Loopring Bi-Weekly Update — 06/10/2018

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Loopring Protocol

5 min readJun 10, 2018

Over the last two weeks, we have deployed a Relay Cluster in AWS in order to provide a more reliable and faster API. We have also figured out how to implement Circulr as a DEX and Loopr iOS as a non-custodial wallet, and make them work together seamlessly to provide a new user experience (different from Loopr).

Protocol

On Ethereum

For version 1.5, we have successfully reduced the ring-settlement transaction gas usage by about 15 percent — according to our optimization bounty program, we will pay out over 150,000 LRC to our community contributors. We will, however, not deploy new 1.5.x to Ethereum mainnet because 1) the issue mentioned in this article affects the behavior of the swap of many ERC20 tokens, and 2) new 1.5.x version will have a different ABI thus requires many changes in other software. We will apply the same gas-reduction technology to version 2.0 development and have switched from version 1.5.1 to version 2.0 in terms of development.

We plan to finish coding and testing version 2.0 before September. Version 2.0 will be much more generalized and customizable with excellent readability.

On NEO

We have implemented more functionalities for the Loopring protocol on NEO, including ring verification, the atomic swap of tokens, and margin-split calculation. We are getting ready to deploy and test it on NEO testnet in the coming weeks. We have conducted yet another round of testing of the LRN airdrop smart contract.

Relay

For the backend relayer system, we have completed the following:

Added support for peer-to-peer trading by scanning the QR code of counter-party orders. This trading mode doesn’t involve any third-party relay backend. The scanning party acts as a relayer to build a 2-order ring and submit it directly to the Ethereum network. Neither of the two peer-to-peer orders can be matched against other orders, powered by our patented Dual Authoring technology.
Added support for all the new features that Circulr wallet will offer shortly, including a new order-book, and more real-time data feedback (to reflect new orders and new pending rings).
Integrate with MyToken platform to provide more accurate and real-time crypto market data; Integrated with coinmarketcap API v2.
Added soft-canceling of orders which instructs backend relays to cancel specific orders without involving any blockchain transactions. This feature is reliable only when the relay can fulfill its promise of canceling the orders which requires a certain level of trust. This new feature will not impose any gas usage for canceling orders and may open a door for the trading of higher frequency.
Optimize ring-matching logics based on the status of Ethereum pending transactions.
Enabled scaling-up of ring-match relay nodes.
Support the Loopr iOS app to sign orders by scanning order QR code.
Implemented load balancing using ZooKeeper; Deployed Motan manager in AWS for monitoring purpose; Integrated with AWS CloudWatch; Optimized Kafka parameters; Enabled log rotation.
Upgraded relay deployment to our latest Relay Cluster version. The Relay Cluster deployment is more reliable and faster.

Our relay backend’s open solution is critical to the Loopring ecosystem. We will serve our partners with more features and better APIs.

Wallets

Our team contributed over 300 commits to Circulr, Loopr, and Loopring.js. The major developments include:

Loopring.js

We have optimized the structure of Loopring.js and the way we build the release packages. We have also published version 1.1.12.

Loopr Web Wallet

We have added a feature for LRC token holders to claim LRN airdrop. This feature will be available soon.

Circulr Web Wallet

We have accomplished the following:

We branched Circulr from Loopr to a new product direction. Circulr will no longer allow users to expose their private keys, but instead require users to use hardware wallets, MetaMask, or Loopr iOS app to sign orders and transactions. Loopr is more of a wallex (wallet+ DEX), while Circulr is purely a DEX, and Loopr iOS is purely a non-custodial wallet.
Added the peer-to-peer trading functionality.
Implemented candle chart and depth chart.
Enabled order-book and trading history to display more information such as LRC trading fees, order validation period and associated addresses.
Integrated with more third-party trading data.
Optimized user experience related to token transfers and ETH/WETH conversions.

We look forward to launching a beta version of Circulr soon.

Loopr iOS App

We have implemented signing and submitting orders by just scanning their QR code. We have also simplified wallet creation by allowing users to skip mnemonic verification. Besides, we have continued improving user experiences and implementing new features, including:

Added verification logics when sending tokens.
Improved the error messages in the notification banner when the app fails to process a transaction.
Optimized the UI to make it easier to review and cancel orders.
Simplified the code to get orders and order books from Replay APIs.
Improved UI of unlocking a wallet with mnemonic words, keystore, and a private key.
Allowing users to log out and clear records of a wallet.
Improve the setting view to make it much easier to find and edit the settings.

Media

Exclusive news on NewsBTC: https://www.newsbtc.com/2018/06/06/loopring-set-to-launch-ios-app-for-decentralized-in-wallet-trading.
Loopring was featured by hacked: https://hacked.com/loopring-elastos-and-ontology-lesser-known-altcoins-on-the-move.
Daniel participated in a live broadcast and was interviewed by Women In Cryptocurrency Group.
CEO Daniel Wang interviewed with Crypto Zombie.

Operation and Marketing

05/30/2018: Loopring CMO Jay Zhou joined a panel discussion with BTCC (1st Bitcoin Exchange in China) and Tokenest Wallet.
05/31/2018: First Indian exchange, Zecoex, listed LRC/INR trading pair.
06/02/2018: Loopring COO Johnston Chen and our marketing team organized two meetups along with ARP, MyToken, and Vite team in Taiyuan, China.
06/05/2018: MDS Wallet now supports LRN airdrop.
06/06/2018: Loopring CEO Daniel Wang presented at China’s 2nd Blockchain New Finance Summit Forum.
06/07/2018: Loopring has been listed on CoinCheckup and scored of 3.82/5. LRC is in the top 6% out of all the 1600 coins.
06/08/2018: CMO Jay Zhou joined a Blockchain Talk in Shanghai along with QbaoNetwork, Kcash, and Jubiter regarding crypto wallet and DEX.
06/09/2018: COO Johnston Chen and team visited Beijing & Tianjin to share Loopring development stories and LRN Airdrop information.