Why Loopring (LRC) crypto skyrocketed over 40% today?

Highlights

• Loopring (LRC) is an open-sourced, non-custodial exchange-and-payment protocol on Ethereum.
• GameStop Corporation (NYSE: GME) on Wednesday launched the beta version of its NFT marketplace on Loopring’s protocol, heralding its entry into the NFT space.
• The overall NFT segment’s market capitalization was US$10.13 billion at 8:11 am ET.

With the growing popularity of blockchain-based gaming and sports, the NFT segment is rapidly becoming mainstream. The NFTs have high utility value, mainly in the gaming and the metaverse space. On Wednesday, Loopring (LRC) said that the GameStop NFT Marketplace (beta) went live on its platform. 

The Loopring (LRC) token jumped 42.82% to US$1.20 at 6:43 am ET. At the same time, GameStop Corporation (NYSE: GME) stock surged 12.42% to US$138.43 in the premarket.

GameStop plans to launch its full NFT marketplace soon. The videogame maker’s entry into the NFT space is expected to give a major boost to the digital assets.

Its NFT endeavor may help people acquire digital assets quickly and at a low cost. The consumer electronics and services retailer was founded in 1984. 

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The GameStop NFT Marketplace is built on Loopring L2, the second layer of Ethereum. It is designed for mass reach and holders’ robust digital property rights.

Loopring L2 offers Ethereum’s self-custodial security and charges low gas fee.

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What is Loopring (LRC)?

The Loopring project began in June 2017. The protocol was deployed on the Ethereum mainnet in December 2019. It is an audited, open-sourced, non-custodial exchange and payment protocol. Its zkRollup layer2 allows high-throughput, users’ control over their assets, 100% Ethereum-level security, and low trading and payment costs.

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Loopring aims to combine centralized order matching with decentralized on-blockchain order settlement to get the best of both centralized and decentralized exchanges.

Chinese software engineer and entrepreneur Danial Wang is the founder and CEO of Loopring Foundation.

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 Data Source: coinmarketcap.com

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LRC Token price and performance:

LRC is Loopring's token. It has a market capitalization of US$1,6 billion. Its Total Value Locked (TVL) currently is US$311,754,841. The 24-hour volume rose 293.40% to US$1.35 billion. Its total supply is 1.37 billion, and the circulating supply is 1.33 billion. 

The token can be traded on crypto exchanges like Binance, Mandala Exchange, CoinTiger, OKX, and Hotcoin Global.

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Bottomline 

On GameStop Marketplace, one can now mint NFTs directly on Loopring L2 while inheriting all the security benefits of Ethereum L1. The cost is also less at US$1.0 compared to the 100 times higher price for direct minting on Ethereum L1.

Loopring L2 offers a low-cost solution with the same security feature, the critical reason for GameStop’s selection of the protocol to build the NFT marketplace.

The crypto market is highly volatile and risky. Hence, investors must exercise due diligence before investing in the crypto market. 

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