Filling multiple needs within the cryptocurrency community is one way a project can set itself apart from the competition and new attract users and liquidity to its ecosystem.
Loopring aims to do exactly this by aiming to offer a EVM-based solution with low fees where DeFi and NFT developers and investors can transact. The layer-two (L2) scaling solution utilizes zk-Rollups to provide fast, low-cost transactions and the project has been gaining traction throughout the month of March.
Data from Cointelegraph Markets Pro and TradingView shows that the price of LRC gained 57% between March 21 and March 23 as its price increased from $0.78 to $1.23 amidst a spike in its 24-hour trading volume to $2.75 billion.
LRC/USDT 4-hour chart. Source: TradingView
Three developments that have helped spark the reversal in price for LRC include the beta launch of the GameStop NFT marketplace on the Loopring network, the inflow of new users and a rapidly expanding NFT ecosystem.
GameStop selects Loopring for its upcoming NFT Marketplace
The most significant recent development that helped to drive the increase in demand for LRC was the March 23 announcement that GameStop has integrated the beta version of its NFT marketplace with the Loopring network.
The future of #NFTs are here + they’re powered by #Ethereum’s second layer
Loopring L2 x @GameStop
Power to the players.
Power to the creators
Power to the collectors.#L222https://t.co/0gdvKLivfp
— Loopring☠️ (@loopringorg) March 23, 2022
GameStop reports that it chose Loopring to host its NFT marketplace due to the network’s ability to mint NFTs for a fraction of the cost required on Ethereum, with the average fee being less than $1.
Beta users can begin exploring the marketplace now and deposit funds in preparation for the platform’s full lauch which is expected to take place in the near future.
Surging user growth
A second factor putting wind in the sails of LRC has been the surge in new users in the Loopring ecosystem as evidenced by the record-high number of wallets joining…
..
