Loopring Archives

26th October 2023

Loopring Going Multi-Network, Will LRC Prices Explode?

Loopring, the layer-2 decentralized exchange (DEX) for Ethereum that uses zk-Rollups, is going multi-network, subsequently expanding its core pillars to four, following a recent update. In a Medium post on October 24, the platform said as part of this change in approach, they will be expanding the functionality of their Loopring Dapp.

Loopring Going Multi-Network: Will This Spark Activity?

Under Loopring’s new shift, there will be two parts of the Dapp in Loopring Pro and Earn functionalities. Furthermore, the Dapp’s Smart Wallet will become multi-network, opening up more users in diverse but supported platforms.

Loopring Dapp was one of the three core pillars in the previous setup. Specifically, the Loopring zk-Rollups protocol formed the core infrastructure through which the layer-2 solution will scale all their products while relying on Ethereum’s security.

Loopring Pro Dapp was a portal through which decentralized finance (DeFi) users would interact with the Loopring DEX and other services. On the other hand, the Loopring Smart Wallet will be a tool where users can store assets securely. This wallet is baked into Loopring Pro Dapp.

Following the announcement, the team said the Loopring Earn DApp will serve as the “lighter” version of the Pro service on the platform. A notable difference is that it has been reworked to be more customizable and can be deployed in any other compatible network via the Loopring zk-Rollups protocol.

The layer-2 protocol continues to build. Presently, the latest iteration of their DEX, version 3.6, the team said, has processed over 12 million transactions, generating more than $6 billion in trading volume. Since launching, the DEX has connected over 210,000 layer-2 wallets.

Even so, the team plans not to build on this update. The strategy will be to deploy on platforms like Arbitrum, where it can serve as a layer-2 or layer-3, creating a “highly optimized app-chain experience.” While at it, the team hopes to expand and scale their “new core products,” creating more opportunities for DeFi users.

LRC Remains Under Pressure: Will This Change?

Following this news, LRC, the platform’s native token, remains on an uptrend, rising with the broader markets. Still, whether the uptick was due to the revival in Bitcoin and Ethereum is not immediately clear. However, what’s clear is that the announcement coincided with the rally of BTC above $32,000, registering new 2023 highs.

LRC is at new October 2023 highs, up 20% from October lows. At spot levels, the token is at December 2022 lows and down 62% from February 2023 highs. At 2023’s peak, it changed hands at around $0.50.

24th April 2023

Loopring (LRC) Slides 20% In 5 Days Despite NFT Red Packet 2.0 Launch

Loopring (LRC) prices remain under pressure, dropping roughly 20% days after announcing the launch of non-fungible token (NFT) Red Packet 2.0.

Loopring Announces Red Packet 2.0

Loopring, a layer-2 decentralized exchange using zkRollups on Ethereum allowing traders to exchange assets, said NFT Red Packet 2.0, currently available on their Loopring Smart Wallet and the web app, let users transfer ERC-20 tokens and NFTs adapted to the ERC-1155 standard.

Unlike the popular ERC-721 standard for building NFTs, the ERC-1155 version is more flexible, empowering users to create semi-fungible tokens and ordinary NFTs.

Loopring developers started building Red Packets in 2021. However, developers expanded on traditional Red Packets creation when they also announced Blind Red Packets on April 20.

Using this solution, users can only unveil the content of the “packet” after a given period.

Supporters claim Red Packets will change the economics of NFTs and drive mainstream adoption while opening up more possibilities, especially in gaming, ticketing, and more, primarily because of the cost involved.

Unlike transacting on the Ethereum mainnet, using layer-2 platforms for trading or asset transfer is relatively cheap.

Users can securely send assets, including tokens and NFTs, off-chain while avoiding the high fees. However, they still are secured by the Ethereum mainnet.

As an illustration, users on the mainnet have to pay $43.83 when writing on April 23. Meanwhile, based on L2Fees data, sending ETH on Loopring costs $0.06.

Because of this allowance, users can pack thousands of NFTs on Loopring’s Blind Red Packets and gift them to users without having to pay high fees. It is an addition that the Loopring community has positively received, but that has not prevented prices from edging lower, as visible in the daily chart.

LRC Drops 20% In 5 Days

LRC is trading at $0.338, down 20% from April highs, and is underperforming Bitcoin and Ethereum in the past 24 hours.

Notably, prices broke lower on April 19 before they were confirmed on April 20 and in the second half of last week.

When writing, prices are stable but remain within a bearish formation, having reversed all losses posted on April 14. On this day, Loopring revealed that more than 200,000 unique addresses were using its platform.

Despite the contraction of LRC prices, the token has more than doubled from December 2022, when prices fell to as low as $0.188. The token is also up 30% from March 2023 lows as prices currently retest a critical support line.

13th July 2022

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 days of the project were marked by a significant bullish push. However, this was followed by a significant bearish movement that led to a 41 percent price collapse.

LRC total market cap at $494 million on the daily chart | Source: TradingView.com
LRC Faces Tough Road Ahead

The first 15 days of June also began to improve, resulting in the reversal of some of the month’s losses because of a nearly 40 percent price increase. In contrast, Loopring appears to have continued its strong bearish trend over the past week, shedding 14 percent of its value.

Meanwhile, the same forces affecting other markets, such as stocks, play a significant role in the current downturn. Consumer prices are increasing at the highest annual rate in more than 40 years, and the latest Federal Reserve rate increase is still being felt on the bitcoin market.

Forecasts of an even more challenging economic climate are also causing the price of Loopring and other altcoins to continue to decrease.

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Featured image from CHVNRadio, chart from TradingView.com

29th March 2022