coinquora.com
Loopring, an Ethereum-based protocol that provides cryptography for decentralized finance (DeFi) apps, has been getting attention from investors over the past days amid rumors of its integration with GameStop’s (GME) NFT platform.
Moreover, the rumors come as GameStop is expanding its business model through the rollout of an NFT product. In line with this, some people point to Loopring protocol being an integral part of the GameStop final product.
These rumors resulted in the Loopring (LRC) price surging from $0.3851 on October 27 to $1.54 on November 3. Thus, it also saw its market cap jump to $2,043,410,934, which means the Loopring (LRC) is up 255% in the last 7 days. With this, LRC gained #73 of the largest cryptocurrencies by market cap on the CoinMarketCap ranking.
As a refresher, Loopring is a Layer 2 Ethereum network that uses a new type of cryptography called zkRollup. According to the company website, their goal is to combine centralized and decentralized crypto exchanges to create a protocol that will enjoy their advantages and reduce inefficiencies.
In a nutshell, Loopring allows its users to settle transactions off-chain. In addition, the team said that the protocol makes transactions faster on-chain, while also enables Loopring users to escape high Ethereum fees.