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Coin Healthcheck: Loopring (LRC)

CryptocurrencyNov 30, 2021 12:30AM ET
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Coin Healthcheck: Loopring (LRC)

About Loopring (LRC) is the token of Loopring, an open Ethereum Layer-2 protocol that was created as a response to the limitations of traditional cryptocurrency exchanges and aims to solve the issues of transaction speed, security, and transparency.

Loopring protocol enables developers to build faster and more scalable decentralized applications (dApps) with exchange functionality on Ethereum blockchain without compromising security features.

It also runs its own non-custodial Loopring.io decentralized exchange (DEX) and payment platform. The protocol’s LRC token is a utility token of the ERC-20 standard and was launched back at the end of 2017.

State of Project Loopring relies on Ethereum and zkRollup (Zero-knowledge Rollup) cryptography, which is a highly secure scaling mechanism with all Ethereum security features.

Performs up to 2,025 transactions per second, lowering transaction fees to 1/100th of ETH mainnet network fees.

Aggregates and executes transactions off-chain. Allows non-custodial DEXs to match the performance of custodial centralized exchanges.

Can be integrated with any smart contract platform.

Loopring (LRC) utility tokens are used for trading, swapping, liquidity providing, and payments. They’re also used as a governance token.

The Loopring DEX has over 27K users and over $0.5B of total value locked (TVL) on it at press time.

Competition: Uniswap DEX launched its layer-2 scaling solution in 2021. The leading DEX on Ethereum has the strongest community and liquidity (over $8.3B TVL).

Polygon enables highly scalable solutions for Ethereum-based DeFi apps.

Website & Whitepaper: Separate websites for Loopring protocol and DEX. Both have links to technical documentation, privacy policy, fees, a blog with monthly updates, community links, and Help center support.

Whitepaper: highly technical, goes deep into details.

Development stage: Loopring DEX uses Loopring protocol 3.6 version, which is in beta.

Loopring Wallet is publicly available in an Android-only beta version.

Loopring Automated Market Maker (AMM) launched a mainnet beta.

Enabled LRC staking in 2020.

Supports NFT minting, trading, and transfers directly on L2 for both ERC721 and ERC1155 token standards.

Roadmap: Each year, the project releases the development roadmap for the coming year.

Posts quarterly updates.

Works with an undisclosed partner on NFT marketplace, which is “set to launch sometime prior to the end of 2021(Q4).”

Fundraising: Raised $45 million during the initial coin offering ($0.06) in August 2017. 750 million LRC tokens were sold (54% of the max supply) during ICO.

A month later, Loopring refunded money to ICO investors due to China’s strict regulations.

No KYC was required for presale.

Team Daniel Wang, founder and CEO of Loopring Foundation, has been in crypto since 2014. Worked as Tech Lead & Senior Software Engineer at Google (NASDAQ:GOOGL), Senior Engineering Director at ZhongAn Insurance.

Adam Browman, Head of Growth since May 2021. Worked as a digital marketing specialist for a travel organization, founded a gaming company.

Has 11-50 employees, headquarters based in Shanghai.

Advisory board members include Da Hongfei, the co-founder of “Chinese Ethereum” NEO and CEO of blockchain tech company Onchain.

Partnership & Investments: Partnered with Chainlink and integrated its oracles on Loopring DEX in 2019.

Rumoured partnership with GameStop (NYSE:GME).

Venture capital investments include G2H2 Capital, NEO, Fundamental Labs, and Obsidian Capital. All investments came via ICO.

No data on venture capital investments since ICO.

Community Social media accounts: Twitter (NYSE:TWTR) (143K), Discord (19K), Reddit (~65K), Weibo (NASDAQ:WB) (218K), Medium (95).

Communities exist and are active on social media channels.

Key Metrics Token standard: ERC-20

Max supply: 1.37 billion

Circulating supply: 1.33 billion

Market Cap: $3.7 billion

Exchange listings: Listed on 137 cryptocurrency exchanges (see the full list).

Most common trading pairs with USDT, BTC, ETH, and WETH.

Token allocation: Over 72K wallets on Ethereum chain, 17 on Polygon.

Concentration at the hands of whales holding more than 1% of max supply: 89%

Wallets: Can be stored in any ERC-20 compatible wallet or in a downloadable Loopring Wallet.

Price movements: All-time High (ATH): $3.75 on November 2021

All-time Low (ATL): $0.019 on December 2019

LRC less than 30% below ATH at the time of writing

Verdict

  • An ambitious project allows building decentralized exchanges and aims to create an interconnected system of both centralized and decentralized trading platforms.
  • Competes with existing decentralized exchanges by enabling off-chain transactions that increase transfer speed and lower the costs on the Ethereum network.
  • The project’s team is constantly growing. Loopring does not hide their identities and introduces new employees to the community. The situation is different with advisory board members, as this list has not been updated since the ICO in 2017.
  • We could not find any official data on venture capital investments after Loopring’s ICO in 2017.
  • Available on almost all major crypto centralized and decentralized exchanges. However, the majority of LRC supply is concentrated in the hands of large holders.
  • Loopring (LRC) is a small market cap token that has enough room to grow, especially while the Ethereum network remains highly congested, slow, and expensive.

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Coin Healthcheck: Loopring (LRC)
 

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