Loopring (LRC) Wallet

Loopring is an Ethereum-based DeFi protocol that aims to solve the issues of centralized exchanges such as lack of security and transparency. It was founded in 2017 by Daniel Wang and became first available on the Ethereum blockchain in 2019.

Loopring combines characteristics of both centralized and decentralized exchange platforms in order to achieve maximum efficiency. The platform pools orders from multiple platforms, centralized and decentralized, and then matches them with participants in the protocol. That is done with the help of zero-knowledge proofs technology. Zero-knowledge rollups (zkRollups) cryptography allows the exchanges to be completed off the Ethereum blockchain. Such cryptography decreases the number of exchanges submitted to the Ethereum blockchain for confirmation. ZkRollups also groups a number of transfers into one transaction which further increases the transaction speed and reduces the costs.

Throughout 2021 Loopring has released a number of major updates. Beginning with NFT support on Layer 2 which offers more opportunities and ending with the Counterfactual wallet which rids its users of upfront payments. By the end of 2021 Loopring is also aiming to release an NFT Marketplace.