Loopring is an open, multilateral token exchange protocol for decentralized exchange on the Ethereum blockchain. Loopring is intended to serve as a common building block with open standards, driving interoperability among decentralized applications (DAPPs) that incorporate exchange functionality. Trades are executed by a system of Ethereum smart contracts that are publicly accessible, free to use, and that any dApp can hook into. Loopring’s token is based on the ERC20 Ethereum Token Standard and can be liquidated through a Loopring smart contract.
|Mkt.Cap||$ 3.49 B||Volume 24H||12.76 MLRC|
|Market share||0%||Total Supply||0.00000000LRC|
|Proof type||Open||$ 2.65|
|Low||$ 2.50||High||$ 2.70|
Chainlink and Loopring Collaborate on Oracles for zkRollup DEX Protocol
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It is operable on Ethereum and Qtum while NEO is also under construction. Etherscan Dapp Page enables an easy-to-use and intuitive interface for you to interact with the Smart Contract on the Ethereum Blockchain.
Cryptocurrency Loopring (LRC)
LRC is the protocol token that is used on Loopring and Oedax to incentivize network liquidity and optimize exchange/participant behaviour. Loopring is an open, multilateral token exchange protocol for decentralized exchange on the Ethereum blockchain.
Matthew Finestone, Director of Business Development at Loopring, joined us in our recent “Ask Me Anything” LIVE session and we had an awesome chat about the current state of cryptocurrencies. Kriptomat and Loopring have a vision that cryptocurrencies and blockchain can make our lives much better on many levels. As a result, we are partnering up despite the fact that Kriptomat is a centralized exchange while Loopring is creating a protocol for decentralized exchanges. Other token prices, for Loopring’s Hebao Wallet and DEX, to appropriately enforce allowance for meta-transactions, etc.
Write Contract allows you to interact with the Smart Contract after connecting to a web3 wallet. You can execute call functions of the Smart Contract directly by performing a transaction with your connected web3 wallet here. Read Contract allows you to query and retrieve information of the Smart Contract. These read-only functions do not require a web3 wallet to interact.
Additionally, Loopring enforces on-chain data availability, meaning in conjunction with the Merkle root, other state transition data is also kept on Ethereum, as opposed to an off-chain consortium. As a result, the only assumption needed in order be certain one can always access their own funds, is that Ethereum will continue to exist. This means all orders can be broken up into smaller pieces to identify the best exchange and ideal time to trade each batch. Cross-chain – Blockchain-agnostic, functions with all blockchains with smart contract support.
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Loopring is intended to serve as a common building block with open standards, driving interoperability among decentralized applications (DAPPs) that incorporate exchange functionality. Trades are executed by a system of Ethereum smart contracts that are publicly accessible, free to use, and that any dApp can hook into. Loopring’s token is based on the ERC20 Ethereum Token Standard and can be liquidated through a Loopring smart contract.
Loopring Protocol is an assembly of Ethereum smart contracts, and zkSNARK circuits. To run the protocol, a Relayer (or group of relayers) operates the off-chain components, including order hosting & proof generation. The Loopring platform aims to optimize trading with cryptocurrency by reducing the risks of online trading. Loopring is an ERC20 currency token on the Ethereum blockchain with the aim to establish a fair, decentralized and secure trading platform, that trades across the crypto exchanges. The winners will receive the LRC token, which is the native cryptocurrency of the Loopring platform.
We achieve this by using Zero-Knowledge Proofs (ZKPs) to perform all computations in verifiable batches off-chain, and only submit a small proof to Ethereum to validate. Loopring is the first live zkRollup DEX protocol on Ethereum enforcing on-chain data availability — a design decision which places security above incremental scalability gains.
- It performs all computations off-chain, batches and proves these updates in a zkSNARK proof, and then submits it to Ethereum to verify.
- These read-only functions do not require a web3 wallet to interact.
- Loopring is an open, multilateral token exchange protocol for decentralized exchange on the Ethereum blockchain.
- The current parameter is 500,000 LRC, but will be configurable via protocol governance.
- Both teams are excited to work together and share similar philosophies in their respective track, focusing heavily on engineering and security.
This allows users to always access their funds, even in the absolute worst case scenarios where the Loopring Foundation and DEXes built atop cease to exist — as long as Ethereum is running, funds are safe. Loopring wants to achieve that more orders get completed on exchanges by facilitating cross exchange transactions. The individual tabs are designed to help you learn and interact with the Smart Contract and drive community discussion. If you order a pizza with LRC, you need 523,61 units. To pay with Loopring for a new pair of shoes, you need to send 3.490,75 LRC.
Loopring is also on a great path to improve their service and the newly developed Protocol 3.0 is a step forward in that direction. The goal for Loopring is to create a platform where inter-digital currency exchanges are a seamless and frictionless process. For more information regarding Loopring visit the official webpage or read over the Whitepaper. For more information about Loopring, please visit the Loopring website, Blog, Twitter, Telegram, or Newsletter.
Thus, while Loopring v3 relies on cryptographic security for every state transition, there is an ‘interim’ period where the DEX owner has painted the picture, but the paint is not yet dry. Here is where LRC is used by DEX owners as a bond for economic security.
New Loopring token on ethereum
See here for a full list of protocol parameters & slashing costs. Loopring-based DEXes to provide inputs into Chainlink’s oracle network, with the benefit of all trading activity being perfectly verifiable on Ethereum, even through our layer 2 zkRollup.
Loopring (LRC) is a decentralized exchange (DEX) protocol offering orderbook-based trading infrastructure with anti-front-running, and zero-knowledge proof-based scaling technologies. This infrastructure consists of open source smart contracts, as well as off-chain matching and proving software. Loopring 3.0, leveraging zero knowledge proofs, reportedly allows for significant throughput increases of non-custodial exchanges while maintaining the security guarantees of the Ethereum blockchain. Loopring also offers an auction protocol called Oedax (Open-Ended Dutch Auction Exchange).
This giveaway is also a celebration of the Loopring Protocol 3.0 which will drastically improve token trading on decentralized markets. We also discussed the collaboration between centralized and decentralized exchanges and how we can work together to provide a more mature ecosystem. We received a lot of positive comments about the live stream, so make sure you give it a watch if you missed it!
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Both teams are excited to work together and share similar philosophies in their respective track, focusing heavily on engineering and security. The fact that we are referencing an LRC/ETH feed, but can freely multiply it with the reliable ETH/USD feed gives the protocol greater flexibility — it can reference in only LRC/ETH terms in other areas as needed. Chainlink has created a reference contract powered by its decentralized network of oracles to provide the LRC/ETH price. The price is pushed on chain at any 5% deviation from the previous price, or, with a weekly heartbeat update should that 5% level of volatility not arise.
The LRC/ETH feed will be provided by 7 Chainlink nodes to begin with, drawing their data from a multitude of sources including CoinGecko, CoinMarketCap, CoinAPI, and more. The protocol mandates a minimum amount of LRC at stake in order for a Loopring DEX to open up shop. The current parameter is 500,000 LRC, but will be configurable via protocol governance.
The more LRC locked, the more skin in the game, the more reliable a DEX should be. Note, this reliability relates only to service performance (getting things done) — user funds are always Ethereum-level secured by the protocol.