Loopring is a layer-2 protocol that strives to scale Ethereum. Ethereum is arguably the most used blockchain in the blockchain industry. It hosts DeFi and NFT projects, leading to congestion on the network. Because of its use of a proof-of-work consensus mechanism, transactions take longer to settle. Also, this chain is one of the most expensive to use because of the high gas fees. So, to ease this problem, experts create layer-2 protocols.

Often, these networks help the blockchain settle some transactions and then report to the main chain to finalize. This helps the network process more transactions while charging lower fees, making it necessary to create layer-2 networks like Loopring. Since Ethereum 2.0 is not available for use, layer 2 scaling solutions have mitigated problems faced on the popular chain. While many blockchains, like Solana, offer similar services as Ethereum, many developers still opt for Ethereum is powering numerous projects and platforms.

Loopring is a zkRollup layer 2 scaling solution. This scaling solution works by taking hundreds of transactions from the main chain and bundling them into a single transaction. After which, the central network finalizes the transaction, saving time and cost. This makes it easier to handle many transactions without worrying about the cost implication. It's safe to add that zkRollups are smart contracts that roll transactions into a single transaction, allowing users to save money.

Generally, scaling solutions have made transactions on older blockchains manageable. Without them, transactions may remain expensive and slow. For one, solutions like Loopring can improve settlement speed. Settlement time is an essential factor you should consider before using any blockchain. If networks are too slow, they become inefficient. Also, Loopring claims to retain Ethereum's security. Security is also an essential part of any network. If chains are not secure, they may become easily manipulated. This may have attracted investors because Loopring has skyrocketed within the past years.

Like every layer 2 scaling solution, its job is pretty simple—to scale decentralized exchanges built on Ethereum. This protocol, built on top of Ethereum, strives to reduce the main chain's workload by processing some transactions. As an illustration, Ethereum is the primary network that hosts numerous projects. However, some transactions go to Loopring, an external layer, to reduce transaction costs and time. The team behind the project assured that the network's output is greater than Ethereum's, which may help in enhancing efficiency. Loopring is not exactly a blockchain but works with a blockchain as an external network. Solana, Litecoin, and Bitcoin are examples of blockchains, and they are L1 platforms.

Loopring (LRC) is the protocol's native token. As of the time of writing, LRC is at $1.11. The Ethereum-based token helps the protocol in maintaining security and privacy. Because the protocol allows people to build non-custodial decentralized exchanges on it by leveraging zkRollup, users may access more decentralized and secure platforms. While centralized exchanges are readily available, they are considered risky by most. Bad actors may steal your digital assets if the exchange is not secure, leading to financial losses. On the other hand, decentralized exchanges may be a better alternative to people looking to buy or sell their assets.

Before deciding to buy LRC, you need to do extensive research. This means that you have to be thorough. Numerous digital assets in the industry have been rug pulled or holders losing a considerable part of the investment. The first thing to know about the asset is that it's the native token of a protocol that aims to scale Ethereum. Ethereum is one of the biggest blockchain platforms globally. Many transactions go through the chain daily. This may make investing in LRC is a good choice.

If you believe in Loopring's technology and its potential, you can decide to buy into the project by owning LRC tokens. Remember, this is not investment advice, so you have to do your due diligence to ensure that you can buy it. This will help you in investing in LRC and other investment options. Still, the industry is currently looking bearish, especially as digital asset prices fall regularly. If you can handle risky investments like cryptocurrencies, you can choose to buy them. However, do not invest funds that would affect you significantly if you lost them. This helps you manage investment-related stress.

Loopring has been immense in its last few days in the market. Although most traders have downplayed the rise to the usual market activities, there are some reasons behind the surge. Below are a few of the reasons why Loopring is on the rise in the market;

Today, numerous businesses make NFT-related services more accessible to the average buyer or seller. With this partnership, the company may become an essential player in the growing industry. The NFT platform will leverage the layer-2 protocol's security and decentralization to ensure that buyers have substantial property rights. Additionally, the layer-2 project, which helps in scaling Ethereum, would keep the space secure without users worrying about Ethereum's high gas fees. Ethereum, which hosts hundreds of projects, has continually faced scalability issues. This led to slower transaction execution and high fees, making it too expensive for the average user. Thankfully, layer-2 protocols like Loopring have helped in managing scalability problems.

Recently, the retailer released the beta version of the platform, enabling users to get early access to the marketplace. They can choose to create an account and deposit funds. This makes it easier for them to get needed services when the platform starts operating. LRC's recent price surge shows that it has the potential to record more growth, particularly after the marketplace's official launch. With the recent partnership, the scaling solution could become an essential player in the metaverse and blockchain gaming industry.

