What is a Loopring used for?

Loopring, a unique platform, revolutionizes the way cryptocurrency transactions are conducted by executing the majority of its operations, notably trade and transfer settlements, outside the Ethereum blockchain. This innovative approach marks a significant shift from traditional on-chain processes.

By offloading these operations from the Ethereum blockchain, Loopring manages to drastically minimize the amount of gas consumed during each transaction. Gas, being the fee required to execute transactions on the Ethereum network, is a crucial factor affecting transaction costs.

The reduction in gas consumption translates into a substantial decrease in the overall transaction cost for users. This means that trading and transferring cryptocurrencies through Loopring becomes significantly more cost-effective compared to traditional on-chain methods.

BTCC, a leading cryptocurrency exchange, offers a diverse range of services tailored to meet the needs of its users. Among its offerings, BTCC provides spot trading, enabling users to buy and sell cryptocurrencies at current market prices.

In addition to spot trading, BTCC also offers futures trading, allowing users to speculate on the future price movements of cryptocurrencies. This feature adds a layer of complexity and potential profitability to the trading experience.