Source. Crypto info.com
What is Loopring?
Loopring is an open-sourced, audited, and non-custodial exchange protocol, which means nobody in the Loopring ecosystem needs to trust others. Cryptoassets are always under users' own control, with 100% Ethereum-level security guarantees.
Loopring powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck.
Loopring performs most operations, including order-matching and trade settlement, off the Ethereum blockchain. Such a design dramatically reduces gas consumption and thus overall settlement cost to only fractions of a cent.