Highlights

• This new VIP system is said to take effect from the 3rd of November, 2021
• VIPs will enjoy discounts on trading fees as low as 0.1% on Loopring L2

About Loopring

Loopring is an Ethereum-based program that intends to motivate a global network of users to manage a platform that allows constructing new forms of crypto-asset exchanges. Loopring is one of the growing numbers of decentralized finance (DeFi) protocols that employ a combination of cryptocurrencies, including its own LRC token, to power its platform. Loopring believes that by utilizing a newer type of cryptography known as zero-knowledge rollups, or zkRollups, its platform will enable exchanges built on it to avoid the poor speeds and high prices associated with decentralized exchanges Ethereum.

Loopring VIP Tiers

Loopring took to Twitter to announce a new VIP tier system. This new system prioritizes LRC, allowing holders of LRC tokens to benefit from lower trading fees on Loopring L2. VIP members will now take advantage of increased fee savings, with a minimum fee of only 0.1 percent. In addition, users can also trade for free and receive a 0.02 percent commission rebate on their total transaction volume.  This new VIP system is said to take effect from the 3rd of November, 2021.

“Introducing our new Loopring L2 VIP Tiers now with LRC integrated This is one step closer toward LRC taking its rightful place as the center of the Loopring ecosystem + governance”-@loopringorg

Introducing our new Loopring L2 VIP Tiers
now with LRC integrated????

This is one step closer toward LRC taking its rightful place as the centre of the Loopring ecosystem + governancehttps://t.co/JVV4T0BDt2

— Loopring???? (@loopringorg) November 3, 2021

What Are The Loopring VIP Level Rules?

The Loopring VIP level is decided by a user’s L2 account’s 30-day transaction volume and LRC balance; therefore, the greater a user’s VIP status is, the more transaction fees they will save.

At 0:00 (UTC+0), the 30-day trade volume and 24-hour LRC balance are updated each day. Therefore, users can get the equivalent fee discount in the table above after the update. Old users’ VIP status will be kept for six months to give back to them. All users’ VIP levels will fluctuate after six months based on their 30-day cumulative trading volume and LRC balance.

Prospects For Loopring

The creators of Loopring will continue to embed LRC across the Loopring L2 ecosystem until the transition to the end state to guarantee that the LRC token is sought and delivers genuine usefulness to the network.
LRC is preparing to take its place at the heart of the Loopring economy and government, with the Loopring DAO and insurance fund set to start in 2022.

The live Loopring price is currently $1.23, with a 24-hour trading volume of USD 952,513,219 in the past 24 hours. Loopring’s price has dropped by 14.88 percent in the previous 24 hours alone.