Loopring Bi-Weekly Dev Update — 11/11/2017

Loopring is a decentralized token exchange protocol.

The team has successfully mined two rings and settled them using our pre-release protocol deployed on Oct-27–2017 prior to optimization.

1. https://etherscan.io/tx/0x144179a07921632a5da7b8a297df3434dc5dd1095aad1039774e1a5bf3b30d4e: this ring contained 2 orders and consumed 0.00179413ETH gas;
2. https://etherscan.io/tx/0x2ba6ab7016c3fa18893ca0164e9594de97ae469152c35fcf868a8c8f1b890d58: this ring contained 3 orders and consumed 0.002702955ETH gas.

These two rings were submitted with a gas price of 5Gwei. The average gas usage is 0.27USD or 1.75CNY.

We also made tremendous progress on the following sub-projects:

Protocol Smart Contract

• We received, evaluated, and merged many pull requests for optimization purposes. All new commits collectively reduced gas usage by 23.06% (from 511465 gas to 393482 gas) for a ring of 3 orders in our tests. We truly appreciate contributions from Benjamin Price(@DirecktHit), Brechtpd, rainydio, mountainmoon and others. The team will distribute LRC bounty reward to these contributors before our next bi-weekly report. If you feel like submitting more optimization ideas, please make sure you send us email to get confirmation before creating pull requests — pull requests and issues opened directly do not necessarily qualify for the optimization or bug bounties.
• We have also deployed “protocol-v1.0-beta.2” on Ethereum mainnet for even further test. This version integrated minor bug fixes and most of the optimizations. Below are the addresses of the smart contracts:

- TokenRegistry：0xB3f998F70F0A99Fd11902Dd238B3b92156040ca0
- TokenTransferDelegate: 0x6EEE3497d91ED600646f4e31000329ef2e5d210E
- RinghashRegistry: 0x0d038d2a8942d54Df1b6CE8D802ab1D071D3046c
- LoopringProtocolImpl: 0x7De39e18D6878F17c94B9c7F8C9EC451438ab710

• The Loopring Foundation and Applied Emerging Technologies Institution DBA Blockchain at Berkeley have reached an agreement for them to audit our Loopring Protocol smart contracts. We look forward to their professional feedback over the next two weeks.

Ring-miner/Relay

• We had a design review session for both the ring-miner and relay. For various reasons, we decided to merge these two sub-projects into one which will be renamed to “relay” at a later date. In the future, ring-mining will be a feature of relay that can be toggled on or off. We also re-designed the core order management and ring-matching logic.
• Defined or adjusted all JSON-RPC interfaces including canceling orders, querying orders, rings, and token balances and allowances.

Wallet

• Our wallet Looper now supports operations including conversion between ETH and WETH and ERC20 token authorization.
• Added support for multiple protocol versions.
• Added functionality to automatically calculate LRC fee based on an order’s total fiat value and a configurable fee percentage.
• Added pagination support for orders/trades/rings.
• Deployed to firebase as a one-page app, the domain has yet to be configured. If you by any chance visit our wallet, please note that all data is mocked.

Looping.js

• We are glad to have Benjamin Price(@DirecktHit) coming on board, this week, to work on loopring.js. He will be working on extracting all of the core Javascript logic from the Looper wallet into a high-quality Javascript library. Our goal is to make it much easier for third-party wallet projects (including React Native based wallet apps) to support our protocol.

With all these wonderful accomplishments, we are getting closer to a point where the protocol, the Looper wallet, and the relay can all be integrated into something we can play with on the Ethereum mainnet. We are looking forward to it.

Thanks for your support, and happy 11.11 Shopping Festival.

For more realtime updates, follow us on social media: Twitter | Slack