what is loopring $LRC why is it dope?

• Loopring is azkrollup exchange and payment protocol. wanting to improve the throughput of the protocol significantly. by using zkSNARKs as much work as possible is done off chain, only verifying the work on-chain
• For the highest throughput, we only support off-chain balances. These are balances that are stored in Merkle trees. Users can deposit and withdraw tokens to our smart contracts, and their balance will be updated in the Merkle trees. This way, we can transfer tokens between users just by updating the Merkle tree off-chain, there is no need for expensive token transfers on-chain.
• Loopring is an open-sourced, audited, and non-custodial exchange and payment protocol. Nobody in the Loopring ecosystem needs to trust others. zkRollup assures assets are always under users' own control; 100% Ethereum-level security guarantees.
• Loopring powers highly scalable decentralized exchanges and payments by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of Ethereum is no longer the bottleneck.
• Loopring performs most operations, including trade and transfer settlement, off the Ethereum blockchain. This dramatically reduces gas consumption and overall transaction cost to small fractions of comparable on-chain cost.
• The Loopring zkRollup, like all zkRollups, are secured by Ethereum and Zero-Knowledge cryptography (validity proofs). There is no need for novel consensus mechanisms, and no new validators to trust. Ethereum simply existing and the cryptographic techniques being sound is all you need to rely on. You don’t need to trust Loopring or anyone else at all for the security of your assets. A zkRollup is 100% non-custodial.

ecosystem around it

token economics

• Market Cap - 1/22 - $1.3b
• Total Token Supply - 1/22 - 1.3b LRC
• 80% to liquidity providers (LPs) on Loopring orderbooks and AMM. At least 50% of this portion goes to LRC related liquidity.
• 10% to insurers — users who put capital into a safety insurance fund.
• 10% to Loopring DAO — the DAO decides how to spend these funds: buyback and burn, impermanent loss protection, further liquidity incentives, grants, etc.
• Loopring protocol can settle up to 2,025 trades per second while guaranteeing the same level of security as the underlying Ethereum blockchain.
• The settlement cost per trade is roughly 450 to 800 GAS on layer-1, which is 0.15-0.30% of the cost of most layer-1 DEX protocols. From a user's POV, there are no gas fees, just 'normal style' fees of a few basis points or cents.
• Protocol fees are paid to 3 types of participants: a) liquidity providers, b) insurers, c) Loopring DAO, in an 80/10/10 proportion, respectively.
• The Loopring DAO is set to launch in Q3, and it will be receiving 10% of all protocol fees. What it does with those funds is up to the DAO members (LRC holders) to decide via voting. It can buyback LRC and burn it, use for impermanent loss protection to draw more LPs, distribute to DAO voters, distribute more incentives to LPs/makers, fund grants, etc.

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