Loopring Bi-Weekly Update — 11/17/2019

Matthew Finestone
Nov 17 · 5 min read

We are getting close to deploying Loopring 3.0 on Ethereum mainnet. The Lightcone relayer is also making significant progress.

All our blog posts and updates are also released on https://loopring.org.

Research & Development

Protocol

We made a change to how ring-settlements are validated in the circuits. This change increases the flexibility of the protocol, giving the relayer a lot more freedom in how and in what sequence orders can be matched. Of course, we still enforce the requirements as specified in the order.

Work was finished on the software needed to run phase 2 of the trusted setup. Phase 2 builds on phase 1 of the trusted setup, but phase 2 is, in contrast to phase 1, circuit-specific. Both phases of the trusted setup are needed to make sure our circuits are secure. A lot of code for doing the trusted setup already exists for Bellman, and we wanted to make use of that. We decided to make some minor changes to libsnark/ethsnarks so that the data generated by the Bellman trusted setup code is compatible with our libsnark code. Once we got that working, we kicked off the Loopring’s phase 2 ceremony which is specifically for the circuits we need in protocol v3. Five people have already contributed, and more people are scheduled to participate in the coming weeks!

We also started work on a tailored smart wallet for use with Loopring v3 exchanges. More details will be shared about this once we’re further along in development.

SECBIT has delivered its security audit report for Loopring 3.0. Our engineers have studied the report and improved the protocol based on the findings in the report. More information regarding the report will become available next week.

With the completion of the third-party security audit, we only need to wait for five more people to finish their trusted setup MPC computation before we can deploy the protocol to Ethereum mainnet.

We are almost there…

Lightcone Relayer

The relayer team has completed a third major infrastructure refactoring, the last one before the initial launch. They are testing the integration of sub-modules and adding more tests. The overall progress is in sync with our schedule.

A new fee management module is also code-complete. The module will support fee configuration for each account. The team has also adopted the Service Mash technology to balance load among multiple microservices of the same type.

After this refactoring, Lightcone’s reliability and performance will be noticeably improved. The relayer cluster will also support users to make deposits immediately after submitting account creation requests without any waiting. The average deposit-handling time will likely halve.

The team has added alarm monitoring on the VM level, the process level, and the log level; they have also enabled push notifications through Alibaba’s DingDing service.

DEX Frontend

We have enabled the web app to fetch specific data through WebSocket and added multiple-language support.

Note: Web-based app development is no longer our focus. We will, however, provide technical consulting and support to WeDEX and other future partners.

Operations & Marketing

  • 11/04/2019 — Hummingbot releases v.0.18.0, which includes the new connector of Dolomite, allowing anyone to make-market on the platform.
  • 11/06/2019 — We started to discuss the 2020 R&D roadmap. The core team has reached a consensus regarding our working directions and scopes in 2020, and we are working on some detailed planning. Loopring will publish the roadmap in late December.
  • 11/07/2019 — Loopring BD director, Matthew Finestone, attended DeFi Toronto meetup.
  • 11/08/2019 — Loopring team attended the World Blockchain Conference in Wuzhen, speaking about Loopring 3.0 and ZKPs.
  • 11/08/2019 — Dolomite launched limit-order margin trading. Users can open leveraged long or short positions on ETH/DAI pair with limit orders. More pairs to come in the future.
  • 11/08/2019 — Matthew attended ETHWaterloo, ETHGlobal’s final hackathon of the year. The progress in the Ethereum ecosystem between the first ETHWaterloo (2 years ago) until now was highlighted and shows how far it’s come. Over 1000 hackathon projects have now been submitted.
  • 11/10/2019 — Loopring CEO, Daniel Wang, attended North America MingDe Forum, organized by Renmin University of China Alumni, talking about the impact of blockchain and cryptocurrency.
  • 11/10/2019 — Loopring began our zkSNARK trusted setup MPC ceremony, which is the final step before we can deploy a beta version into production!
https://loopring.org/#/ceremony
  • 11/15/2019 — WeDEX will launch its website on December 1st and begin to recruit internal testing users.
  • 11/15/2019 — Loopring core developer Brecht Devos has grown into the position of Loopring’s Chief Architect. He has been invaluable in constructing v3 and our ZKP work; we are grateful to have him.

Loopring is a protocol for building high-performance, non-custodial, orderbook-based exchanges on Ethereum. You can sign up for our Bi-Weekly Update, learn more at Loopring.org, or check out:

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Loopring Protocol

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Matthew Finestone

Written by

Director of Business Development @Loopring, CFA Charterholder

Loopring Protocol

Loopring Official Blog

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