Loopring is the first layer 2 that implements ZK-rollups as a scaling solution on Ethereum. The protocol is specifically designed for DeFi and aims to build the infrastructure that powers the future of finance. It is said to be 1000 times faster and 100 times cheaper than Ethereum. The network has its own AMM and crypto wallet bearing the same name.
The network was created in 2017 by Daniel Wang, who used to work for Google and JD.com before founding Loopring. The launch of Loopring was a huge success, but due to China's crackdown on blockchain and cryptocurrency, Loopring's operation has been affected greatly.
ZK-rollups groups transactions together and sends them to Ethereum to verify as one transaction. Therefore, the time and fee it takes to process transactions is better while the security of the Ethereum blockchain is maintained.
LRC, the token of the Loopring network, has a total supply of 1.4 billion. The circulating supply of LRC is 1.3 billion.
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