Loopring (LRC)
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About LRC
Loopring is an innovative decentralized exchange (DEX) built on Ethereum's Layer-2 (L2) zkRollup technology, providing a unique blend of Automated Market Maker (AMM) and orderbook-based trading. This protocol enhances scalability and transaction speed, achieving throughput rates of up to 2,025 trades per second, a stark contrast to Ethereum's current capacity of 15 transactions per second. As a result, users experience minimal costs per trade settlement, as low as $0.00015. The Loopring protocol leverages the security of the Ethereum blockchain while significantly improving the trading experience with near-zero slippage, empowering both professional traders and market makers to deploy sophisticated algorithmic strategies. By adopting Loopring 3.0, developers can create scalable applications that facilitate an efficient trading environment, allowing non-custodial exchanges to potentially surpass centralized counterparts. Key features include leveraged trading, NFT management, and advanced financial products, all accessible through the Loopring Smart Wallet for seamless on-the-go transactions. With comprehensive documentation, Loopring invites developers to collaborate in shaping the future of decentralized finance (DeFi). This platform exemplifies the potential of non-custodial trading solutions, making it a game-changer in the cryptocurrency landscape as it becomes increasingly viable for high-performance trading strategies. As users explore the expanding possibilities, Loopring stands out in the ever-evolving DeFi ecosystem.
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Frequently Asked Questions about Loopring
What is Loopring?
Loopring is an Ethereum-based DEX and zkRollup protocol that facilitates scalable and efficient decentralized trading and payments using zero-knowledge proofs.
Where can I buy Loopring (LRC) tokens?
LRC tokens can be purchased on major cryptocurrency exchanges such as Binance, Coinbase, OKX, HTX, and Bybit. The tokens are also traded on decentralized exchanges such as Uniswap and Loopring's own trading platform.
Where can I store Loopring (LRC) tokens?
LRC tokens, being ERC-20 tokens, can be stored in Ethereum-compatible wallets like Bitcoin.com Wallet, MetaMask, Trust Wallet, or hardware wallets such as Ledger and Trezor.
What was the June 2024 security breach involving Loopring?
In June 2024, Loopring's Guardian service was compromised due to a flaw in its two-factor authentication (2FA) system. Attackers exploited this vulnerability to impersonate wallet owners, initiating unauthorized recovery processes and withdrawing approximately $5 million from affected wallets.
What measures has Loopring taken post-breach?
Following the breach, Loopring temporarily suspended Guardian and 2FA-related operations and collaborated with blockchain security firms and law enforcement to investigate the incident.
What is the Guardian feature in Loopring's smart wallet?
The Guardian feature allows users to designate trusted entities or devices that can assist in account recovery and security management, such as locking a compromised wallet or restoring access if credentials are lost.
How can users enhance the security of their Loopring wallets?
Users are advised to designate multiple Guardians, including personal devices or trusted contacts, to ensure that no single point of failure exists in the account recovery process.
Is Loopring's zkRollup technology secure?
Yes, Loopring's zkRollup technology is designed to provide secure and efficient scaling for Ethereum transactions by aggregating multiple operations into a single proof, reducing on-chain data and associated costs.