LoopringCoin V2 (LRC) API and Price Oracle

LoopringCoin V2 API Logo

LoopringCoin V2

LRC
$
Information
Contract address
Smart contract address of the asset
?
0xBBbb...EafD
Network
Blockchain network where the asset is deployed
?
Ethereum
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
?
MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
?
120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
?
Customize price oracle for LoopringCoin V2
Customize this feed's parameters including sources, pricing methodology, update frequency and more.
Customize this feed on xstream

What is LoopringCoin V2 (LRC)?

LoopringCoin V2 (LRC) is a cryptocurrency and a protocol built on the Ethereum blockchain. It aims to provide a decentralized exchange (DEX) solution for trading digital assets. LRC was launched in 2017 by the Loopring Foundation, with the goal of enabling efficient and secure peer-to-peer trading without the need for intermediaries. The name "Loopring" refers to the loop structure used to settle trades on the protocol. LRC has gained popularity for its focus on scalability and interoperability within the blockchain ecosystem.

How does LoopringCoin V2 work?

LoopringCoin V2 is a decentralized exchange protocol built on the Ethereum blockchain. It utilizes a unique technology called Loopring, which is a zkRollup solution. zkRollup is a layer 2 scaling solution that enables efficient and secure processing of transactions off-chain, while still ensuring the trustworthiness and security of the underlying blockchain.

The underlying technology behind LoopringCoin V2 involves the use of zero-knowledge proofs, which allow users to validate the correctness and integrity of off-chain transactions without having to execute them on the Ethereum mainnet. This significantly reduces transaction costs and improves scalability.

LoopringCoin V2 operates by aggregating user orders and settling them in batches. Once an order is submitted, it goes through a rigorous validation process off-chain, where it is checked for validity and proven to be trustless. Once the batch is complete, the aggregated transactions are then submitted to the Ethereum mainnet as a single transaction, which reduces congestion and optimizes gas fees.

By leveraging zkRollup technology, LoopringCoin V2 achieves high throughput and low transaction costs, making it an attractive option for traders and users who require fast and cost-effective transactions. In addition, the protocol ensures the security and integrity of user funds through the use of cryptographic techniques.

Overall, LoopringCoin V2 offers a scalable, secure, and efficient decentralized exchange experience by harnessing the power of zkRollup technology on the Ethereum blockchain.

What are the benefits of LoopringCoin V2?

LoopringCoin V2, a significant upgrade to the Loopring protocol, offers several benefits compared to its direct competitors.

One of the main advantages of LoopringCoin V2 is its scalability. While some of its competitors struggle with network congestion and high transaction fees, LoopringCoin V2 utilizes zkRollups technology to increase throughput and lower costs. This allows for faster and more efficient transactions, making it an attractive option for users looking for a seamless and cost-effective experience.

Another key benefit of LoopringCoin V2 is its enhanced security. The protocol leverages zero-knowledge proofs to ensure the validity and integrity of transactions. By utilizing cryptographic techniques, LoopringCoin V2 provides a high level of security while maintaining privacy. This feature sets it apart from some of its competitors that may have vulnerabilities in their security infrastructure.

Additionally, LoopringCoin V2 offers a decentralized and trustless environment. By operating on the Ethereum blockchain, it takes advantage of the network's robustness and immutability. This ensures that transactions are transparent and cannot be altered or tampered with, providing users with peace of mind.

In summary, LoopringCoin V2 brings scalability, security, and decentralization to the table, giving it an edge over its direct competitors. Its utilization of zkRollups technology enhances efficiency, while zero-knowledge proofs ensure the integrity of transactions. Furthermore, being built on the Ethereum blockchain provides a decentralized and trustless environment. These combined benefits position LoopringCoin V2 as a strong contender in the blockchain space.

What is LoopringCoin V2 used for?

LoopringCoin V2 is a utility token associated with the Loopring protocol, a decentralized exchange (DEX) built on Ethereum. It serves several purposes within the Loopring ecosystem.

Firstly, LoopringCoin V2 can be used as a medium of exchange on the Loopring DEX. Users can trade other cryptocurrencies and tokens by using LoopringCoin V2 as the base currency. This provides liquidity and facilitates trading within the decentralized marketplace.

