Loopring is a decentralized exchange and open protocol for cryptocurrency trading that aims to solve the major problems of most current crypto exchanges. Its protocol is not only equipped with order matching, but also with order execution and an order book.
With their recent partnerships, Loopring has become the fourth-largest Layer-2 network after Arbitrum, Boba Network, and dYdX. This growth may be indicative of a breakout above $3. Let’s see if LRC is ready for their next milestone!
On November 10th, Loopring’s price reached an all-time high of $3.6 and is currently trading sideways at $2.7.
With Loopring’s ecosystem continuing to grow, the company recently placed as the fourth-largest Layer-2 network after Arbitrum, Boba Network, and dYdX. Is LRC ready for a breakout above $3? Let’s find out.
What Is Loopring?
Optimistic Rollup, ZK Rollup, Plasma, and Validium are a few of the scalable algorithms implemented in Layer-2 networks such as Loopring to address Layer-1’s congestion.
By utilizing Loopring’s Layer-2 network and offering higher transaction speeds, traders are able to avoid Ethereum’s expensive gas fees while considering scalability. Loopring utilizes ZK Rollups, a scalability solution enabling blockchains to validate transactions more quickly.
LRC has a Layer-2 app that is fully functional, so anyone can connect via MetaMask. Users must deposit their Layer-1 ETH to Loopring’s Layer-2 network to trade on the LRC market.
Loopring Update
Loopring has announced that it has added DAOSquare (RICE) to its ecosystem, an incubator for Web3 applications similar to Y-Combinator of the early 21st century.
Loopring recently tweeted that they are looking for a Senior iOS + Android developer, signalling a continued expansion of their ecosystem.
According to l2beat.com, Loopring is the fourth largest Layer-2 network in terms of total value locked (TVL).
Furthermore, the Loopring Twitter account retweeted Andrew Kang’s post demonstrating that LRC had the highest recorded transactions per second.
Loopring continues to set itself apart as a Layer-2 network leader with the highest TVL and TPS recorded. Loopring is on track to quickly achieve a $1 billion TVL, establishing it as the top ZK Rollup network on the market.
The Loopring price has risen by 0.64%
According to the loopring chart below, $2.7 has been a significant support level for the cryptocurrency. Today, the Loopring price is trading at $2.84, up 0.64% in the past 24 hours.
Source: CoinMarketCap
LRC’s trading volume is also relatively low, which indicates that it is unlikely the market will rally again any time soon.
Nevertheless, LRC is able to maintain the $2.7 support level exceptionally well. Loopring has also tested $3 support several times, but has not been able to sustain it.
A potential GameStop partnership rumor has been circulating throughout November. The last word on this was Loopring’s CEO moving $150 million worth of LRC on November 17th. As of today, there are no further reports regarding GameStop’s NFT partnership following the 61 million LRC transaction.
In the event that GameStop announces the partnership, Loopring will see a massive bull run, and it only makes sense that the market trades sideways for the time being.
Via this site.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
