There was activity in the Loopring Protocol behind LRC, a popular altcoin project. The wallet of Daniel Wang, the founder of the protocol, has been activated. Although Wang left the post a while ago, he still seems to be using LRC coins. Because some of the LRCs held by the founder were transferred to the stock market. This raised concerns about whether the sale was coming. Here are the details…
The founder of the altcoin project is on the move
In a recent development, on-chain data has revealed that Loopring Protocol founder Daniel Wang has made a significant transfer in the cryptocurrency space. Using the address “danielwang.eth”, Daniel Wang was active only an hour ago, according to information gathered on August 20, and has transferred 100 million Loopring (LRC) tokens. The value of the transferred tokens is an impressive $18.8 million. Daniel Wang’s involvement in the cryptocurrency world has been particularly noted for his contributions to the Loopring Protocol. This latest transfer, however, comes after his previous announcement in March 2022 that he was leaving the Loopring Protocol and announcing his decision to move away from the day-to-day operations of the project.
Since his departure, Daniel Wang has not disappeared from the scene. Along with Brecht Devos and other leading figures, Wang embarked on a new endeavor as co-founder of Taiko, a pioneering Ethereum Layer2 network built on zkRollup technology. This project aims to enable faster and more efficient transactions on the network by addressing the scalability issues faced by Ethereum. Remarkably, Taiko has managed to secure significant support in the form of funding. The project successfully completed two funding rounds, raising an impressive $22 million in total. This funding will undoubtedly play a pivotal role in supporting the development and expansion of the Ethereum Layer2 network as the team continues to work towards increasing the scalability and overall usability of the Ethereum ecosystem.
100 million LRC transferred to the exchange
Daniel Wang’s transfer of 100 million LRC tokens to the Loopring Exchange raises intriguing questions as to the reasoning behind this move. While Wang is no longer complexly involved in the day-to-day operations of Loopring Protocol, his continued engagement with the cryptocurrency space through projects like Taiko demonstrates his commitment to pushing the boundaries of Blockchain technology.
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