The Loopring currency has been dealing with a drop in its value in recent time. This comes as Loopring has been dealing with a great amount of currency in the wallex field. The group behind the Loopring program is hoping to produce a better value as a release of its protocol will be introduced in September.
Loopring has been consistently dropping in value since the start of May. The currency’s market cap has dropped from $520 million to $115 million. The drop has moved the currency down to a value of around 17 cents for each token. This marks a new decline in the value of the currency on the current market.
Loopring is designed for use as a wallex. This is a protocol that works as both a wallet and an exchange. It is a data exchange or DEX system that supports the cross-exchange of cryptocurrencies. This may be done through various decentralized exchanges that are built on top of the protocol.
The protocol is engineered to produce money as it works to allow a wallet to become an exchange, thus producing the wallex name. The design is organized to facilitate how currencies may be traded in various forms.
The general goal of Loopring is to take advantage of the development of new decentralized exchanges. Such exchanges may work for simplifying how currencies are traded.
The competition involved has kept Loopring from being capable of getting a better value. Loopring has been working alongside many other DEXs such as Airswap, Ether Delta, and Kyber Network. The intense competition from all of these entities has made it difficult for the business to grow.
Some other wallexes are also expected to be competitive. These include the Loois, Tokenest, QBao, Uone, and CPOO among others.
The value of Loopring may grow over time as the currency continues to be discussed and promoted to the public. Looping has been working to add more coins onto its platform and will continue to add them over time.
A new version of the Loopring protocol will also be released in the near future. The Protocol 2.0 system will work as a solution for handling advanced functions to be easier to follow.
What About Current Interest?
The general interest in Loopring has not been too strong, although this may be due to the work for Loopring being in its preliminary state. The trading volume for the currency may also be consideration as the currency is not being traded as often as people involved with the currency might have been wishing it could be traded for.
The Loopring token is being traded with a daily volume of about $5 million, thus keeping the currency from being too volatile. This is not available on many exchanges either, thus making it difficult for people have to see what the currency entails. Loopring has been traded on Binance in recent time, although smaller groups like IDAX and OKEx have been focusing heavily on the currency and what it has to offer to the pubic.