Crypto token Loopring (LRC) was a top mover on Wednesday - rising 31% to a price of 42.4 cents on the Coinbase exchange - as its founder Daniel Wang is set to present at Coindesk’s Consensus virtual conference.
Loopring is an Ethereum-based token that describes itself as an “open-source, audited, and non-custodial exchange protocol”, though a 2020 Decrypt article perhaps gives the system that the token powers a more accessible moniker, calling it “a PayPal for Ethereum”.
Essentially, the tradeable Loopring token is used to power a decentralised payment exchange and an Ethereum scaling solution using Ethereum ‘layer 2’.
LAYΞR 2 season is coming ✨ pic.twitter.com/FsM5WLfYuF
— Loopring (@loopringorg) May 26, 2021
At a price of 42 cents the token has a market cap of US$583mln and has a circulating supply of 1.2bn LRC tokens.
It is ranked as the fortieth most popular asset on the Coinbase exchange, where its trading activity is skewed 63% to buyers (based on customers changing their net positions over the past 24 hours, as at 1:48pm).