Loop Markets is a decentralized exchange using an automatic market maker enabling users to profit from transactions through smart contracts. The DEX allows users to swap tokens, furnish liquidity, farm, stake, and receive monthly airdrops. Launched in 2021, the company provides a contact address and an email address on the official site. There is no info on the countries it supports for the buying and selling of crypto coins.
Loop Markets overview
Some of the important features of this platform are:
- LOOP is the native token for the Loop Finance service. It derives its value from the various products of the service.
- LOOPR is the native token used by the Loop community which is the tokenized content forum of users.
- The DEX allows swapping of tokens that include UST, LOOP, aUST, bLUNA, LOOPR, ANC, and many more.
- Users receive a part of the trading fee that the service charges as a share of their liquidity pool. The airdrops and staking rewards are other benefits of using the platform.
How does Loop Markets work?
Loop Markets allows for all the following:
1. Token swaps
This feature allows users to trade the Terra token for another entity using the automated liquidity pools.
2. Liquidity pools
Users who provide liquidity can get their share of the transaction fee and ownership shown by the LP tokens they get.
Yield farms provide a means for earning additional LOOP and other such tokens when they stake their LP tokens.
4. Staking pools
One way to earn LOOP easily is by using the staking pools. You need to just stake your LOOP in the pools and get your share of the deal from the platform
LOOP airdrops are given to holders of the LOOPR token every month which you can claim on the exchange.
What can you buy on Loop Markets?
The DEX operates on the Terra blockchain. The DEX supports numerous tokens. Some of them are listed below:
- and many more
Is Loop Markets safe?
We could not find info on the security measures used by the platform for its users. Other than the basic requirements like seed phrase for wallet creation, there are no other measures mentioned by the service.
Loop Markets fees, compatible wallets, and transactions
The platform charges fees for trading, but there is no registration or signup fee present. The service charges a 0.3% trading fee for every swap you make. Traders should know that 75% of the fees are held in the Liquidity pools and given as a reward for the providers and 25% is given to LOOP stakers.
Compatible wallets are Mobile Wallet, Terra Station, XDEFI Wallet, Leap Wallet, and Falcon Wallet.
What are the ways to trade on Loop Markets?
The initial steps you should follow for trading on the platform are:
- Create a wallet and connect it with the accepted wallets of the platform.
- For wallet creation, you need to download the Terra Station Wallet extension on your browser. Using the extension, you can create a new wallet with a strong passcode.
- Now visit the Loop Markets site and use the connect wallet feature for linking the wallet and the UST you want to use.
Some of the ways to use the DEX are:
- To swap, visit the swap page of the site
- Verify wallet connection
- After confirming you have the tokens needed for the swap and UST in your wallet, choose the tokens you want to swap using the dropdown menu
- Enter the token amount you want for the process
- Review slippage and enter the required slippage
- Confirm details like the expected price, price impact, fee, etc.
- Click on the swap to start the process
Other ways to use the DEX are:
- Provide liquidity and create Loop LP tokens
- Stake the LP tokens to earn additional LOOP and other tokens
- Stake the tokens and earn your share of the operation fee
The vendor mentions that no separate assistance is provided and users can reach out via Telegram or Discord group of the service. A location address and an email address are present.
Should you trade with Loop Markets?
Loop Markets summaryLoop Markets summary
- Diversified features
- Users get a share of swap fee
- Earning tokens via the community
- Only for ETH-based tokens
- Lack of sufficient info on security, supported countries, etc.