Buy Loopring in Canada
Loopring made simple
Everything you need to know about Loopring and how to start investing in it.
+$0.00 (0.02%) past 24 hours
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- 0.5094726 - 0.5441328
Right now, Ethereum users are harangued by high transaction fees — it’s not uncommon to pay $200 (or even more) for a single transaction during peak congestion — and transactional delays that can top three minutes. While the network’s upgrade to Ethereum 2.0 promises to solve all these problems, it won’t be implemented in full for a couple of years. Fortunately we have solutions like Loopring.
Loopring is a cryptocurrency that wants to make Ethereum both faster and less expensive to use, opening DeFi applications to the world. It promises high transaction speeds — in this case peaks of 2,025 transactions per second, compared to Ethereum’s average of 14 per minute — with transaction fees of less than a cent.
Unlike other Ethereum alternatives like Solana, Avalanche and Fantom, Loopring is a Layer 2 solution. That means instead of being its own independent blockchain, Loopring is meant to be layered on top of another network — in this case, Ethereum — relieving it of some strain.
Loopring accomplishes its high-speed, low-cost tightrope walk through something called ZK-SNARKs, a piece of privacy-preserving technology that allows the network to confirm that a transaction is valid without requiring more information. Think of it like a Canadian citizen being able to show a card to the border force that confirms their eligibility to live in the country without revealing extraneous information like address, gender and age.
Loopring’s protocol also powers a decentralized exchange, on which coins can be swapped for a fraction of the transaction fee you’d pay on Uniswap and other decentralized exchanges native to Ethereum. Despite that, it’s far, far below Uniswap in terms of daily trading volume.
The price of Loopring rose in the end of 2021 after rumours surfaced that meme-friendly stock Gamestop would integrate the technology into its upcoming NFT ventures. Barron’s reported that Gamestop even tried to buy the company, although that deal apparently fell through.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
Sign up in minutes right from your phone or laptop
Start trading crypto with as little as $1
No account minimums
No clunky dashboards — just one super simple app
Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Loopring?
Loopring is an ERC-20 token, meaning it is built on the same token standard as most other Ethereum tokens. As a result, you can plug it into any decentralized finance protocol that will accept it. You can swap it on Uniswap, for instance, or earn commission from trades by staking it to another popular coin, providing liquidity to an exchange.
On Loopring’s proprietary exchange, you can trade Ethereum tokens without paying Ethereum’s high gas fees. There are still minor fees, but it’s a huge dip from trading on an exchange native to Ethereum, where gas fees can easily surpass the value of your transaction. You can also “farm” the native token, LRC, to increase the size of your holdings over time, and stake it to power transactions.
Like many others, Loopring is a governance token, meaning you can use it to vote on the parameters that define the token. Voting takes place within Loopring’s DAO — a community-run initiative that controls a large treasury of LRC tokens.
Is Loopring a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Loopring or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Loopring safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Loopring prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Loopring to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Loopring
Want to take a deeper dive? Check out these articles about Loopring and the world of crypto.
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Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Loopring with just $1. It’s that simple.
Loopring is an Ethereum-based token that powers a gas-free decentralized exchange. It’s one of many Layer-2 solutions that seek to expand Ethereum while cutting down on high transaction fees and low speeds. (Others include Arbitrum, Optimism and Polygon). Loopring’s token, LRC, is a governance token that holders can use to vote on the future of the network. The network uses a privacy-preserving solution called ZK-SNARKs to ease congestion while reducing the amount of identifying information that is shared in transactions.
LRC launched in 2017. Alongside its governance function, the token powers the decentralized exchange that launched in February 2020. As of January 2022, there are 1.3 billion LRC tokens in circulation. However, the supply is deflationary; the number of LRC tokens in circulation will decrease over time. That’s because the exchange burns some of the tokens earned through fees. The protocol also destroys the tokens of validators who exhibit bad behaviour. By the laws of supply and demand, this deflationary tokenomic schedule places downward pressure on Loopring’s price. That said, exogonous market factors may crash the price and cancel out this effect.
Since LRC is an ERC-20 token, meaning it is based on the Ethereum blockchain, you can use it within any Ethereum-based decentralized finance protocol that supports the token. You can also use LRC within Loopring’s own non-custodial decentralized exchange. There, it is used to pay for fees for swapping tokens on the exchange. These fees are split up and divided across shareholders in Loopring’s decentralized autonomous organization. You can also stake Loopring to earn more LRC tokens, or use it as a voting chip in Loopring’s governance mehanism; this allows you to determine the future of the protocol.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Loopring transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Loopring’s current market cap is 732,245,141.
The current price for Loopring in Canadian dollars is $0.53.
Buying Loopring with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Loopring 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Loopring. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.