Loopring (LRC) is on a mission to the moon as it set a new all-time high of $3.04 this week.
With a 24-hour trading volume of $6.1 Billion, LRC is the second most traded pair on Binance.
Here is a breakdown ate a few recent Loopring updates attributed to the recent price rise.
What Is Loopring
Loopring is a layer 2 scaling solution built on top of the Ethereum network to allow users to trade digital assets with far less fees.
For new users, the biggest challenge is the amount of fees associated with each transaction.
Gas fees can cost rise to $100, which to most new traders consider irrational. However, Loopring aims at reducing the fee per transaction.
Loopring Price Rise
Loopring (LRC) price rise is largely attributed to its rumored partnership with GameStop.
As reported last night, some leaks mentioning GameStop surfaced in Loopring GitHub code.
It is also not a wonder that Loopring’s former Head of Business Matthew Finestone is currently the Head of Blockchain development for GameStop.
There is also a popular thread on cryptocurrency today about Loopring, titled “Does LRC have a lot of long-term potential?” The comments agreed that ETH and LRC will continue to rise. Since LRC is not a fully known crypto compared to ETH, there’s potential for higher price gains
It’s also clear that many people are buying LRC without really understanding what it is, but there was some discussion about whether LRC is cheaper to use than ETH.
Claims were that they only paid $0.5 in fees to swap ETH to USDT using Loopring exchange.
Earlier today Loopring retweeted Byron’s tweet addressing the issues with current NFT marketplaces and how Ethereum Layer 2 can solve these issues.
Good thing the future of NFTs is on Ethereum Layer2 where we don’t have these problems
Same security guarantees 1000x less cost 💙🔥 https://t.co/7x6zwkvZ56
— byron.loopring ( B.👾 ) (@macro_diary) November 7, 2021
High fees are the biggest detriment to crypto’s current growth. It increases the barrier to entry and de-incentivizes activity.
Loopring has a lot of potential and their layer-2 scaling solution is exactly what the market needs.
One of the biggest challenges in the crypto’s growth is the high fees deterring market activities. What the market needs is the Loopring layer-2 scaling solution.