Loopring (LRC) is a ERC-20 standard on Ethereum and has main use cases to pay gas fee when transacting with the network
Essential details:
- Loopring is a blockchain network that utilizes zkRollup technology to make a summary of transactions on the network before sending them to be recorded on the like Ethereum
- Loopring focuses on value transferring and decentralized exchange (DEX)
- The network is designed with efficiency and security while maintaining a gas fee at the lowest rate. They claim that the gas fee on Loopring is 100 times cheaper than Ethereum
LRC Allocation
- 50% was allocated to investors without locking period
- 30% was allocated to the Loopring Foundation
- 20% was portion allocated to co-founders and will be locked for the first 2 years
- 20% was allocated to the Loopring Ecosystem Advancement Fund (LEAF) which is the system that incentivizes Loopring ecosystem development by granting LRC as reward for those who participate with the network
- 10% will be used to pay gas fees for partners and transactions on the network during its early stage
Whitepaper: https://loopring.org/resources/en_whitepaper.pdf
Website: https://loopring.org/#/