Coinbase Pro lists Loopring (LRC), token price rises up 30%

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.

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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