In what appears to be stiff competition among Ethereum-based Layer 2 protocols, Loopring (LRC) has inked sudden sharp growth of 25% to join one of the top-performing altcoins in today's market revival. For Loopring, the 24-hour high of $0.4525 has repositioned it on a very bullish path that it is now looking to sustain.
As a Layer 2 protocol on Ethereum, Loopring has joined a host of other L2s, repositioning its growth outlook to trail the latest Shapella Upgrade.
Loopring is one of the most functional L2 protocols out there, and according to L2Beat's data, it ranks as the 13th most functional protocol when core metrics, including transaction counts, are factored in.
Loopring's performance has been very steady and defined since the start of the year as the digital token has soared by more than 110% in the year-to-date (YTD) period. While Loopring may not be able to outcompete its peers in terms of lower transaction fees, it is currently showcasing itself as a token with reliable momentum to build a steady return for HODLers.
The asset's 690% jump in trading volume has also been showcased as a sign that it has positive goodwill in its community.
Highlighting Loopring mantra
While scalability is at the core of its design, Loopring is arguably being paraded as an open protocol designed for the building of decentralized crypto exchanges. The fact that it has a niche focus has also helped it channel its growth strategies in a way that is sustainable.
As reported earlier by U.Today, Loopring has scored a number of prominent partnerships, including one with OpenOcean back in 2021. In all, the Loopring mantra is being spread across the depths of the Web3.0 ecosystem and into the mainstream tech world.
One thing that appears imminent is that the mainstream adoption of the protocol in the face of current L2 competitions will not be as sudden as might be predicted.