Loopring LRC Token is Now Live on Wanchain, a New Milestone Towards a Decentralized Financial Ecosystem
Decentralization. This word has become the flagship of the cryptocurrency movement. “Decentralize the World”, “Decentralize Finance”. The new digital economy claims to disintermediate trades and financial services by taking away the power from centralized organizations and giving it back to the users.
How true is this claim? How decentralized is our space?
If you look at the current cryptocurrency ecosystem, a considerable chunk of digital assets is currently locked up in centralized exchanges. In order to trade between different protocol assets (e.g. BTC/ETH, BTC/XRP) users are forced to give up custody of their funds to “trusted third parties”.
This system sounds a bit familiar doesn’t it?
These are the same processes traditional financial system have been using to operate for years. The crypto economy claims to decentralize the world and give back the power to the users. However, our space itself still relies on centralized parties almost as much as the traditional systems it claims to disrupt.
For over a year, Wanchain has been working on building a trustless, decentralized way for users to transfer their assets from one blockchain to another. We provide a protocol which allows to track value between different assets living on heterogenous chains. Our goal is to create an ecosystem of projects which will utilize and leverage our technology in order to build a new financial system to complement the upcoming digital economy.
For these reasons and many more, we are proud to welcome Loopring to our ecosystem. The Loopring protocol allows third parties to build non-custodial trading platforms where users can transact in a peer to peer manner with each other without ever giving up custody of their assets.
Loopring-Wanchain Next Steps
The LRC token has been integrated into our ecosystem bringing it full interoperability with Bitcoin. This is the first step towards the hosting of the Loopring protocol on Wanchain which will allows third party developers to build exchanges that leverage the Loopring protocol on Wanchain. Loopring will provide a highly modular and efficient DEX protocol while Wanchain will support cross chain transfer of value allowing to break down the barriers that exist between heterogenous chains.
“Loopring is honoured to have LRC be among the first protocol tokens integrated and supported by Wanchain,” said Daniel Wang, Loopring’s Founder and CEO. “We’ve always been clear about focusing on building the most powerful decentralized exchange technology, and letting specialist teams tackle interoperability; Wanchain is clearly one of those leading teams. With Wanchain, LRC can live cross-chain, without needing to issue new tokens per platform. Fundamentally, for DEXs to realize their true vision, cross-chain capability is crucial.”
“Loopring is a critical component in our plan to build the future of finance in a decentralized manner,” said Jack Lu, Wanchain’s Founder and CEO. “Wanchain’s interoperability platform is an excellent complement to Loopring’s protocol and will set the stage for a more advanced DEX ecosystem with the ability to offer cross-chain trading pairs and increased liquidity. We expect 2019 to be an exciting year in the DEX space.”
What is Loopring?
Loopring is a layer-2 protocol that consists of multiple smart contracts to verify tradable orders and perform trade settlement on-chain while keeping all order management off-chain. Loopring features a generic design with matching-as-a-service, ring-matching, and anti-front running (dual-authoring technology). For more information please visit the Loopring website or read the following blog post
What is LRC?
Loopring 2.0 introduced a new fee element: LRC burn rate. Wallets and ring-miners earn fees by fulfilling roles in the Loopring ecosystem, and have a portion of their fees converted into LRC (if not LRC already) and burned. A user can pay fees in any token, but there will be preferable treatment, and thus lower cost, to pay fees in LRC.
Wanchain 3.0 — Bridging Bitcoin to Ethereum and ERC20s
The recent Wanchain 3.0 launch means Wanchain now connects Bitcoin, Ethereum, and several ERC20 tokens. This launch is of major significance to leaders of Ethereum-based projects, as well as any project that requires interoperability. Upon launch of Wanchain 3.0, any dApp, protocol, DEX, or other project built on Ethereum can now break down the wall between their network and the community of Bitcoin users. For example, decentralized exchanges will now be able to offer Bitcoin trading pairs. New pairs on decentralized exchanges in the Wanchain-wrapped BTC token will allow for drastic increases in trades and liquidity for the space at large. Other use cases for this cross-chain capability could include cross-chain crypto loans, bringing Bitcoin to any application currently limited to Ethereum, or a cross-chain payment applications. The opportunities cross-chain with Bitcoin, Ethereum, and ERC20s like LRC or DAI will bring for Wanchain and the industry are quite exciting.
About Wanchain
Wanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with offices in Beijing (China), Austin (USA), and London (UK).
You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.
Press Inquiries
Dan Reecer — dan@wanchain.org
