Loopring is an open source, audited and unsupervised exchange protocol. In other words, anyone in the Loopring ecosystem does not have to rely on non-protocol resources. Crypto assets are always under the users' own control at the Ethereum security level.
After the creators of Loopring abandoned the idea of creating a centralized exchange in 2014, they started working on Loopring. The Loopring project was founded in 2017 by Daniel Wang, a former Google software engineer. The main problems Loopring is trying to solve are transparency, speed and security.
LRC is an ERC-20 token. The Loopring's native token LRC was first released during an initial coin offering (ICO) in August 2017, raising $45 million worth of Ethereum (ETH). However, due to regulations in China at that time, most of the amount was refunded to investors. The rest of the funds were used to develop the Loopring protocol.
The Loopring project has undergone five updates since its release. With Loopring 3.8, the protocol has reached its latest version. Using both AMM and order book models in February 2020, Loopring also launched its own decentralized exchange.
At the beginning of November 2021, the LRC price increased by over 180%. The market's reaction to the GameStop partnership rumor led a huge rise. However, this partnership was not confirmed in written.
The LRC's all-time-high price is $3.75. Given the constant evolution and updates of the protocol, the LRC token is considered ideal for long-term investments.
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