Today, the crypto exchange of Coinbase announced that it was listing Loopring (LRC) on 15 September. The announcement also explained that trading of the token would commence at 9 AM (Pacific Time) the following day depending on the liquidity available.
On Monday September 14, our LRC-USD order book will enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on or after 9AM (PT) Tuesday Sept 15, if liquidity conditions are met. https://t.co/oV269JOx71
— Coinbase Pro (@CoinbasePro) September 10, 2020
Before the announcement was made, the value of LRC was hovering around the $0.22 price value. On the day of listing, the value of LRC had skyrocketed to $0.26. This move was an impressive 30% gain and could be an indicator of the Coinbase Effect making a comeback in the crypto markets.
The Coinbase Effect is defined as the event of a cryptocurrency gaining significantly in value on the announcement that it will be listed on the said exchange. This phenomenon was very much alive during the 2017/2018 crypto market season.
Loopring (LRC) is an open protocol for scalable non-custodial exchanges on Ethereum. The Loopring protocol smart contracts and zero-knowledge proof circuits allow the building of high-performance DEXes using a zkRollup construction. This allows for higher throughput and lower settlement costs without sacrificing Ethereum-level security guarantees. LRC token can be staked by holders to earn protocol fees, and by DEXes as a bond to follow protocol-defined behaviour.
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