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Loopring (LRC), an Ethereum-based protocol that offers cutting-edge cryptography for Decentralized Finance (DeFi) applications, is very likely to enter into a partnership with the video game retailer GameStop.
As a refresher, Loopring is essentially a Layer 2 Ethereum blockchain that utilizes a new type of cryptography, dubbed the zkRollup (zero-knowledge rollups). A zero-knowledge proof makes a claim regarding the accuracy of a particular data set without actually sharing that data. For instance, it may allow age verification for certain sites without actually revealing the age of the user. zkRollups bundle multiple transactions into a single one, thereby boosting the scale and efficiency of the network. These bundled transactions are then settled on the main blockchain using zero-knowledge proofs to ensure the accuracy of those off-chain transactions.
In order to utilize the services of the Loopring exchange, users first send their funds to a smart contract managed by the Loopring protocol. From there, the user-identifying information is moved off-chain, and the associated trades are batched together and matched for efficiency gains. Each batch of transactions is then added to the Ethereum blockchain using zero-knowledge proofs that allow for a complete reconstruction of those off-chain transactions. Loopring claims that it can process over 2,000 trades per second by using this method.
Finally, the LRC is the native cryptocurrency of the Loopring decentralized exchange (DEX). Users who stake LRC win the right to 70 percent of the exchange fees, while 10 percent of these fees – paid in the form of LRC – are burnt, thereby ensuring an overall deflationary environment. The total supply of LRC is capped at 1.395 billion tokens.
This brings us to the crux of the matter. We had noted in a previous post that certain snippets of the source code from Loopring’s GitHub profile suggested the possibility of integration with GameStop’s (NYSE:GME) much-hyped NFT platform. For instance, as noted by GMEdd, the code referenced “gamestopmeta”:
“The amended code in the branch “NFT-DEV”, under the GitHub commit titled ‘NFT feature‘, makes reference to “gameStopMeta” and an IPFS URL.”
Bear in mind that the IPFS, a distributed system for storing and accessing files and data, was used by GameStop during its first iteration of an NFT platform reveal.
GameStop's New Job Posting Bodes Well For a Possible Partnership With Loopring
Now, a new job posting by GameStop is garnering increased attention in relation to the possible integration with Loopring. To wit, GameStop has now opened a vacancy for a “Product Owner - Head of Web3 Gaming [REMOTE] In Seattle”.
It is the last two job responsibilities for this vacancy that are attracting quite a lot of attention, as evidenced by this thread on r/loopringorg. The job requires not only familiarity with “all new NFT/crypto projects” but also a working knowledge of “integrations with different blockchains and Ethereum Layer 2 environments”. Bear in mind that Loopring is a Layer 2 protocol on Ethereum. Consequently, proponents are interpreting this development as another sure-shot sign that the cryptocurrency would eventually be integrated with GameStop’s much-hyped NFT platform.
Loopring’s LRC has taken out its previous all-time high of $2.59 recorded back in 2018. The coin is currently trading at $3.05, a fair distance away from the new zenith of $3.83 recorded on the 10th of November.
Note: The post has been updated with the correct figure for Loopring's max supply