First Experience using Loopring.io DEX

Outline

About

  1. ETH 0.0001 (~$0.03) deposit contract + gas fee and approval gas fee.
  2. ETH 0.002 (~$0.06) withdraw contract + gas fee and approval gas fee.
  1. Wallet connect protocol such as WalletConnect, Metamask, Coinbase, and generally leads to Web3 the decentralized web.
  2. Other tokens that you want to trade.
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Get Ethereum from someone, buy from centralized exchanges, earn or mine. Get any application that can perform wallet connect, here I use Metamask browser extension. You will have a public Ethereum address to deposit Ethereum and any of its tokens and don’t forget to backup and secure your private key.

Using Loopring.io DEX

referral program

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After you connect and register, you can find your referral link to your account menu. Use it to invite people because you will get the following perk: if your daily average LRC balance is greater than 5000 LRC, you will earn 60% of the trading fee profit contributed by people you referred; otherwise, you will earn 30%.
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Suppose you have a wallet connect application, connect to the DEX and register. My referral ID is “1632” if you don’t have any referrers.
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The registration costs ETH 0.0001 (~$0.03) and transaction fee of usually ETH 0.006 (~$1.3).
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  • Loopring (LRC)
  • Tether USD (USDT)
  • DAI
  • ChainLink (LINK)
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The deposit button can be found in two places. One in the account menu on the right, and two near the trade menu. Here I deposited USDT and there are two fees to pay. The first one is ETH 0.0001 (~$0.03) + gas fee for the deposit contract and gas fee for approval.
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Here I deposited 10 USDT and I want to trade it for LRC. Take a look at the chart, see the order book for the supply and demand, and determine a price you are comfortable with. It doesn’t matter if you want to take the current offered prize or make your own prize and queue in the order book because unlike centralized exchanges, there are no trading fees.
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After you are done with your trading, you can withdraw the coins to your wallet connect application. They take ETH 0.002 (~$0.6) + gas fee and another gas fee for approval.

Others

Staking

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After I withdrawn the LRC that I have bought, I decided to stake it because I’m going to hold it anyway as a collection. The link to the staking pool can be found on your account menu. LRC is the Loopring protocol’s token. It can be staked by holders to earn protocol fees (a percentage of the volume flowing through all Loopring-based DEXes), and is staked by DEX owners as a bond for service-level guarantees.

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