Introducing Loopring VIP Tiers

TLDR:

• As of November 3 the new VIP Tier system will go into effect
• The new VIP system will better integrate + align LRC token utility into the Loopring ecosystem
• VIPs will enjoy discounts on trading fees as low as 0.1% on Loopring L2
• Makers can enjoy free trading as well as a rebate of 0.02% on trading volume

Introducing our new VIP tier model. Our new system puts LRC at the forefront, allowing LRC token holders to receive discounted trading fees on Loopring L2.

VIP users can now enjoy a ramped up discounts on fees, up to a minimum fee of only 0.1%. In addition, makers can trade for free and also enjoy a 0.02% commission rebate on their transaction volume.

This new VIP system will come into effect as of November 3, 2021.

Loopring VIP level rules:

The Loopring VIP level is determined by the accumulated 30-day transaction volume and/or LRC balance in a users L2 account. The higher the VIP level, the more discounts on transaction fees that user will enjoy. The specific rules are as follows:

Note: The cumulative 30-day trading volume and 24-hour LRC balance are updated at 0:00 (UTC+0) at each day. After the update, you can access the corresponding fee discount in the table above.

In order to give back to old users, we will retain the VIP level of old users for 6 months. After 6 months, the VIP level of all users will fluctuate according to the 30-day cumulative trading volume and/or LRC balance.

Whats Next:

To ensure the LRC token is coveted and provides real utility to the network, we will continue to incorporate LRC throughout the Loopring L2 ecosystem until we transition to our end state — being governed by LRC token holders by way of the Loopring DAO.

With the Loopring DAO and insurance fund set to launch sometime in 2022, LRC is shaping up to take its rightful position in the centre of the Loopring economy and governance.