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How to Buy Loopring (LRC) in 3 Simple Steps

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Loopring (LRC)
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Author: Alice Leetham Updated: January 26, 2022

Loopring provides a solution that enables trading and payment on Ethereum to be high-throughput and low-cost. This is important as the rise of decentralised finance (DeFi) has often seen the growing number of Ethereum users experience exorbitant transaction fees and slow processing times

If you’re interested in what this innovative project has to offer, keep reading to find out how to buy LRC and what Loopring brings to the crypto trading space.

3 Steps to Buy Loopring

1. Choose a broker or exchange

The first thing you will need is a platform that sells LRC. There are plenty of these around—just make sure you consider security measures and regulatory status if you want to be sure that your personal information and funds will be kept safe. You can buy LRC now with our recommended partner.

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2. Create and fund your account 

Creating an account with your chosen platform is usually a quick and simple process. Just fill in your details on the registration form and provide any documentary evidence requested (this will likely take the form of a photo ID and proof of address). Once your account has been verified, you can select any of the supported payment methods to make your first deposit.

3. Buy Loopring

After that, buying Loopring shouldn’t be difficult. Just look for the trading pair that contains LRC and the currency already in your account. Enter how much LRC you would like, then you can purchase it instantly at the market price with a market order, or later at your chosen price with a limit order. As soon as the order is filled, your LRC will show up in your account.

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What Is Loopring?

Loopring is an Ethereum scaling solution that makes it quicker and cheaper to pay and trade on Ethereum. Currently, Ethereum doesn’t have the capacity to handle very many transactions at once. So, when many people try to use Ethereum at the same time, a bottleneck is created and transactions become slow and expensive.

This is why solutions are required to help Ethereum scale to serve more users. A significant number of users have flocked to Ethereum to take advantage of its vibrant DeFi ecosystem. Loopring enables DeFi protocols to be built with great performance and none of the issues that usually plague Ethereum. 

Thousands of transactions are carried out on the Loopring network, before being bundled together and settled on the main Ethereum blockchain. This allows for a transaction throughput 1,000 times higher than Ethereum at as little as one-hundredth of the cost, while ensuring that Loopring DeFi protocols also inherit the security of the Ethereum network.

Ways to Invest in Loopring

Depending on their individual goals and preferences, buyers may wish to invest in LRC for the short or for the long term. Both options have their advantages, as we shall explore below.

Buy and hold Loopring

Those who believe in the future potential of the Loopring project may wish to hold onto their LRC for the long haul. This may prove to be beneficial as the burning of LRC makes it a deflationary asset, which could be positive for its long-term price. However, it is also worth bearing in mind the Ethereum 2.0 upgrade, as it is still uncertain what effect this will have on Ethereum scaling solutions.

Although LRC staking has come to an end, LRC holders have the potential to generate passive income by providing liquidity in return for fees.

Best Loopring wallets

Taking custody of your own tokens is preferable for many, which is why long-term LRC holders often choose to set up their own private wallets. This means you don’t have to trust a third party to look after your tokens or rely on them for access.

Software wallets, such as the Loopring Wallet, can usually be downloaded onto a mobile or desktop for free and provide an intuitive interface. Those who want the top level of security for their tokens may prefer a hardware wallet such as Trezor, KeepKey, or Ledger. These often take the form of USB sticks and are a bit more technical and potentially expensive.

Trade Loopring

The volatile nature of LRC’s price means that the token also lends itself to shorter-term strategies, as sudden price swings mean profits can be made in a short amount of time. In fact, traders don’t even need to buy LRC as they can speculate on its price through the use of derivative products.

The short-term investor most likely won’t require a private wallet as the free web wallet provided by their platform will be more convenient for their purposes. Derivatives traders, meanwhile, won’t need a wallet at all as they don’t actually hold any tokens.

Should I Buy Loopring Now?

This is a personal choice that each investor must make individually based on the information available. This includes taking into account the fundamentals of the coin, such as its deflationary supply. 

There may also be further downward pressure on the supply due to the fact that DEX operators need to lock up a significant quantity of tokens. It should therefore be positive for LRC price if more DEXs operate on Loopring.

Liquidity providers (LPs) could also have an effect on LRC price. As 80% of protocol fees go to LPs, with the majority going to LPs for LRC trading pools and pairs, there is a strong incentive to hold LRC and use it to provide liquidity.

Perhaps most importantly, the fundamental value of Loopring is connected with the performance of Ethereum. The slower and more expensive it is to transact on Ethereum, the more keen people will be to turn to a faster and cheaper alternative—which is just what Loopring provides.

Frequently Asked Questions

  1. It is a payment platform and DEX operated by the Loopring team. The exchange combines traditional order books and automated trading through liquidity pools to provide a high-performance and non-custodial exchange that has the benefits of both centralised and decentralised exchanges—without the vulnerabilities.
  2. As LRC is an ERC-20 token, regular LRC transactions will incur a typical Ethereum gas fee, which can be high during times of congestion. However, when using a protocol built on top of Loopring, transactions cost a fraction of a cent.
  3. zk-rollups bundle together thousands of transfers into one transaction so that many more transfers can be processed at once. zk stands for “zero-knowledge” as the validity of the block is proved without the need for knowledge of all the transaction data. Loopring uses zk-rollups to provide faster and cheaper transactions than Ethereum.
  4. No. There are no sorts of documentation or personal details required when using a Loopring DEX. All you need is an Ethereum address.
  5. In order to operate a Loopring DEX, you must lock up at least 250,000 LRC to run one that uses Loopring’s on-chain data availability, or 1 million LRC to run one without. If a DEX operator misbehaves, a portion of their staked LRC may be confiscated and burned.

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