Many people are interested in blockchain games because they believe that these games would pave the way for the metaverse's development. The metaverse is another world; it's a world that humans can only access through technology, such as through your computer or even virtual reality. Since the beginning of 2022, numerous firms have spoken about building contributing to the metaverse's growth. Facebook is one of the greatest influencers of the metaverse. The social media platform even rebranded as Meta to show its plans to stay involved in building the metaverse.

This bullish outlook probably pushed interested investors into being part of the growing industry. This helped the protocol's native token jump by over 50% within seven days. It's important to note that the marketplace should be officially released before the end of 2022, but users can still access the beta version. Also, GameStop stocks have recorded notable gains. The company's stocks have been consistently increasing, particularly after announcing its plans to create a marketplace. Investors might have realized how prominent gaming has become in the asset space, speculating on future price growth.

Binance is one of the most popular crypto trading platforms worldwide. You can create an account on the mobile app or through your desktop.

The first step is creating an account. This step is relatively straightforward, but you may undergo certain stages, such as providing a means of identification. You may also secure your account by enabling two-factor authentication for your Binance account.

Go to "Buy Now," and you can choose your preferred fiat currency. Now, you can choose the amount of fiat you are paying, showing the amount of LRC you will get. After which, the platform will show you different payment methods, such as using your MasterCard or paying with your balance. When you choose the MasterCard, you must give some details on the card.

It will take you to a page where you can confirm your transaction. If you don't confirm fast enough, it will be recalculated to get the current price. After confirming, you can now see your LRC in your Binance wallet within the platform. You can decide to hold your token, sell or stake your coins.

Loopring is another project that hopes to scale Ethereum. Because of the blockchain's traffic, many people have to pay a lot of money as gas fees. But this protocol claims to improve output. The protocol's token is also gaining traction. LRC is an Ethereum-based token that recently recorded growth because of a partnership with GameStop. The video game retailer hopes to gain exposure to the NFT industry by creating a marketplace for interested users.

The non-fungible token (NFT) industry pulls more loyal investors, as seen from Loopring's (LRC) price jump. Although the industry is still largely undervalued, experts believe it has many potentials, especially with growing interest. Similarly, there are numerous NFT projects in the space that are also getting mainstream attention. Reports show that Loopring’s recent price growth is due to a partnership rumor between the protocol and GameStop.

Since November's beginning, the asset has jumped by over 200%, and some indications suggest that the word is fueling the new highs. Despite the recent market correction affecting most digital assets, LRC and some other altcoins seem unaffected. From all indications, the crypto market has performed well since the beginning of this month, resulting in many assets returning to old highs. Months ago, Bitcoin fell from the $50,000 range, which caused an alarming correction, affecting the industry. However, it's great that the market has recovered, which could mean that the bull run will continue.

NFT marketplaces are the pillars of the non-fungible token industry. Most NFT marketplaces host numerous artworks, designs, and other assets, which are non-fungible tokens. In addition, non-fungible tokens are unique assets, which cannot be altered or changed for another one. They are usually unique as only a few pieces of an NFT are mostly in existence.

This, in turn, has made the industry an attractive one for artists and other creators. They can leverage the growing demand for art pieces to make a fortune. Beeple, one of the industry's most famous artists, sold an artwork for $69 million, which is the most expensive in the digital asset industry. When you own an NFT, your ownership is usually embedded in the blockchain, which means no one else can claim ownership. Scarcity is another feature driving the new industry. Investors get to own scarce and rare pieces of artworks and other NFTs.

In simple terms, a layer-2 solution is a protocol built on an existing network. The main reason for these protocols is to help blockchain execute transactions faster while maintaining a low cost. Today, many crypto chains have scalability issues, which has caused many concerns for crypto enthusiasts. While cryptocurrencies might be the future of banking, if they cannot implement transactions at record speed and charge an affordable fee, they may find it challenging to compete with mainstream platforms.

Ethereum is one of the most used crypto networks in the ecosystem, enabling ETH to grow rapidly over the years. However, the network cannot implement thousands of transactions at once, which makes it slow. Even when prioritizing your transactions, you may still wait several minutes before you get your transactions executed. This is why off-chain solutions have grown very popular in the digital asset space. This solution would take most of the responsibility when it comes in, and users may notice faster executions and lower costs.

In December 2017, Daniel Wang, a Chinese programmer, released the Loopring protocol. After the release, he organized an initial coin offering, which raised over $40 million in Ethereum. However, the growing regulations in China mandated the refund of over 70% of the money raised by the project.

