Loopring is a decentralized exchange (DEX) protocol built on the Ethereum blockchain that leverages Layer 2 scaling technology known as zkRollups. This innovative technology allows Loopring to process thousands of transactions per second while maintaining the security of the Ethereum network, thereby addressing the blockchain's notorious scalability problem and high gas fees. Loopring enables users to trade, transfer, and swap tokens securely and at a fraction of the cost compared to other Ethereum-based DEXs. The platform's native token, LRC, has multiple uses within the Loopring ecosystem. Token holders can stake their LRC to earn protocol fees, participate in the platform's governance decisions, and receive discounted trading fees on the Loopring DEX. Moreover, LRC is also used as a bonding mechanism to ensure economic security in the protocol. The unique blend of scalability, cost-effectiveness, and security, powered by LRC, makes Loopring an essential player in the DeFi landscape.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Why Buy LRC?
There are several compelling reasons to consider purchasing LRC, the native token of the Loopring protocol. As the DeFi sector expands, the demand for scalable, low-fee solutions like Loopring is expected to rise, potentially increasing the value of LRC. Not only does Loopring provide solutions for Ethereum's high gas fees and low transaction speeds with its innovative zkRollup technology, but it also retains the security and decentralization of the Ethereum network, ensuring users can trade, transfer, and swap tokens efficiently and securely. Furthermore, LRC token holders can benefit from reduced trading fees on the Loopring DEX, an appealing feature for regular platform users. LRC is also used as a staking mechanism, where holders can earn protocol fees, providing another avenue for potential income. Lastly, LRC allows holders to participate in the platform's governance, allowing them to vote on proposals and influence the development and future direction of Loopring. However, like any investment, purchasing LRC does come with risks, and potential buyers need to conduct thorough research and consider their risk tolerance and investment objectives before proceeding.
How Much LRC Can I Buy?
You don’t need to buy a lot of LRC to get started! Our minimum purchase amount is 30 LRC. Enabling anyone to gain exposure no matter how many dollars they have to invest.
What Can You Do With LRC?
LRC tokens are the backbone of the Loopring platform, and owning them gives you a variety of opportunities: Voting Power: Just like a shareholder in a company, holding LRC tokens allows you to have a say in the platform's future. You can vote on proposals for changes and improvements to Loopring, helping to shape its direction. Earning Rewards: By 'staking' your LRC tokens (kind of like depositing them in a special account), you can earn rewards. These rewards come from the fees that Loopring collects, and they're shared out among everyone who's staking their tokens. Lower Trading Fees: If you use Loopring's exchange to swap or trade different types of cryptocurrency, holding LRC tokens can reduce the fees you have to pay. This can save you money if you trade often. Security Role: LRC tokens are used in Loopring's security systems, helping to make sure that all the trading data is correct and available when needed. Trading and Investment: Like other types of cryptocurrency, you can trade LRC tokens on different exchanges or hold onto them as an investment.
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy LRC in Canada.