Loopring is an open protocol that allows users to build decentralized exchanges. Loopring's stated purpose is to create a hybrid platform that combines centralized order matching with decentralized on-blockchain order settlement, combining the best features of both centralized and decentralized exchanges.Loopring believes that by using a newer type of cryptography known as zero-knowledge rollups, or zkRollups, their platform would allow exchanges built on top of it to avoid the poor speeds and high costs associated with decentralized exchanges on Ethereum.Loopring's Ethereum-based token, LRC, was made available in August 2017 as part of an initial coin offering (ICO), and the Loopring protocol was initially deployed on Ethereum mainnet in December 2019.