee (ASF) was $25.75 per transfer. Ethereum fees reached a high on January 10, at $52.46 per transaction and the current ASF today is 53.03% lower than the high.
Median-sized fees (MSF) on Ethereum are also lower today, as the MSF on ETH on January 10, is $29.92 per transfer. Statistics show MSF on Ethereum today are between $8.37 to $10.82 per transfer which is 63.83% lower than the MSF on Ethereum on January 10.
Ll2fees.info metrics show the MSF on Ethereum today is $8.37 to send ethereum, $19.14 to send tokens, and to swap tokens it costs $41.87. Polygon Hermez is the cheapest Layer two (L2) transfer fee today with $0.25 per transfer.
Loopring fees are $0.29, Zksync fees are $0.37 per transfer, Optimistic costs $1.75, Arbitrum transfers are $1.91, and Boba Network L2 fees cost $2.24 per transfer. To swa...