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- Daniel Wang transitioned from Loopring to Taiko Labs, aiming to advance Ethereum’s Layer 2 scalability with zero-knowledge proof technology.
- Wang’s unexpected 100 million LRC transfer in 2023 sparked speculation about potential new projects or strategic moves in blockchain development.
Daniel Wang was not born a successful blockchain entrepreneur, but his journey has been marked by significant leaps from one technology field to the next. Born in Pudongxin, Shanghai, he developed a strong passion in technology from early years.
His foundation for leading him to several well-known technology companies came from his additional study at Arizona State University and the University of Science and Technology of China.
Following graduation, Wang began his career at Google as a senior software engineer in Mountain View, where he gained knowledge on large-scale technology systems.
He then progressed to JD.com, a senior director of engineering overseeing one of China’s biggest e-commerce systems. This encounter helped him to grasp technological efficiency and decentralized systems even more.
Still lacking, though, something felt inadequate. Though Wang had a strategic role in a big company, he felt that outside there were more challenges waiting for him.
Daniel Wang: From Coinport to Loopring
2014 saw Wang choose to venture outside his comfort zone into the world of cryptocurrency. He started the crypto exchange platform Coinport. The project did not turn out as planned, sadly. Different technical difficulties and the young market compelled him to close the platform.
Still, this event was not the end of the earth. Actually, the collapse taught him a lot. One of his main realizations was that users of centralized exchanges lack actual control over their own assets, hence there is a basic flaw in them This turned into the motivation behind Loopring later on.
Loopring: A New Era for Decentralized Trading
Wang started Loopring in 2017, a system enabling decentralized crypto exchanges atop the Ethereum network. Loopring uses zkRollup technology to enable direct trading from user wallets with reduced costs and faster speeds, unlike traditional crypto exchanges that hold user funds.
The concept at the time made many people dubious. Decentralized exchanges were not yet popular, and many doubted whether this fix was truly required. Wang, though, was not discouraged. He thought this approach would affect future crypto asset trading among people.
And Loopring has expanded quickly indeed. As adoption of the protocol rises, it has become among the DeFi pioneers. Many traders choose it first since its benefits in lowering gas fees and accelerating transaction speeds appeal to them.
Taiko Labs and the Future of Layer 2 Innovation
Wang announced his leaving from Loopring’s CEO post and shifted to an advisory role early in 2022. Many were taken aback by this choice, but it was quickly clear why. Wang wanted to concentrate on a new project called Taiko Labs.
Taiko Labs relies on zero-knowledge proof technology yet seeks to create a more flexible layer 2 for Ethereum. This action reveals Wang’s discontent with a single innovation. He aspires to continue expanding the potential of blockchain technology.
On the other hand, the Loopring community has been monitoring Wang’s actions. His personal Ethereum wallet abruptly sent 100 million LRC tokens to Loopring Exchange v2 in August 2023 following more than three months of inactivity. This move has sparked rumors—is this component of a new liquidity plan or is another project under development?
