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Convert
Japanese yen (JPY) to Loopring (LRC) Instantly

JPY JPY
LRC LRC
Buy Loopring (LRC)

Purchase Loopring (LRC) with Japanese yen (JPY) easily at Switchere and benefit from fast, secure transactions.

About
Loopring (LRC)

Loopring (LRC) is a Layer-2 scaling protocol built on Ethereum, specifically engineered to power high-performance, non-custodial decentralized exchanges (DEXs) and payment applications. It directly addresses Ethereum's scalability and high gas fee issues by employing a sophisticated cryptographic method called zkRollups (Zero-Knowledge Rollups). This advanced blockchain technology allows Loopring to bundle thousands of off-chain transactions, such as trades and transfers, into a single batch. It then generates a cryptographic proof of this batch's validity, which is submitted to the Ethereum mainnet for verification. This mechanism enables massive throughput and reduces transaction fees to a fraction of on-chain costs, all while inheriting the foundational cryptographic security of the Ethereum network.

A primary function of the protocol is to support order book-based DEXs, providing a trading experience similar to centralized platforms but with the self-custody benefits of a decentralized network. The native utility token, LRC, is crucial for the ecosystem's tokenomics. It can be staked by exchange operators to run a DEX on the protocol, and stakers earn a portion of the trading fees. LRC holders can also stake their tokens to lower their own trading fees and participate in protocol governance, making it a key digital asset for building scalable Web3 infrastructure for DeFi applications.

Loopring (LRC)

How to Buy Loopring (LRC)

swipe Step-by-step guidance
card Easy credit card payments
btn Streamlined purchase process
  1. Step 1 illustration
    01

    Choose JPY to LRC Pair

    Select your preferred payment method and enter the amount.

  2. 02

    Enter Your Loopring Wallet Address

    Provide your LRC wallet address and proceed with the payment.

  3. 03

    Receive Your Loopring

    Complete the payment, and your LRC will be sent to your wallet.

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Frequently asked questions

  • What is the JPY/LRC trading pair and its significance in the Layer-2 ecosystem?

    The JPY/LRC pair represents the direct exchange rate between the Japanese Yen and Loopring's native ERC-20 token, LRC. Its significance lies in providing a direct fiat on-ramp for Japanese investors into Loopring's Layer-2 scaling solution. Loopring utilizes zkRollup technology to offer a high-throughput, low-fee decentralized exchange (DEX) protocol built on Ethereum, and this pair allows users to directly fund their activities in this advanced L2 environment without intermediate currency swaps.

  • What are the common methods to buy LRC with Japanese Yen (JPY)?

    To purchase LRC with JPY, you typically need to use a centralized cryptocurrency exchange that is regulated in Japan and lists the JPY/LRC pair. The process involves creating an account, completing mandatory KYC/AML (Know Your Customer/Anti-Money Laundering) verification, depositing JPY via a domestic bank transfer, and then placing a buy order on the LRC/JPY order book. Ensure the exchange is licensed by Japan's Financial Services Agency (JFSA) for secure trading.

  • What are the technical advantages of holding LRC tokens within the Loopring protocol?

    Holding LRC within the Loopring Layer-2 protocol unlocks significant advantages. The primary benefit is access to non-custodial, high-speed trading on their order book DEX with extremely low transaction fees, as the zkRollup bundles thousands of transactions off-chain before settling them on Ethereum. LRC token holders can also stake their tokens to earn a portion of the protocol fees and participate in the protocol's governance, contributing to its decentralized operation.

  • What kind of fees should I expect when processing a JPY to LRC transaction?

    When converting JPY to LRC, you'll encounter several potential fees. First, there may be a deposit fee for funding your exchange account with JPY via bank transfer. Second, the cryptocurrency exchange will charge a trading fee, often based on a maker-taker model, for executing the JPY/LRC trade. Finally, if you decide to withdraw your LRC to a personal digital wallet, a network withdrawal fee will apply. This fee covers the cost of the blockchain transaction on the Ethereum network to move the asset off the exchange.

  • Is a specific type of digital wallet required to store LRC after purchase?

    No, a specific wallet is not mandatory, but options vary by use case. As an ERC-20 token, LRC can be stored in any Ethereum-compatible wallet, such as MetaMask, Trust Wallet, or hardware wallets like Ledger for maximum security. However, to fully interact with Loopring's L2 protocol and its zkRollup DEX, using the official Loopring Smart Wallet is highly recommended. This wallet is a smart contract wallet that provides a native interface for the Layer-2 environment, offering features like social recovery and direct access to low-fee swaps and liquidity provision.
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