Meeting multiple needs within the cryptocurrency community is one way a project can set itself apart from the competition and attract users and liquidity to its ecosystem.
Loopring aims to do exactly this by offering a EVM-based solution with low fees where DeFi and NFT developers and investors can transact. The layer two (L2) scaling solution uses zk-Rollups to provide fast and low-cost transactions, and the project has been gaining traction throughout the month of March.
Data from Cointelegraph Markets Pro and TradingView shows that LRC price gained 57% between March 21 and 23, as its price jumped from $0.78 to $1.23, amid its 24-hour trading volume surging to $2.75 billion.
The three events that have helped trigger the LRC price change are the launch of GameStop’s NFT Marketplace beta on the Loopring network, an influx of new users, and a rapidly expanding NFT ecosystem.
GameStop chooses Loopring for its next NFT marketplace
The most significant recent event that helped drive the increase in LRC demand was the March 23 announcement that GameStop has integrated the beta version of its NFT marketplace into the Loopring network.
the future of #NFTs are here + they’re powered by #Ethereum‘s second layer
Loop-ring 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 ability of the network to mint NFTs for a fraction of the cost required in Ethereumbeing the mean rate less than 1 dollar.
Beta users can start exploring the market now and deposit funds in preparation for the full launch of the platform, which is expected to take place in the near future.
User growth
A second factor that has put the wind on LRC’s sails has been the increase of new users in the Loopring ecosystemas evidenced by the record number of wallets that have joined the network.
According to data from Dune Analytics, the number of gamers on the Loopring network has jumped from 6,498 on October 30, 2021 to an all-time high of 27,092 on March 25, as GameStop’s announcement helped kick off a new wave of users. .
The recent launch of Loopring’s smart wallet, which includes the ability to mint NFTs and recover a lost account through social recovery and Guardians, has also helped in the process of onboarding new users and wallets into the ecosystem.
An expanding ecosystem
A third factor that helps boost LRC prospects is the overall growth of your ecosystemwhich includes an NFT community that has already minted over 1 million NFTs.
Over 1 Million NFTs have been minted on Loopring L2 since the launch of open #NFT minting less than a month ago
Come join our amazing community of Lööpers in the Discord + mint some ultra-secure NFTs on #Ethereum for less than a dollar
➡️https://t.co/hL5HQ3Ba8w pic.twitter.com/PQIb9jokFK— Loopring☠️ (@loopringorg) March 18, 2022
Further proof of its growth can be found by looking at the daily trading volume traded at the Loopring, which saw a significant spike in activity following GameStop’s March 23 announcement.
Cointelegraph Markets Pro’s VORTECS™ data began spotting a bullish outlook for LRC on March 20before the recent price hike.
Cointelegraph’s exclusive VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.
As seen in the graph above, the VORTECS™ Score for LRC climbed into the green zone on March 19 and proceeded to reach a high of 88 on March 20, some 40 hours before the price surged 57% over the next two days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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