What is LRC?
Loopring (LRC) is a decentralised exchange and payment protocol built on Ethereum. Loopring’s exchange uses an order book model, which sets it apart from most decentralised exchanges which use an Automated Market Maker (AMM) model. This allows users to swap cryptocurrencies without a central intermediary. Loopring is a Layer-2 scaling solution that leverages a Zero Knowledge (ZK) rollup mechanism to efficiently scale transactions. As with other Layer-2’s, Loopring secures its network using the Ethereum blockchain. The Loopring protocol seeks to keep the advantages of decentralised exchanges while reducing their inefficiencies via innovative hybrid solutions. The primary use of the LRC token is staking. LRC can be staked to earn a portion of Loopring’s trading fees. Users can even create their own decentralised exchanges using the Loopring network.