Decentralized exchange Loopring is expanding its trading pairs and liquidity pools, which is good news for those that want to avoid those heavy gas fees and earn a few tokens.
The latest addition to the ever expanding list of tokens on Loopring is Celsius’ CEL token. A CEL/ETH pool has been enabled for liquidity providers to deposit the two assets in order to earn a 0.15% fee on all trades proportional to their share of the pool.
The addition was praised by Celsius Network founder Alex Mashinsky, who noted that Loopring was far cheaper than “anything else.”
CEL/ETH is now live on @loopringorg so get your @CelsiusNetwork trades on there, it is faster and cheaper than anything else. pic.twitter.com/GurhKP8icR
— Alex Mashinsky ©️ (@Mashinsky) January 13, 2021
Celsius is a centralized platform that borrows from one set of clients and issues crypto collateral-backed loans to institutional clients while collecting the difference in interest. Eighty percent of the returns generated are paid to members and the community, while 20% goes to Celsius.
Loopring L2 Liquidity Mining Latest
At the time of writing, which is a few days after the pool was launched, it has accrued just 80k CEL (approximately $380,000 at current prices) and 290 ETH, so it is not the most popular of liquidity farms on Loopring. Total liquidity for the pool was around $765,000, according to Loopring stats.
By comparison, the LRC/ETH pool with Loopring’s native token had 14 million LRC (approximately $6.2 million at current prices) and 4,727 ETH. It is the most popular pool in terms of daily volume, which is over $1 million, and liquidity, which is over $12 million.
The ETH/USDT pool yielding over 60% per annum was the second most popular with similar volumes and $8.7 million in liquidity. Rewards in LRC are also distributed to these pools in addition to the wBTC/ETH pool and a couple of smaller ones.
Liquidity mining started on January 7 and runs in 14-day cycles. Loopring has yet to announce which pools will continue earning once the first round of incentives expires on January 21.
LRC and CEL Price Updates
Loopring’s native LRC token has exploded in price since liquidity mining began in early January. Currently, LRC is trading up 13.2% on the day at $0.464749 and up 40% over the past seven days. Its ATH came during the 2017/18 crypto bubble when prices surged over $2.40, so there is a long way to go from current levels.
The Celsius token, CEL, has not performed so well, with just 1.6% up for the day to reach $4.69. CEL is currently in retreat from a January 4 all-time high of $6.50. It has made a monumental 3,300% over the past 12 months, however.
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