Layer 2 decentralized exchange Loopring is seeing token prices surge as FOMO builds about its partnership with GameStop.
Late last month, GameStop news website GMedd reported that code was leaked from Loopring’s Github. The leaked code confirmed a partnership with GameStop to build an NFT platform.
Early this week, GameStop’s stock (GME) started to take off as more revelations came to light. Loopring’s native LRC token is also up 37% on the day.
GameStop is actively in the market for more crypto-native software engineers. Gamestop needs them for NFT platforms, blockchain gaming, as well as in the Web3 space. The reports also suggest that the new platform may also allow crypto trading:
“These findings suggest GameStop’s NFT marketplace will allow for resale of digital assets, including the ability to pay royalties to the original creator on future transactions.”
Loopring Into the Gaming World
Loopring is an application specific Layer 2 protocol built atop Ethereum. It uses zk-rollups to batch transactions off the main chain providing faster and much cheaper transactions. Additionally, Loopring actually owns a patent for a decentralized crypto exchange.
In May, Loopring was integrated into the OpenOcean CEX and DeFi aggregator.
According to reports, GameStop has yet to officially release details of the partnership or any new platforms. The movements in its stock price are purely speculation at the moment.
According to MarketWatch, GME stock has climbed 13% since Monday. It is currently trading at $207 but went up to $219 in after-hours trading on Tuesday. GME spiked to nearly $350 in late January following pumping from the Reddit traders group WallStreetBets. It is currently up 20% over the past 30 days.
LRC Prices Surge
Loopring’s native LRC token is also pumping at the moment. LRC surged 68% from under a dollar to around $1.60 yesterday.
LRC is currently changing hands for $1.36 after gaining 37% over the past 24 hours according to CoinGecko. The DEX token has made a whopping 217% over the past week as speculation over the partnership mounts and FOMO takes hold.
LRC hit an all-time high of $2.40 in January 2018 and has retreated 45% from that peak since.
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