Secondly, LoopringCoin V2 is used for network participation and governance. Token holders can stake their coins to enhance the security and performance of the Loopring network. By doing so, they contribute to the validation and processing of transactions, earning rewards for their efforts.

One specific use case for LoopringCoin V2 is fees reduction. When users pay transaction fees on the Loopring DEX, they have the option to pay in LoopringCoin V2. By doing so, they receive a discount on the fees incurred. This provides an incentive for users to hold and use LoopringCoin V2, further increasing its utility and adoption.

In conclusion, LoopringCoin V2 is primarily used as a medium of exchange, for network participation, and for fee reduction within the Loopring DEX. Its versatility and multiple use cases make it a valuable asset in the decentralized trading ecosystem.

What is DIA's LoopringCoin V2 API?

DIA's LoopringCoin V2 API is one of the API endpoints provided by DIA that offers real-time price feeds for various crypto assets. These price feeds are constructed using raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, making them comprehensive and reliable. DIA stands out from other web3 data providers by offering a vast amount of data that others cannot provide.

The API endpoints offered by DIA are available for free to developers for testing purposes. These endpoints follow a standardized format and are publicly accessible for informational purposes. However, DIA's main focus lies in providing custom feeds tailored to specific requirements. Users can request a custom API price feed from DIA, allowing them to customize sources, methodologies, update mechanisms, and more.

The importance and usefulness of DIA's custom feeds should not be understated. These feeds offer personalized configurations and are specifically designed to meet individual needs. To request a custom feed, users can reach out to DIA via Discord or Telegram.

DIA's API has a wide range of use cases within the blockchain ecosystem. It can be employed in various DeFi applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and many more. Moreover, it can be utilized in NFTfi applications including peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

In summary, DIA's LoopringCoin V2 API offers real-time price feeds for cryptocurrencies and NFTs. While free API endpoints are available for testing, DIA also specializes in providing customizable and tailored feeds upon user request, ensuring the most suitable data for individual needs in the blockchain ecosystem.

What is DIA's LoopringCoin V2 price oracle?

DIA's LoopringCoin V2 price oracle is a smart contract that provides real-time price feeds of crypto assets. As part of their extensive offerings, DIA is integrated with 35+ layer 1 and layer 2 networks, allowing them to deploy price oracles across multiple blockchains. Their price feeds are constructed by sourcing raw data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, encompassing billions of individual trades.

While DIA offers (free) demo oracles for developers to test, these are solely for testing purposes and cannot be integrated into production applications. Customization is key to DIA's oracle service, as they can build dedicated price feed oracles tailored to specific requirements. These custom price oracle data feeds can be customized in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

DIA's price oracles find various applications within the blockchain ecosystem. In the DeFi sector, they can be used for derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi space, DIA's oracles enable peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and beyond.

A blockchain oracle, in general, refers to an external information provider that supplies verified data from outside the blockchain to smart contracts. These oracles bridge the gap between the blockchain and the real world, facilitating the execution of smart contracts that require real-time data, such as prices or other external events.

Why use DIA's LRC API & price oracle?

DIA's LRC API and Price Oracle offer a range of benefits for users in the blockchain ecosystem. With these tools, users can access accurate and reliable price data for cryptocurrencies and NFTs. One of the main advantages is the high level of customization available. Users can tailor each oracle and API endpoint to suit the specific needs of their decentralized applications. They can configure settings such as data sources, data cleaning filters, pricing methodologies, and update mechanisms. This ensures that the data and oracle remain robust and resilient in different market conditions, providing global and specific market prices.

Transparency is another major benefit of using DIA's API and Oracle feeds. They provide full and granular transparency throughout the entire data journey. Users can closely track and monitor the oracle and API feeds using various tracking tools provided by DIA. This transparency helps users trust the data and make informed decisions.

Overall, DIA's LRC API and Price Oracle offer accurate data, customization options, and transparency. These benefits are crucial for users in the blockchain ecosystem who rely on reliable price data for their applications. By leveraging DIA's technology, users can enhance the functionality and reliability of their decentralized applications.