Loopring (LRC) is an open-source decentralized exchange protocol that combines an off-chain order book and on-chain settlement contracts to help traders complete successful trades. It is a blockchain-agonistic protocol that can be deployed on any blockchain that supports smart contracts, such as Ethereum, NEO, QTUM, or EOS. However, it is worth noting that they are more than just an exchange app. They are a protocol that promotes interoperability among decentralized applications (DAPPs) with exchange functionality by acting as a common building block for open standards. Trades are carried out using an Ethereum smart contract system that is open to the public, free to use, and to which any DApp can connect. What Is Loopring (LRC)? Loopring (LRC) is an open-source and audited non-custodial exchange protocol. It aims to enable anyone to build decentralized exchanges on top of it by utilizing zero-knowledge proofs (ZKPs). ZKPs ensure that assets remain under the control of users at all times. Loopring’s goal is to improve order execution efficiency and DEX liquidity by centralizing order management and settling trades on the blockchain. The vast majority of cryptocurrency trading takes place on centralized cryptocurrency exchanges operated by private corporations. The three main risks of centralized exchanges are a lack of security, a lack of transparency, and a lack of liquidity. In order to address these concerns, a new type of ...
