Everything You Need to Know About the Loopring Airdrops (there is More than One Planned)
Loopring is doing some airdrops for LRC holders starting in May. The details are complex (as frankly, Loopring is complex), but the gist is LRC holders will get the LRx cross-chain token. LRx is also available for purchase via a pre-sale.
Loopring is not a cross-chain token swap protocol per se. Our token on the Ethereum network (LRC) cannot be used by implementations of the protocol on other blockchains. In order to allow the protocol to function cross-chain, we intend to issue new tokens in the format of: LRx for blockchain X (LRN on NEO and LRQ on Qtum, for example).
At the risk of explaining the system incorrectly, I’ll first point you to Loopring’s “Loopring 2018 Dev Roadmap” and “Repost: Loopring Token on NEO & Qtum — Token Sale and Airdrop” (these are official write-ups on Medium).
With that covered, here are the basics of what you need to know:
- Loopring LRC is an Ethereum-based token. It is the current main Loopring Token. It is likely [according to the devs] the token you’ll need to hold for each airdrop discussed below.
- Loopring wants to setup Loopring tokens on all major networks that allow tokens like Ethereum (including Quantum under LRQ and NEO under LRN). To do this, they need a “cross-chain token.” LRx is going to be that cross-chain token.
- If you hold LRC during the Airdrop Block Height (ABH), you get “free” LRx (“free” = LRC isn’t free in the first place).
- If you hold LRC on the Airdrop Block Height, then you’ll get LRx on the Initial Token Distribution Date (ITDD).
- You can also buy LRx during a pre-sale.
- There will be more than one airdrop (AKA token distribution). There can be multiple ABHs for each new Loopring token. Each airdrop has a corresponding ABH.
- For every 100 LRC, you will receive a total of 6 LRN after all 3 LRN airdrops.
- Unfortunately, right now I don’t have any Airdrop Block Heights to “drop.” All I can find is a note that the first one will happen “in May.”
The details of all this can be gleaned from the official links above, but this is the gist of what you need to know.
So simple stupid, get yourself some LRC before “May” so you can be privy to some LRx. Keep in mind though, LRC saw a price bump the other day upon the circulation of the information on the Airdrop. So consider picking up some strategically if you are going to go that direction (i.e., don’t just jump in with a large order blindly; there are always risks in crypto).
NOTE: Generally speaking you’ll want to be in a wallet where you control your private keys. Since LRC is an ERC-20 token, that just means being in a wallet like MyEtherWallet or EthereumWallet.