What is Loopring?
Loopring (LRC) is an open-source cryptocurrency and protocol that aims to enable DeFi services such as fast, secure and cheap decentralized exchanges (brokerages) and applications on the Ethereum network. This goal is achieved with a second-tier solution called zkRollups.
Ethereum has become so popular that the congestion level of the network is growing more and more. With decentralized funding (DeFi), the number of transactions has increased exponentially, and commissions have increased accordingly.
The Loopring solution acts as a second layer in the Ethereum network, where transactions can be executed quickly, securely and at low cost. The throughput of this layer is 1,000 times that of Ethereum and costs 100 times lower. This allows for decentralized exchanges (DEX) and DeFi products, where the user can quickly make transactions for just a few cents.