Loopring is a project based on the Ethereum network. The project aims to incentivize users to utilize a network, enabling the creation of different kinds of digital assets exchanges. Additionally, the platform assured that trading platforms built on it would not suffer from low speed and high gas fees, typical for decentralized exchanges (DEXs) built on Ethereum.

To achieve this, it aims to use a type of cryptography known as zkRollups to reduce transaction costs while increasing speed. Similarly, the platform claimed that cryptography would assist in enabling faster transaction implementation. However, before this can occur, the project would execute the transactions out of the Ethereum network.

This is quite common in layer-2 solutions; they mainly execute transactions outside the central platform to reduce the burden and cost. So, Loopring hopes to decrease the number of transactions Ethereum has to work with, which theoretically reduces workload. With this technology, the network does not need to confirm transactions, and this will be the responsibility of the layer-2 solution.

According to the official website, Loopring is an open-source, audited, and non-custodial platform. The platform claims to scale DEXs by utilizing ZKPs, resulting in lower dependency on Ethereum. With this cryptography technology, it hopes to reduce fees for users, traders, and investors.

Loopring is one of the scaling solutions created to scale Ethereum. Because of Ethereum’s ability to support decentralized applications (dApps), many projects leverage the technology. However, the massive traffic from the DeFi and NFT industries has made it very slow and expensive.

Typically, the network should execute transactions within seconds, but this is not always the case for Ethereum. Ethereum takes several minutes to perform transactions and also charges very high for them. Although firms have created many scaling solutions for this network, many have not been able to bring down gas fees.
Being a layer-2 solution, it hopes to give additional support to Ethereum-based DEXs. Without a suitable solution, the exchanges might face slower transaction settlements.

How Does Loopring Work?

Loopring utilizes unique cryptography to accomplish scalability. Primarily, the project hopes to drive DeFi adoption by making the Ethereum network more conducive. Leveraging zkRollups, known as zero-knowledge proof, can protect data due to the protocol's unique infrastructure. With this technique, it claims to be able to settle lots of transactions within seconds.

To begin leveraging the protocol, users must send money to Loopring exchange through a smart contract. After this, it moves the transaction to an off-chain channel, which would process and execute the transaction. Finally, the project returns the transaction to Ethereum, where it confirms and finalizes the implementation. In other news, the network claims to handle lots of trades at once, making it possible for users to enjoy lower gas fees. Additionally, the zero-knowledge technique makes it possible for transactions to be settled off-chain without having access to a user's data. This may help users stay anonymous while benefiting from the layer-2 solution.

LRC is the protocol's native currency. To leverage this project, you need to buy the coin. Users interested in operating an exchange on the network need to own around 250,000 LRC, making LRC crucial for operations. Additionally, people can also stake the token to earn rewards. Staking is a popular way to make money by saving or keeping assets in a protocol to support it. Today, LRC has skyrocketed, thanks to the rumors in the crypto space regarding GameStop's partnership with Loopring. However, it’s safe to state that it may continue rising if the rumor persists.

This layer-2 token has generated lots of attention and is also one of the best performers in the space. On November 10, it surged by over 60% within a day, enabling it to attain a new high. Additionally, it has moved by over 100% since the last five days due to the GameStop rumor. GameStop is a gaming merchandise retailer, and the rumors revealed that the firm is planning on creating an NFT marketplace.

Besides the market, some sources asserted that the Loopring technology would power the rumored platform. Still, nothing has been confirmed in these statements from the retailer. However, the business has been showing immense interest in the digital asset space. For one, GME has been searching for NFT and blockchain experts for a new project.

While no one can confirm the rumors, many investors are still fueling the uptrend. This is not surprising as digital asset traders can be speculative, enabling them to earn massively from positive news. Some indications also suggests that the coin would reach the $5 mark, especially with its outstanding performance. While the token is currently above the $3.5 range, possible resistance may assist the price movement.

However, since the rumors are still in the air, there is a huge possibility that the asset will continue growing. Similarly, users have been hoping to get an official statement from both GME and Loopring. None of the firms have spoken on rumors, but that doesn't stop traders from investing massively into the coin. Thanks to new investors, the coin, valued at less than $1 a month ago, is currently above the $3.5 range.

Deciding to invest in LRC should be based on your preference. If you believe layer-2 solutions would gain more attention, you should invest in the token. However, you should only invest money you can lose to avoid significant financial losses. Also, it would help if you did your research to learn more about the project before investing in it. Loopring skyrocketed following the GameStop partnership rumor. Based on the buzz, it plans to collaborate with a crypto-related firm. However, this has not been confirmed by either of the parties.