- Loopring surged by 250% in three days.
- The Loopring surge is attributed to high gas fees.
- Loopring doesn’t charge gas and only charges a 0.25% fee.
While people celebrate Bitcoin surging past 35,000, altcoin Loopring’s price also surged by 250% in three days. Experts attribute this to the growing gas fees on the Ethereum network caused by the current crypto bull run.
Because of the network congestion, gas fees skyrocketed. Sending from one ETH address to another costs an average of $10. To trade on Uniswap, one had to pay a fee of $60. Depositing in a Yearn vault takes away $100 from your wallet. More complicated DeFi tasks can cost a lot more.
While the higher fees didn’t affect the whales, smaller traders found it hard to keep up. This situation worked in the favor of Loopring.
One of the main advantages of Loopring is that it doesn’t charge gas fees. Aside from that, Loopring only charges a small 0.25% fee.
Investors found the lower fees very appealing. According to the Loopring team, their new Ethereum zkRollup DEX volume record shot up to $5.49m. This is 2.5x greater than their last record that was just a day ago.
The price of LRC rose from $0.175 to a high of $0.585, an approximately 250% rally within only three days.