Loopring, an Ethereum-based project that helps developers to build decentralized exchanges (DEX), named Chief Technology Officer Steve Guo as its CEO, replacing founder Daniel Wang.

Wang will continue to work as an adviser and will spend time developing the project’s layer 2 strategy, the firm said in a blog post Thursday.Guo previously worked at Intel as a software engineer and a tech lead. He was admitted to the University of Science and Technology of China at the age of 15 years and graduated with a PhD in computer science in 2005.“This year, we will focus on our new NFT [non-fungible token] support, improving documentation, polishing wallet and DEX user experience, and enhancing service availability. I believe the best of Loopring is yet to be seen,” said Guo.The loopring token (LRC) has lost about 60% of its value in the past month and was recently trading near $0.80, CoinDesk data show. It touched a record high of $3.86 on Nov. 10, 2021.

Read more: Loopring Price Up 7-Fold This Month on GameStop Speculation, Metaverse Bets