Loopring is currently an Ethereum token. From https://loopring.org, Loopring allows anyone to build high-throughput, non-custodial, orderbook-based exchanges on Ethereum by leveraging Zero-Knowledge Proofs. Loopring is claimed to be secure, high throughput, and low cost. Loopring Exchange (Loopring.io) is the first decentralized trading platform built on top of Loopring 3.0.
Loopring.io DEX Fees
- ETH 0.0001 (~$0.03) Registration + gas fee.
- ETH 0.0001 (~$0.03) deposit contract + gas fee and approval gas fee.
- ETH 0.002 (~$0.06) withdraw contract + gas fee and approval gas fee.
First Time on DEX
If this is your first time on decentralized exchange (DEX), you should know that the concept of DEX is to retain the ownership on you which is different from the centralized exchange that you probably know that whenever you deposit coins to these exchanges, you give up control over these coins to them in order to trade and do other financing. The most important factor for these exchanges are trust different from DEX which is programmed which if I’m correct, it is using smart contracts. Since this is an Ethereum based DEX, you need:
- Ethereum all the time for gas / transaction fee which in average ETH 0.006 (~$1.3) during the writing of this article although you are flexible to set the fee but affects the duration of the transaction.
- Wallet connect protocol such as WalletConnect, Metamask, Coinbase, and generally leads to Web3 the decentralized web.
- Other tokens that you want to trade.
Using Loopring.io DEX
Normally, this is after registration but from my side I would like to share my referral link first. I’m a referral fanatic not only I enjoy marketing my referral link but using others’ referral link to support the referral system. I was disappointed that I cannot find anyone on the web sharing their referral link. If you don’t have anyone that refers you, I will be grateful if you use my referral link https://loopring.io/invite/1632.
Connect and Register
Before deposit, you need to have your coins in your wallet connect application and especially Ethereum for transaction fee. In the writing of this article, the DEX supports:
- Ethereum (ETH)
- Loopring (LRC)
- Tether USD (USDT)
- ChainLink (LINK)
If you are a programmer, you maybe interested in looking at the API. For example my friend is interested in making automatic trades (robots) based on his own indicator.