So 2020 has not been like 2017 where the market around this time was manic and the craze was really starting to boil over. It’s more mellow now but I think there’s even more to be optimistic about now, with the hype kind of settling.
The market’s start to this year actually looks good at the moment, with Bitcoin rising bit by bit and now almost $9,000. Many other projects are also receiving really good news, like MakerDAO releasing multi-collateral DAI and Brave hitting 350k publishers and other milestones, which makes me very positive about the growth of good altcoins in 2020.
Two developments that have caught my eye recently are Loopring, and the fact that Loopring and Chainlink have joined hands to become “partners in crime.” I started reading up on Loopring after I heard Vitalik talking about how Looprin’s zk rollup could really help with scalability.
This seems like a very good coincidence for me, as two projects I have been looking at closely have started working together more closely. Chainlink surged in value in 2019, after word spread that Google Cloud would be implementing Chainlink. It was one of the best performing assets of 2019.
Now Chainlink starts to deal with Loopring
I had heard about Loopring already because I was already interested in Chainlink. In late December, Chainlink tweeted that it had integrated with Loopring. The collaboration is seeing Chainlink integrate its oracle services into Loopring’s v3 zkRollup DEX protocol.
The community seems to have liked this news, judging by the positive reaction to the tweet.
Basically what this is collaboration does is create an oracle price feed for Loopring’s LRC and ETH. Chainlink has created a reference contract to provide the LRC/ETH price.
For those of you who don’t know, Chainlink is a decentralized oracle network and Loopring is building a high performance protocol intended for decentralized exchanges (DEXs).
What’s Next for Loopring?
Loopring is currently ranked 128 on CoinMarketCap and it seems like the token and network has a lot of room to grow, especially given the progress that it is making and the fact that people like Vitalik are talking about it.
The price is well below the highs the token has seen, which makes it even more attractive. I’m thinking 2020 could be a very good year for both Bitcoin and some solid altcoins, and Loopring seems like it is one of those altcoins. It is offering something that could have a huge impact, just like Chainlink.