Loopring Goes Live On Wanchain To Empower On-Chain Decentralized Trading
Loopring Goes Live On Wanchain, On-Chain Decentralized Trading Enabled
Wanchain and Loopring have come to a partnership that may set a precedent for the future of decentralized exchange platforms. Wanchain has offered to host Loopring on its platform in a move that will give the latter’s users greater accessibility and more flexibility.
Loopring – The Foundations Of Future Decentralized Exchanges
Loopring is a new protocol on which decentralized exchange platforms can be built. It stands out because of its capability to overcome most of the complications currently affecting decentralized exchanges.
In a centralized exchange, traders have to give up custody of their money and assets to a third party. This is not the case with decentralized exchanges. However, the latter has one major shortcoming: swapping different securities can get complicated. To this end, the most popular exchanges are centralized and many of the decentralized exchanges still partly rely on centralized systems. This is the main complication that Loopring declares to have solved.
Bolstering Liquidity And Security
Loopring first went live on Ethereum, NEO, and Qtum before its recent decision to migrate to Wanchain. It had about 230 million tokens in circulation on this platform. Moving these tokens to Wanchain would have been complicated, but using the two platforms’ new technology it is as easy as wrapping the tokens up. As such, the new Loopring tokens (LRC) will read as W-LRC – nothing changes except for the new prefix. This is possible with other cryptocurrency tokens as well.
Traders can now trade across different Blockchain assets under the new partnership between Wanchain and Loopring. Wanchain has already developed the necessary infrastructure to “wrap” Bitcoin tokens, so traders on the platform can now trade Bitcoin for a wide range of other digital assets. Wanchain also allows the wrapping of DAI and LRC tokens, and plans are underway to add more ERC-20 tokens to the list.
Moving To Greener Pastures
Ethereum has been vital to the development of decentralized apps but the system is currently plagued by complications involving scalability. To this end, several platforms similar to Ethereum have been popping up with promises of greater flexibility and better resources.
Wanchain beats Ethereum on several fronts. For starters, it doesn’t have any trouble with flexibility and app developers can go as far as they wish. Additionally, Wanchain tokens are significantly cheaper compared to Ether, so developers can get more done at a fraction of the cost. Traders, too, have a lot to gain as there is greater liquidity and more profitable opportunities.
Taking Decentralized Exchanges To The Bank
The new technology on which Loopring works can be easily adopted by other decentralized exchanges. It has already proven to be much cheaper and more secure than centralized exchanges. The competition that it will create will get centralized exchanges to pull their prices down, and it will give rise to even more ambitious decentralized exchanges that will effectively liberate the markets and guarantee traders custody over their assets.
Loopring will henceforth operate on Wanchain’s platform in a partnership that is designed to offer both platforms’ users a better deal, overall. Trading will be cheaper, more flexible, and more secure, and it may well give rise to a new, better breed of decentralized exchanges.