Loopring
About Loopring
The price of Loopring (LRC) is $0.11370697 today, as of Sep 16 08:14 p.m., with a 24-hour trading volume of $14.60M. Over the last 24 hours, the price has decreased by -4.17%. Loopring currently has a circulating supply of 1.25B and a market cap of $141.68M.
The Loopring token (LRC) is the native token of the Loopring protocol, a blockchain-based project that allows developers to build their own decentralized exchanges.
The project aims to create an interconnected system of trading platforms where buyers and sellers can access multiple platforms from a single dashboard and be matched together to trade crypto assets. This system makes finding people to buy crypto from or sell to much faster and easier.
Launched in 2017, the Loopring (LRC) utility token fuels all operations on the Loopring protocol, including voting. One of the main drivers of LRC price is how it allows users who stake their tokens (deposit them into a special staking wallet) to receive a percentage of the transaction fees that are paid across all Loopring-based exchanges.
LRC is a “deflationary” token, which means the platform “burns” a percentage of transaction fees. Burning refers to the process of permanently removing tokens from circulation. 5% of normal order fees are burned, while 0.5% of peer-to-peer order fees are burned. This feature helps to support the price by making the remaining tokens in circulation scarcer. Because LRC has a capped supply of 1.37 billion tokens, the total number of LRC continuously decreases as more tokens are burned.
In early January 2018, LRC’s price hit an all-time high of $2.40, but it fell by 94% over the following seven months. Loopring’s price remained under $0.13 for about two years. In February 2021, LRC reached $0.89 – the highest price seen in almost three years.