Loopring is a platform that works based on the Ethereum blockchain that aims to incentivize a global network of users to trade, stack, deposit, and invest crypto tokens. It runs the algorithm based on the laver 1 of Ethereum. This means that Loopring seeks to make the experience of using Ethereum faster by processing elements of Ethereum transactions on its own network.
Loopring overview
Let’s talk about what functionality we’ve got. The following list includes some details and features which we can find.
- The service provides the ultimate security.
- Assets are used on the Loopring layer2.
- It provides low transaction fees. The fees are reduced 30-100 times compared to Ethereum.
- It works quickly providing an execution speed of 2000 transactions per second.
- The developers designs scalable payment apps, non-custodial exchanges, and NFT marketplaces on Ethereum with Loopring’s time-tested zkRollup technology.
- We can get started quickly with this service.
- We have current parameters of the service: $4.17B Volumes, 73.2K users, $278M TVL, and 3.07M trades.
- The service aims to allow anyone to build non-custodial, order book-based exchanges on Ethereum by leveraging zero-knowledge proofs.
- The devs promise a fia off-ramp service in 2022. It will allow traders to exchange crypto to fiat currencies.
How does Loopring work?
- The platform offers trading functionality for beginners and professional traders.
- We can stack coins.
- It also allows us to join the liquidity pool.
- We can buy LRC tokens.
- We can crack them for making annual income based on commissions and swaps.
- We are allowed to create a liquidity pool.
- In trading, we can see a list of tokens to trade, charts, prices, 24h Change, high and low, and so on.
- We can check the liquidity pools list with the name of the pools, liquidity in them, volumes, and, of course, APR.
- The Loopring liquidity mining functionality isn’t available for now.
What can you buy on Loopring?
The service allows swapping coins and checking the list of market trades that were executed. We can see a functionality that fits beginners and the functional for professional traders with everything needed for technical analysis.
Is Loopring safe?
Yes. The service looks safe because the platform works based on the Ethereum blockchain and in fact the devs have built a layer on top of it.
Loopring fees, compatible wallets, and transactions
- It was mentioned that fees are 30-100 times less than in the Ethereum network.
- We can work with any wallet. The developers provided no restrictions.
- The system allows you to execute over 2000 transactions in a second.
What are the ways to trade on Loopring?
We have to connect our wallet and start trading. The service doesn’t require us to register on it or proceed with any verification. So, this allows us to get started within several minutes and enjoy trading.
Customer support
We can submit a request only using on-site functionality. So, it doesn’t work quickly for us to get questions answered.