Loopring Bi-Weekly Update — 04/29/2018

Test Loopring’s web wallet & DEX, and participate in the private sale of ARP and VITE tokens by submitting your first Loopring DEX orders.

Development

Protocol

On Ethereum: We deployed protocol v1.5 which included some optimizations we received from community contributors. We will consolidate optimization bounty reward next week. More details about v1.5 are available here.

We noticed that in our beta testing, there were many tiny rings settled on-chain, this will border our end users with too many annoying small incoming or outgoing transactions. We are working on a solution to mitigate this issue.

We have also started working on v1.6 which will embrace more fundamental changes in design and supports for 1) a generalized signature schema, 2) trading brokerage, and 3) a configurable order data schema. We plan to release v1.6 in late June.

On NEO: We have worked with engineers from several exchanges to list LRN, and Morpheus and NeoTracer to show LRN balance. Now the job is mostly done. We have also tested a simplified version of Loopring Protocol on NEO testnet.

Relay

We have upgraded our relay software to support protocol v1.5. We’ve also fixed many bugs, optimized Redis cache, database schema and indexing, and the way we use WebSocket to push data to browsers.

We’ve set up our geth nodes to restart automatically in some instances, and configured several vital modules to send SMS to our ops on abnormal metric values.

We are experimenting different cloud services to host our services for better accessibility — we’d like to cover Chinese users behind the Great Firewall. We will also scale our Redis instances to a cluster for better throughput and reduce latency.

The relay may still have some outstanding issues, but we believe the system is very safe to use for our beta users as it doesn’t hold a single Wei from our users — the entire system is custodial.

Wallets

Web-based Wallet (code name: Loopr): We have made tremendous progress on Loopr, including:

• Added order-book and latest trade history.
• Optimized gas calculation based on Ethereum transaction traffics.
• Configured to support manyLRC, ETH based trading pairs for the first batch of tokens, including: BAT, BNT, EOS, IOST, KNC, LRC, OMG, RDN, REQ, RHOC, SNT, ARP, andVITE.
• Refreshing web page will enter the watch-only mode where users can still see their wallet transaction and trading history, but they need to unlock their wallets again in order to perform any “write” operations that request authentication.
• Optimized order cancellation and address binding user experience.

We will open up Loopr beta3 for further testing on May 1st. LRC token holders with a minimum of 1000 LRC will be able to submit orders. But there are still many features missing and some bugs.

ARP and VITE are two blockchain projects currently raising fund in China. According to their fundraising plan, their tokens will be locked and distributed to investors in multiple tranches. Through an exclusive deal, our founder Daniel Wang invested 1000 ETH in ARP and 1000ETH in VITE, and has already received all tokens from the teams. He will submit two large sell orders on May 1st on https://loopring.io to offer all ARP/VITE tokens to our beta testers at the best private sale price (1ETH=8000ARP=7000VITE). If you are interested and do not want to go though KYC, come and get the tokens by submitting your first Loopring buy orders (you will not see your orders on-chain)!

Daniel’s ARP Sell-Order

Daniel’s VITE Sell-Orders

Note: Loopring’s default relay implementation use OTC model, and thus is configured not to support first-come-first-serve. Its trading decisions are made purely based on the amount of fee or margin-split it can made out of a ring-match. The higher your order’s bid price is, and the more LRC fee your order is willing to pay, the more likely your order will be fulfilled and settled.

Update: While polishing this post, we noticed someone has taken 50+K VITE from Daniel’s order in this ring-settlement, as shown below.

Someone Toke 50K VITE from Daniel.

Web-based Wallet (code name: Circulr): Circulr will be another open-sourced, web-based wallet that aims to provide user experience more similar to centralized crypto-exchanges (while Loopr is more like a wallet). Our goal is to release Circulr in July. We have just finished the overall design and are now working on the implementation of static HTML pages. The plan of Circulr reflects our efforts to try different DEX UX designs.

iOS Wallet App: Over the past two weeks, we have closed 23 issues and merged 10 pull requests on Github, covering the following features:

• Support importing wallets by scanning QR code of mnemonic phrases, keystore files, and private-keys.
• Sharing of QR code of addresses to social media.
• Selection of fiat currency (USD and CNY) for displaying token values.
• Improved error handling for new wallet generation.
• Upgrading to use new Relay APIs.
• A mechanism to pause and resume listening to Relay WebSocket to reduce network and battery usage.
• Much smoother scrolling in UITableView and UICollectionView.

We have also started testing the iOS app through TestFlight. We are trying our very best to roll out the app by the end of June.

Operation and Marketing

• 04/16/2018: Loopring COO Johnston Chen and our marketing team organized three meetups in Nanning, Fuzhou, and Xiamen China. We briefed our Chinese community the current status of our development in protocol, wallet, and relay.
• 04/17/2018: Loopring founder Daniel Wang delivered a keynote to members of MIT Bitcoin Club, a student group dedicated to supporting Bitcoin and blockchain education and ventures at MIT.
• 04/20/2018: Loopring partnered with gate.io, GEX, SYEX, IDAX, and Bitpaction to list LRN, Loopring’s protocol on NEO, on May 1st.
• 04/20/2018: Loopr beta2 wallet opens for public testing. Its trading features were available to Ethereum addresses with 10K or more LRC.
• 04/26/2018: We published Update on LRN Airdrops to detail our updated LRN airdrop plan and a simpler way to bind NEO addresses using https://loopring.io.

Scheduled Meetups in China:

• 05/05/2018, Shenyang, China: huodongxing.com/event/5435407869100.
• 05/06/2018, Dalian, China: huodongxing.com/event/1436119665200.

LRN Distributions Recap

We have finalized the timeline to distribute LRN to our private investors and LRC token holders. Private investors will receive 20% of their LRN on May 1st, 40% on July 1st, and 40% on Sept 1st; LRC token holders will receive LRN airdrops on July 5th, Sept. 5th, and Nov. 5th.

For more up-to-date information, join us on social media:
⭑ Twitter: twitter.com/loopringorg
⭑ Reddit: reddit.com/r/loopringorg
⭑ Telegram: t.me/loopring_en
⭑ Telegram: t.me/loopringfans (Chinese)